DGAP-Ad hoc: asknet AG

DGAP-Adhoc: asknet AG: half-year report shows 1.6 million euros provision set aside for potential retrospective tax payments in Norway

asknet AG / Key word(s): AGM/EGM

18.07.2016 16:41

Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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asknet AG: half-year report shows 1.6 million euros provision set aside for potential retrospective tax payments in Norway

- Company is not facing a going concern or liquidity risk

- Extraordinary general meeting has been called to announce a loss pursuant to section 92 paragraph 1 of the German Stock Corporation Act (AktG - Aktiengesetz)

- Appointment of Tobias Kaulfuss to the Executive Board has been extended until December 31, 2018

Karlsruhe, July 18, 2016 - The audit of company's calculation policy for Norwegian VAT by an auditing firm commissioned by the company as announced on June 24, 2016 is still ongoing. In compliance with its duty under German law to exercise commercial prudence, the Executive Board has set aside a provision amounting to 1.6 million euros as per June 30, 2016 in respect of this issue. The setting aside of this amount has resulted in a loss amounting to half the company's share capital effective June 30, 2016. While this situation does not represent a going concern or liquidity risk, the company is complying with its pertinent legal obligations in calling an extraordinary general meeting of shareholders on August 23, 2016. The agenda for this general meeting comprises the announcement of a loss in accordance with section 92 paragraph 1 of the German Stock Corporation Act (AktG - Aktiengesetz) as well as the authorisation to issue convertible or warrant-linked bonds, profit participation rights or income bonds within a period of five years. Moreover, the company secures the right to create contingent capital of up to 1.5 million euros which is envisaged to create potential growth scenarios for the company going forward. The half-year report will be published ahead of the extraordinary general meeting of shareholders on August 22, 2016.

According to an early opinion provided by the company's legal advisors, the potential retrospective tax payments may mean that asknet is entitled to damages from third parties. The company intends to pursue these claims as soon as possible after the conclusion of the audit.

In addition, the company has announced that the Supervisory Board has extended the appointment of Tobias Kaulfuss as sole member of the Executive Board until December 31, 2018, thereby ensuring continuity in the implementation of the company's growth strategy.

Press contact asknet AG Madeleine Clark +49 (0)721 96458-6116 investorrelations@asknet.com

18.07.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

--------------------------------------------------------------------------- Language: English Company: asknet AG Vincenz-Priessnitz-Str. 3 76131 Karlsruhe Germany Phone: +49 (0)721 / 964 58-0 Fax: +49 (0)721 / 964 58-99 E-mail: info@asknet.de Internet: www.asknet.de ISIN: DE0005173306 WKN: 517330 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------