Ad hoc announcement pursuant to art. 53 LR
December 12, 2022, Basel (Switzerland) – Youngtimers AG, a Swiss-listed company (YTME: SWX) that makes special situation and transformational investments in the highly dynamic European ecommerce and media industry, had completed exit from its last remaining legacy asset, Garage Italia Customs. As of today, Youngtimers AG owns no shares in any collectible cars’ businesses and no subsidiaries, with Youngtimers’ investments in each of Garage Italia, Petrolicious and Pininfarina being exited entirely with no further residual commercial interest or funding obligation of any sort remaining on the books of Youngtimers AG.
“We are pleased to close the chapter on collectible cars business several months ahead of schedule as our strategy is to focus on well-established media and ecommerce companies operating in the European continent and undergoing significant transformation for various reasons, and this strategy already yields very strong results through appreciation of our strategic investments and steady dividend income flow”, commented Norman Hansen, Chairman of the Board of Youngtimers AG. “Exiting Garage Italia and collectible cars business all-together frees up the capital for Youngtimers to look for more special situations in the European media and ecommerce space, and now is the perfect moment for that”, added Mr. Hansen.
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About Youngtimers AG
Youngtimers AG is a Swiss-listed investment Company focused on the European media, ecommerce and lifestyle goods sectors. Youngtimers AG is listed in Switzerland (symbol YTME on SIX Swiss Exchange) and headquartered in Basel, for more information please refer to www.youngtimers.com.
Contact
Youngtimers AG Investor Relations Elisabethenstrasse 18
Email: ir@youngtimers.com 4051 Basel
Web: ir.youngtimers.com
