Ad hoc announcement pursuant to art. 53 LR
April 30, 2024, Basel (Switzerland) – Youngtimers AG, a 24-year-old Swiss-listed company (YTME: SIX, also the “Company”), reports 2023 financial results in line with lean and focused business operations.
Youngtimers AG reports CHF 0.68 million loss for the 2023 calendar year, (CHF 10.1 million loss in 2022).
Youngtimers AG spent significant time and effort on reviewing various material transactions thus increasing its G&A expenses from CHF 0.389 million in 2022 to CHF 1.265 million in 2023.
“Given the completion of the 2023 Financial Statements and having delivered on our promise to re-build a lean and efficient Company, I believe my mission to be completed and therefore I will not be standing for re-election at the forthcoming AGM of Youngtimers AG. I trust the potential new candidates will lead the Company towards a successful operating business for the years to come,” commented Mr. Norman Hansen, the Chairman of Youngtimers AG.
On a separate development, and following publication of “Youngtimers Expands Into Experiential Luxury, Agrees to Acquire The Collection Assets” on December 15, 2023 (“Original Publication”), Youngtimers AG has finalized its initial due diligence and further negotiations with the shareholders of The Collection Assets and decided today against the Potential Transaction as defined in the Original Publication. This decision is purely based on the assessment of (i) estimated return on investment for Youngtimers AG and its shareholders, and (ii) execution risks related to various corporate and other approvals and integration matters pertinent to the Potential Transaction.
Youngtimers AG will move on to scout and evaluate other potential merger, acquisition, or business combination targets.
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About Youngtimers AG
Youngtimers AG is a Swiss-listed Company specialized in 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
Gerbergasse 48
4001 Basel
Investor Relations
Email: ir@youngtimers.com
Web: ir.youngtimers.com
