DGAP-News: Marenave Schiffahrts AG

Hamburg: The publication of the Annual Report 2016 of Marenave Schiffahrts AG (Marenave or Company) originally scheduled for the end of September 2017 is expected to be delayed by a few weeks.
 
This decision was prompted by delays experienced in the preparatory work for the annual financial statements in connection with the past Annual General Meeting, as a result of which the original timetable proved too ambitious.
In addition, the Investment Agreement previously in existence failed (see the relevant ad hoc disclosure dated 15 September 2017), on which, amongst other things, the assumption for the 2015 annual and consolidated financial statements that the Company would continue as a going concern was based.
 
In consultation with the new Supervisory Board which is in the process of being formed, an alternative future and capital increase concept will be drawn up over the coming weeks.
This concept has relevance not only for a valid assumption of the Company as a going concern for the purposes of accounting; it is also due to be presented to the shareholders at the upcoming Annual General Meeting, together with the by then audited annual and consolidated financial statements for 2016.
 
The Executive Board and Supervisory Board of Marenave will endeavor to conclude the process by the end of 2017.
 
Marenave Schiffahrts AG
Marenave was the first stock-listed shipping company in Germany structured as a stock corporation (AG). It was developed to give both institutional and private investors the opportunity to make a long-term investment in shipping and to diversify their portfolio in the process.
 
Please visit www.marenave.com for information concerning Marenave. Marenave shares are traded on the regulated market of the Hamburg stock exchange.
 
WKN: A0H1GY
ISIN: DE000A0H1GY2
Symbol: M5S