Kronach. - Just a few days after the resolution of Loewe's Annual Shareholders Meeting, the competent registration court, the Coburg Local Court, on August 7, 2013, recorded the reduction of the capital stock of Loewe AG. The capital reduction will be implemented in a simplified form in a ratio of 4:1. As a consequence, the capital stock will be reduced from EUR 13,009,228.00 to EUR 3,252,307.00.

According to CFO Rolf Rickmeyer, the reduction will form the basis for a subsequent capital increase in which some 6.5 million Loewe shares are to be issued. The capital increase will be carried out with existing shareholders and new investors. The capital reduction was approved at the Annual Shareholders' Meeting on July 31, 2013, with a majority of approximately 98%. Loewe CEO Matthias Harsch comments: "We see this as a clear indication that our shareholders agree to the process of restructuring that the Executive Board has initiated. In addition to the successful conclusion of a cooperation agreement with Hisense, it represents another important milestone on Loewe's path to successful reorganization."

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