Kinowelt Group reports majority acquisition of Intertainment
Munich, November 24, 2006 - The Kinowelt Group, Leipzig, has informed Intertainment AG, Munich that it raised its shareholding in Intertainment to 53.61 percent (6,921,910 shares) on October 27. Previously, the Kinowelt Group had held a shareholding of 29.99 percent. The shares were sold by Rüdiger Baeres. According to information provided by Mr. Baeres, he has reduced his share in Intertainment to zero percent by the sale. The application for exemption from the obligation to publish a compulsory offer in conjunction with the rationalization of Intertainment AG was filed by the Kinowelt Group pursuant to Article § 37 of the Securities Acquisition and Takeover Act (WpÜG).
Kinowelt played a major role in placing Intertainment in a position to withdraw the application for insolvency filed in January 2006 again on June 29, 2006. In this context, Kinowelt underwrote a capital increase of nearly 10 percent and hence provided new financial resources for Intertainment amounting to some 1.5 million euros. On July 13, 2006, Kinowelt exceeded the disclosure limit of 10 percent and held a stake of 11.05 % (1,426,275 shares) in Intertainment. This shareholding was raised again to 29.99 % (3,873,385 shares) on September 27, 2006.
Intertainment and the Kinowelt Group are in agreement that the arbitration proceeding being conducted by Intertainment against Comerica Bank in the USA will be continued and pursued with the utmost vigor. Intertainment has filed an arbitration suit against Comerica Bank for compensation amounting to at least 100 million US dollars on account of participation in budgetary fraud.
End of the Press Release
Contact:
Intertainment AG, Investor Relations
Frauenplatz 7, 80331 Munich, Germany
Telephone: +49 (0)89 21699-0
Fax: +49 (0)89 21699-11
Internet: www.intertainment.de
E-Mail: investor@intertainment.de