Ad hoc announcement pursuant to art. 53 LR
Basel (Switzerland), March 10, 2022 Youngtimers AG, a Basel-based investment Company listed in Switzerland (YTME: SIX) has made a decision to adjust its business strategy and make changes to the board to reflect a new European-focused strategy of the Company. The Company’s original focus on special situation investments in media and creative industries will remain, however Youngtimers AG will no longer pursue the roll-up strategy for the collectible cars business and will divest of Youngtimers Media, the 100% owned US subsidiary and the owner of Petrolicious assets and also divest of Youngtimers Sports.
The divestment process is ongoing and should be completed in Q2 2022 the latest, Youngtimers Media is renamed into Petrolicious LLC with immediate effect.
“Youngtimers AG will focus on Europe and European deals going forward as the current political events destabilized the continent for years to come providing for ample choice of deals and opportunities for special situation investing”, commented Massimiliano Iuliano, CEO and Board Delegate of Youngtimers AG. “Youngtimers AG will now focus to contribute to the reconciliation and economic development across the European continent, with collectible cars business no longer being the top priority for our group” added Mr. Iuliano.
To adjust for the new Europe-only focused business footprint, Youngtimers AG is reducing its board as of March 15, 2022 with its USA-based directors Mssrs Lindemann and Ng resigning from the board as of March 15, 2022. According to the Articles of Association of the Company the Board of Directors has elected Mr. Iuliano as the Chairman of Youngtimers AG and Lorenzo Landini and Svetlana Klochko as members of the Compensation Committee and the latter as its Chairwoman as of March 15, 2022 until the next AGM to be held in June 2022.
To follow Youngtimers AG add your name to our investor relations mailing list at ir.youngtimers.com/news/.
About Youngtimers AG
Youngtimers AG is a Swiss-listed investment Company specialized on media and creative industries. Youngtimers AG is listed in Switzerland (symbol YTME on SIX Swiss Exchange) and headquartered in Basel, for more information please refer to www.youngtimers.com.
Contact
Youngtimers AG
Investor Relations
Elisabethenstrasse 18, 4051, Basel
Email: ir@youngtimers.com
Web: ir.youngtimers.com
