Philomaxcap AG: Achim Pfeffer is the new board member of Philomaxcap AG

München (pta041/04.07.2023/18:20) - Achim Pfeffer is the new board member of Philomaxcap AG

Munich, 4 July 2023: Last weekend, Achim Pfeffer took up his new position as the sole member of the Philomaxcap AG board of directors, replacing outgoing board member Robert Bibow.

"I would like to thank my predecessor, Mr Bibow, for his commitment during a difficult time for Philomaxcap. Over the past two years, he has certainly made a strong case for the company to complete a transaction and implement shareholders' proposals to acquire an operating business model, develop it further and thus increase the value of the company. In the context of the last investment proposal, which was supported by more than 99% of the shareholder votes, various imponderables arose in the negotiations, which could not be resolved despite lengthy discussions conducted in good faith.

Corresponding legal challenges have been filed. In addition, all strategic options are being evaluated - in particular a restructuring and going-private transaction to implement the shareholders' resolution.

I would like to thank the board of directors for the trust they have placed in me. Although Philomaxcap will face many challenges in the coming months, I am confident that the cost and expense side of the business can be streamlined and room created to implement strategic initiatives. This would give Philomaxcap the opportunity to return to profitability and on this basis increase shareholder value," says Achim Pfeffer on starting in his new position.

(Ende)