Information Pertaining to Datalab’s Business in Croatia

 

In accordance with the regulations of the Ljubljana Stock Exchange and applicable legislation, Datalab Tehnologije, d. d., is publishing the following message:

The management of Datalab d. d. Ljubljana has, during its regular financial review of its daughter companies, perceived an issue with its Croatian daughter company, specifically

• Datalab  Tehnologije d.o.o. Croatia with its headquarters in Pula has in its financial report for the 2015 fiscal year shown negative capital due to losses made.
• The management of Datalab d. d. first recommended capital increase during a shareholders’ meeting on 5 May 2016, but was overruled by the minority share owners (at least 75 % of the votes were necessary),and again during the shareholders’ meeting on 4 November 2016.
• The company has had weekly liquidity issues during the 2016 fiscal year. Due to the threats to its operating activities, delimitations followed and, as a result, capital adequacy worsened. The company no longer paid its obligations in the form of partner commissions on time. The amount of time needed to provide services to its users increased.
• Datalab d. d. as its majority creditor started the process of compulsory composition on 15 July 2016, with which it had hoped to restructure the accounts receivable as capital to fix the company’s capital structure and make it operational again. Minority owners submitted objections, while the court in Pazin rejected to rule on the capital increase and recommended a shareholders’ meeting be held.
• The management of Datalab d. d. Ljubljana suggested a capital increase to the owners of the company, which was rejected during the shareholders’ meeting on 4 November 2016 due to the minority owners’ protests.
• Due to this and the rejection of the company’s restructuring, the managing director stepped down.
• Datalab d.d. Ljubljana – to protect its Croatian market share – dissolved the agreement of collaboration with Datalab d. o. o. Croatia on 8 November 2016, since the company was receiving advance payments for licenses it didn’t provide.
• On 1 December 2016, Datalab d. d. Ljubljana set up user support through Datalab Agro d. o. o. Zagreb, and gave Gravis GT d. o. o. the right to distribute licenses to partners and users, ensuring that the Croatian market remains undisturbed.

The notice will be available at SEOnet and Datalab’s website (www.datalab.eu) from 20 December 2016 for at least five years.

The Management