CLOPPENBURG, Germany - Derby Cycle and Pon Holdings agreed upon the amendment of the Business Combination Agreement (BCA) of 21 September 2011. In this strategic document both companies agreed, among others, a provision that provides for Derby Cycle AG remaining an independent, stock exchange listed company for a period of 18 months, commencing with the announcement of the takeover offer by Pon Holdings.
Today, the management board of Derby Cycle decided, with the consent of the supervisory board, to agree to the amendment of the BCA. Pon Holding Germany, a fully owned subsidiary of Pon Holdings, will now be allowed to request the transfer of all shares held by the minority shareholders to the principal shareholder in return for compensation already before the 18-months-period has ended.
Soon Pon Holding Germany will call for a shareholders meeting of Derby Cycle to resolve upon the transfer of all shares of minority shareholders to Pon Holding Germany in return for payment of an appropriate cash compensation.
Last Friday Derby Cycle reported a growth in revenue of 17.3% from 114.4 million euro in the prior-year period to 134.2 million euro in the first two quarters of its 2011/2012 fiscal year as of April 30, 2012.
Operating profit grew 25.1%
In line with revenue growth, operating profit (EBIT) grew 25.1% to 13.1 million euro (prior-year period: 10.5 million euro), resulting in a 9.8% EBIT margin in the first half of FY 2011/12, compared with 9.2% in the corresponding previous-year period.