ASMALLWORLD AG: ASMALLWORLD AG (ASWN) responds to the BaFin statement
ASMALLWORLD AG / Key word(s): Statement Press release ASMALLWORLD AG (ASWN) responds to the BaFin statement
BaFin warning and share price performance April 26, 2018 The ASMALLWORLD AG (ASWN) share closed at CHF 15.9 on Thursday, April 26th 2018, a decline of around 28%. The price was stable until around 2:45pm and then plummeted by almost 50% before recovering during the last part of trading. The reason for this share price development is most likely a statement published by BaFin, the German financial services regulator, titled: "BaFin warns against buy recommendations for shares of ASMALLWORLD AG". BaFin states that e-mails recommending to buy the shares contained "incorrect or misleading information". An investigation was opened on suspicion of market manipulation. ASMALLWORLD AG proactively seeks cooperation with BaFin ASMALLWORLD AG wants to clarify that the investigation is not directed against ASMALLWORLD AG, but against third parties. Neither the company nor its main shareholder, ASW Capital, had been aware of BaFin's investigation to date and the statement has surprised the organisation. In addition, it is still unclear to ASMALLWORLD AG exactly which recommendations BaFin refers to. ASMALLWORLD AG has now proactively approached BaFin to clarify the situation and reserves the right to take legal action against the possible perpetrators. "It is very painful to see that our company is associated with such an unfortunate situation over which we have no control. We are keen to move past this irritation, caused by third parties, as quickly as possible. We support BaFin's call for investors to obtain information about our company from reputable sources, such as our own Investor Relations website or the financial press. However, we assure our investors that we are still on track to achieve our operational targets for the current year," clarifies CEO Jan Luescher. Business performance of ASMALLWORLD AG on track ASMALLWORLD AG can look back on a strong first quarter. Furthermore, ASMALLWOLD AG just concluded a call option agreement with a subscription-based luxury travel community, currently primarily operating in the DACH region and sees great potential in this possible acquisition. ASMALLWORLD AG has until November 30th 2018 to exercise this call option and acquire the company. Should ASMALLWORLD exercise the call option this would result in an upward revision of ASMALLWORLD's 2018 revenue and subscriber numbers guidance. ASW Capital AG, ASMALLWORLD's long-term oriented anchor shareholder (60%) is committed to supporting ASMALLWORLD AG's financing initiative with a substantial contribution. This press release and further information can be found at www.asmallworldag.com. Contact: ASMALLWORLD AG
ASMALLWORLD a private social network that connects people with shared passion for the good life. Each year, ASMALLWORLD organises more than 1000 events around the world, where members can expand their private and professional networks. The ASMALLWORLD website and mobile apps offer members the opportunity to engage in discussions, obtain travel advice from the Travel Guides or other members, or meet other members whilst travelling the world. Members also enjoy exclusive privileges from international partners such as status upgrades, discounts and additional services. Besides the global ASMALLWORLD community, Zurich-based ASMALLWORLD AG operates ASW Travel AG, which provides bespoke travel arrangements for its customers, as well as The World's Finest Clubs AG, which offers its members access to the most exclusive nightlife venues around the world. More at www.asw.com and www.asmallworldag.com End of ad hoc announcement |