New financial basis for Radio Basel
Radio Basel, which relaunched in October 2009, is being placed on a new financial footing: On Wednesday, the general meeting approved a capital reduction and, at the same time, decided on a recapitalization.
The previous share capital was reduced from CHF 850000 to zero, according to a press release from Radio Basel. A capital increase to a maximum of 5.95 million francs was then decided. According to the press release, these decisions were taken by a large majority.
The capital increase is guaranteed by majority shareholder MFE. The company owned by German businessman Karlheinz Kögel and Basel local radio pioneer Christian Heeb took over the station, which was then known as Basel 1, from Basler Zeitung in 2009 for an undisclosed price. Radio Nostalgie, a Swiss subsidiary of the French NRJ Group, voted against the proposals of the Board of Directors, according to Radio Basel boss Christian Heeb. The latter had unsuccessfully pushed for a cheaper format radio station at Radio Basel. Other minority shareholders, such as the canton of Baselland with 200 shares, supported the Board of Directors, according to Heeb.
The station, which has been operated under various names for 27 years, has been massively undercapitalized to date. Despite two total overhauls, it has always posted negative operating results. The station was also in the red in its first year under his management, Heeb admitted when asked by SDA. The operating loss amounted to CHF 2.4 million, which had been budgeted.
A reduction in the size of the Board of Directors from ten to five members was also approved at the Annual General Meeting. In addition to Chairman Sven Hoffmann and Christian Heeb, the Board also includes Karlheinz Kögel, Hans Jürg
Deutsch and Peter Schmidt.
The capital increase is guaranteed by majority shareholder MFE. The company owned by German businessman Karlheinz Kögel and Basel local radio pioneer Christian Heeb took over the station, which was then known as Basel 1, from Basler Zeitung in 2009 for an undisclosed price. Radio Nostalgie, a Swiss subsidiary of the French NRJ Group, voted against the proposals of the Board of Directors, according to Radio Basel boss Christian Heeb. The latter had unsuccessfully pushed for a cheaper format radio station at Radio Basel. Other minority shareholders, such as the canton of Baselland with 200 shares, supported the Board of Directors, according to Heeb.
The station, which has been operated under various names for 27 years, has been massively undercapitalized to date. Despite two total overhauls, it has always posted negative operating results. The station was also in the red in its first year under his management, Heeb admitted when asked by SDA. The operating loss amounted to CHF 2.4 million, which had been budgeted.
A reduction in the size of the Board of Directors from ten to five members was also approved at the Annual General Meeting. In addition to Chairman Sven Hoffmann and Christian Heeb, the Board also includes Karlheinz Kögel, Hans Jürg
Deutsch and Peter Schmidt.
