Endor AG gives outlook for virtual Annual General Meeting 2021
Landshut, July 16, 2021 – Endor AG today published the agenda for the virtual Annual General Meeting 2021, which will take place on August 25, 2021. The agenda of the Annual General Meeting includes resolutions on a share split and elections to the Supervisory Board.
In the course of the planned share split, the company proposes to the shareholders a capital increase from own funds in the amount of EUR 13,560,386.00. Accordingly, the share capital would increase from previously EUR 1,937,198.00 to EUR 15,497,584.00. The shareholders will thus receive seven additional shares for each share held without additional payment. One of the main aims of the share split is to increase liquidity through the higher number of shares in circulation.
The AGM agenda also includes a resolution on changes to the Endor Supervisory Board. Thomas Mayrhofer and Richard Rösener will resign from their mandates at the end of the Annual General Meeting in the best possible agreement with the Company. The Company proposes Ingo Weber and Rudolf Dittrich as their successors.
Ingo Weber is Managing Partner of Carcharodon Capital GmbH, a venture capital investor, as well as a member of the supervisory or advisory boards of various listed and privately held companies. After studying business administration in Nuremberg, Ingo Weber began his professional career at the international auditing firm Arthur Andersen. Here he accompanied numerous software and Internet companies to the stock exchange. In 2000, he founded his own management consultancy, FAS AG, with a focus on financial consulting and M&A transactions. In 2017, he merged FAS AG with the WTS Group, one of the leading German tax consulting companies, and served as Managing Partner until October 2020. Ingo Weber will support the supervisory board of Endor AG in the further development and expansion of the structures in the financial area.
The second candidate, Rudolf Dittrich, has gathered extensive expertise in motorsport and Formula 1 racing in his career to date. Among other things, he worked as a vehicle dynamics and drive control engineer for the BMW Williams F1 Team and as project manager for drivability and competition analysis in the BMW Sauber F1 Team. In his current position, he is responsible for overall vehicle development at BMW Group Motorsport. He is also a guest lecturer at the Technical University of Munich. His education includes studies in general mechanical engineering and automotive engineering at the FH Regensburg with a degree in engineering.
Thomas Jackermeier, CEO of Endor AG: “On behalf of the Board of Management, I would like to express my sincere thanks to Thomas Mayrhofer and Richard Rösener for their con-tribution to the Supervisory Board of Endor AG. At the same time, I believe that with Ingo Weber and Rudolf Dittrich we have once again found two strong experts for the new com-position of the Supervisory Board. I am particularly pleased that Mr. Weber can contribute his expertise in international accounting and Mr. Dittrich his experience in motor sports and Formula 1. This would be a strong combination of expertise that would definitely benefit Endor AG.”
At the 2021 Annual General Meeting, the Executive Board will also provide a summary of the 2021 business performance to date in addition to a review of 2020. For fiscal year 2021, the Management Board expects consolidated sales to be in the low three-digit million range for the first time, with profits rising slightly at the same time. However, sales in the second quarter will still be down on the prior-year quarter and EBIT will be negative. This is due to the updating and expansion of the product range, the active renewal of inventories and the extraordinarily successful Q2 2020. However, the Executive Board remains very positive for the second half of 2021. A major reason for this is also that the recently introduced new product CSL DD has met with a very positive response. There are already high advance orders, which will, however, only have an effect on sales from the third quarter of 2021.
The invitation to the Annual General Meeting can be found on the website in the Investor Re-lations section under the following link: https://endor.ag/investor-relations/
About Endor AG www.endor.ag
Endor AG develops and markets high-quality input devices such as high-end steering wheels and pedals for racing simulations on game consoles and PCs as well as driving school simu-lators. As a “brain factory”, the company’s focus is on the creative sector. Endor carries out product development and prototype construction under its own direction and together with spe-cialized technology partners, primarily in Germany (“German engineering”). The products are mainly produced in Asia.
Endor sells its products under the FANATEC brand via e-commerce primarily to end customers in Europe, USA, Canada, Australia and Japan. Endor also sells driving school simulators in cooperation with Vogel Verlag. Endor AG, headquartered in Landshut, was founded in 1997 and currently employs 165 people. Within the group, 206 people work for Endor worldwide, including freelancers. In 2020, the company generated a consolidated turnover of 90 million euros according to preliminary figures.
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