Agen reaches agreement with stock exchange and loses Board member
Agen, a media and healthcare group based in French-speaking Switzerland, is correcting accounting errors in its 2006 annual report that were flagged by the Swiss Stock Exchange (SWX). Meanwhile, the departure of Alain Fabarez, the former head of L’Agéfi, is causing a stir at Agen.
The French-speaking Swiss media and healthcare group Agen is ironing out accounting deficiencies in its 2006 annual report that were criticized by the Swiss stock exchange SWX. The departure of former L'Agéfi patron Alain Fabarez also caused a stir at Agen. Agen will correct and disclose the errors criticized by SWX with retroactive effect, the Swiss stock exchange SWX announced on Thursday. Agen will also pay CHF 20,000 to the accounting committee.
The deficiencies relate to the incorrect recognition of share-based payments and the non-compliant calculation and disclosure of impairment.
The error correction has positive consequences for Agen, which has been hit by losses: It will lead to a reduction in losses of CHF 2.7 million. After the correction, the net loss amounts to CHF 30.8 million, as Agen announced on Thursday.
The resignation of Alain Fabarez from the Board of Directors of the French-speaking Swiss company also made headlines. The former delegate of the Board of Directors and patron of the business newspaper L'Agefi resigned his mandate due to "differences of opinion".
According to the share guide, Fabarez holds 7.7 percent of Agen. When asked by the SDA news agency on Wednesday, Fabarez did not wish to comment further on the reasons for the separation. Agen spokesman Gerard Sermier explained that a deep rift had opened up between Fabarez and the Board of Directors regarding the Group's future strategy.
The Board of Directors, chaired by Raymond Loretan, intends to propose several new members for the Supervisory Board at the Annual General Meeting on June 11. Until then, the Board of Directors still has four members.
The deficiencies relate to the incorrect recognition of share-based payments and the non-compliant calculation and disclosure of impairment.
The error correction has positive consequences for Agen, which has been hit by losses: It will lead to a reduction in losses of CHF 2.7 million. After the correction, the net loss amounts to CHF 30.8 million, as Agen announced on Thursday.
The resignation of Alain Fabarez from the Board of Directors of the French-speaking Swiss company also made headlines. The former delegate of the Board of Directors and patron of the business newspaper L'Agefi resigned his mandate due to "differences of opinion".
According to the share guide, Fabarez holds 7.7 percent of Agen. When asked by the SDA news agency on Wednesday, Fabarez did not wish to comment further on the reasons for the separation. Agen spokesman Gerard Sermier explained that a deep rift had opened up between Fabarez and the Board of Directors regarding the Group's future strategy.
The Board of Directors, chaired by Raymond Loretan, intends to propose several new members for the Supervisory Board at the Annual General Meeting on June 11. Until then, the Board of Directors still has four members.
