The shareholders of MCH Group Ltd. have followed all the proposals of the Board of Directors and, at the “virtual” Annual General Meeting of 24 April 2020, approved the 2019 Annual and Financial Report and confirmed the members of the Board of Directors in office for a further year, among other things. Shareholders were able to exercise their voting rights by granting a proxy to the independent voting representative. It was not possible to attend the Annual General Meeting in person due to the instructions issued by the Federal Council in conjunction with the corona crisis.
Overcoming the corona lockdown
and congress business but also its consulting and services business in the entire live marketing segment. Unfortunately, it is still not possible to say when and how it will be possible to hold live events again, which have currently been cancelled or postponed throughout the world. The MCH Group has taken decisive measures to ensure the liquidity of the company, which is its top priority.
In respect of Baselworld, the market requirements and potential of a future platform are being carefully analysed and the next steps will be communicated as soon as possible. It is not yet known whether “Art Basel in Basel”, which has been postponed until September, can go ahead. This will depend on the further development of the global situation. Discussions are ongoing with the exhibitors of the cancelled Giardina, Habitat-Jardin and SmartSuisse fairs regarding the settlement of costs incurred prior to cancellation, and the MCH Group is striving to find accommodating and partnership-based solutions. At the same time, the MCH Group is working on specific packages of measures for holding its events once the ban on staging them has been lifted.
Strategy and implementation
Even though the corona crisis has not yet been overcome, the MCH Group is working intensively on the implementation of its corporate strategy. This is based on three pillars: the further development of exhibitions to create physical and digital platforms, with permanent networking of the corresponding communities; the consultancy and services business in the growing experience marketing segment; highly specialised and efficiently organised B2B trade fairs and congresses as the most important marketing instruments in these fields.
The corona situation is underlining the correctness and importance of this strategy and its implementation. Initial success has already been achieved with the “Art Basel Viewing Rooms”, and further offerings are in the development pipeline and set to be launched soon.
Capital increase to finance the strategy
Intensive work is also underway on evaluating the different options for financing the necessary investments, which were set out at the Extraordinary General Meeting of 29 January 2020. If the preferred option of the entry of new investors is to be and can be implemented, this will be coupled with a capital increase and the appropriate changes in the shareholder structure, the shareholder rights set out in the Statutes and the composition of the Board of Directors. This will require corresponding decisions by the General Meeting. The Board of Directors will convene an Extraordinary General Meeting for this at the appropriate point in time.