aextracker schreef op 27 april 2022 08:58:
UIt het JV 2021 (Message from Supervisory Board) en een "andere kijk op de toekomst in de maak" dan as is .......going forward ?
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Outlook 2022
Prior to 2021 we had concluded the limited size of the Company operating in a public environment as a share-issuing listed entity was hampered by relatively extensive costs and other non-business related requirements. So
the Supervisory Board in concert with the Management Board started an active examination of the options to
reposition the Company strategically in order to a.) remove or mitigate these burdens or b.) move the Company
to a new position in the industry. This was monitored on a monthly basis throughout the year based on the
following four scenarios, identified in the 2020 annual report.
• continue “as-is”, focusing on autonomous growth;
• grow through a buy-and-build strategy;
• strategic M&A, including joining a larger ecosystem;
• delisting the Company and continue as a private company in a standalone scenario, potentially including
an MBO and search for a financial sponsor.
Metrics for valuation of the enterprise were derived with independent third party support in order to gauge the
scope for engaging with a trade sale opportunity and what shareholder support would be required.
Following various discussions with potential trade partners and considering ‘as-is’ options we unanimously favor a
strategic M&A (joining a larger ecosystem) as first choice followed by a reduced cost ‘as-is’ if suitable economies
can be established. The latter option has the intention to continue building value until such time a suitable first
option appears. This conclusion has been reinforced by very positive trade discussions so far. The continuation of
the public health pandemic throughout 2021 caused opportunities to be put on hold but we remain hopeful that
market forces in 2022 will be more positive and that the excellent results of the Company in 2021 make the
possibilities greater.
So for 2022 the Supervisory Board and the Management Board will focus on these two scenarios. Other options
will be considered should they emerge.
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