Palgon AG: Acquisition of Teltec AG; Change in Management Board and Supervisory Board
Palgon AG, Düsseldorf (ISIN DE000A2LQ1P6, WKN A2LQ1P), today concluded an agreement to acquire all shares in Teltec AG, Mainz-Kastel. Teltec AG is a trading group for professional film and television technology in the German-speaking market. The object of the company is the trade in professional film and television equipment, associated consumables and accessories. This also includes consulting and technical support for complete production, post-production and broadcast systems. The Teltec Group generated revenues of more than EUR 100 million in the last financial year 2021.
The shareholding is acquired by way of a purchase of shares and by way of a contribution in kind to Palgon AG. The purchase and contribution agreement (post-formation agreement) still requires the approval of the Annual General Meeting of Palgon AG, which is expected to take place on December 30, 2022, as well as the corresponding entry in the commercial register. The Annual General Meeting will be convened in a timely manner.
In connection with today’s conclusion of the purchase and contribution agreement, the previous member of the Management Board, Dr. Samir Anton Azzawi-Steyrer, resigned from the Management Board.
At the same time, the Supervisory Board of Palgon AG appointed Mr. Ralf P. Pfeffer, Chairman of the Management Board of Teltec AG, as a new member and Chairman of the Management Board of Palgon AG. The Supervisory Board of Palgon AG is to be expanded to four persons in the future and initially include the three Supervisory Board members of Teltec AG in addition to the current Chairman, Dr. Yann Samson. The current members of the Supervisory Board, Mr. Florian Hoerthlener and Wolfgang Müller-Gülich, will resign their respective mandates with effect from the end of the Annual General Meeting.
Düsseldorf, November 18, 2022
Ralf P. Pfeffer
Chairman of the Board
About Palgon AG
Palgon AG was founded in 2018 and has a share capital of 300,000.00 euros. The Company’s shares are listed on the Regulated Unofficial Market of the Düsseldorf Stock Exchange.
About Teltec AG
Teltec AG is the trading group with the highest turnover for professional film and television technology in the German-speaking market. The object of the company is the trade in professional film and television equipment, associated consumables and accessories. This also includes consulting and technical support for complete production, post-production and broadcast systems.