Liquidation Stockholm News
The staff of Stockholm News was today informed that the Board of Directors has decided to call an extra shareholders' meeting on 8 January 2001. The meeting will be held to decide on a voluntary liquidation of the Company.
All main shareholders, and De Telegraaf, support the proposal to liquidate.
As recent as 30 November 2000 an extra shareholders' meeting decided to raise new capital by a series of new issues to the Company, meanwhile electing a new Board of Directors. However, new financial calculations made jointly by management and the new Board indicate that the new capital thus raised would not be enough to take the newspaper to profitability.
The Board was unanimous in its decision to call a new extra shareholders' meeting.