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DGAP-News: STS Group AG
/ Key word(s): Miscellaneous
STS Group AG submits application to change within Regulated Market from Prime Standard to General Standard
- The measure is part of a large cost reduction program due to COVID-19
- STS Group will continue to fulfil high transparency requirements of the regulated market
- Unrestricted trading of STS shares remains
Hallbergmoos/Munich, May 15, 2020. The Management Board of STS Group AG (ISIN: DE000A1TNU68) with the approval of the Supervisory Board, today applied to the Management Board of the Frankfurt Stock Exchange pursuant to Section 57 of Exchange Rules of the Frankfurt Stock Exchange for the revocation of the admission of the company's shares to the sub-segment of the regulated market with additional post-admission requirements (Prime Standard). The revocation shall not affect the admission of the shares of STS Group AG to trading on the regulated market of the Frankfurt Stock Exchange (General Standard).
This measure is part of a large cost cutting program adopted by the global system supplier for the automotive and commercial vehicle industry in response to the COVID-19-related declines in revenue. The change of the stock exchange segment serves to reduce additional expense associated with the listing in Prime Standard with regard to reporting and publication requirements. This measure enables the company to reduce the costs of stock exchange listing and to use existing resources more efficiently and in a more targeted manner. At the same time, STS Group AG will continue to fulfil the high transparency requirements of the regulated market and plans to continue to keep the capital market regularly informed about its business development. Even after the change of segment, the shareholders of the Company will still have unrestricted trading opportunities in STS shares on the regulated market of the Frankfurt Stock Exchange.
The withdrawal of the listing becomes effective three months after the publication of the withdrawal decision by the Management Board of the Frankfurt Stock Exchange on the internet (www.deutsche-boerse.com).
|Company:||STS Group AG|
|Phone:||+49 (0)811 124494 0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1046203|
|End of News||DGAP News Service|