ad hoc

Public disclosure of inside information according to Article 17 MAR (market abuse regulation): SKW Stahl-Metallurgie Holding AG reaches an amicable settlement with Ines Kolmsee und Gerhard Ertl

Munich, March 21, 2017 The supervisory board of SKW Stahl-Metallurgie Holding AG with its registered seat in Munich (WKN SKWM02 / ISIN DE000SKWM021) has approved the amicable settlement reached with the former members of the management board Ines Kolmsee and Gerhard Ertl.

The amicable settlement terminates the law-suit which has been pending at Landgericht Traunstein between SKW Metallurgie group of companies and Ines Kolmsee as well as Gerhard Ertl, concerning damages in the double digit million amount for liability claims.
The amicable settlement is conditioned on the approval of the general assembly of SKW Stahl-Metallurgie Holding AG, which shall be held on July 6, 2017.
The key aspects of the amicable settlement are as follows:
  • the D&O-Insurance will pay an amount of EUR 3.35 Mio. to SKW group of companies
  • Kolmsee waives her right to have the 50 per cent reduction of her pension rights (declared by the supervisory board) judicially reviewed (positive accounting effect in the amount of approx. EUR 1.75 Mio.). She also waives her right to compensation for a post-contractual non-compete obligation in the amount of approx. EUR 100,000
  • Ertl waives his potential right to receive a bonus based on a long-term-incentive program in the amount of EUR 130,000
  • termination of all pending litigation  
By entering into this amicable settlement, many years of expensive litigation will be prevented. The effects of the amicable settlement will contribute to the ongoing financial restructuring of the SKW group of companies.