Magirus severs stock market ties

Pan-European distributor Magirus claims it has reduced its exposure to the turbulent financial markets by buying out the minority stake held by US-listed technology firm Agilysys.

The three families Alghanim, Magirus and von Kuenheim have between them bought Agilysys’ 20.2 per cent shareholding. This means they own all of the privately-held distributor’s shares.

Earlier this week Agilysys announced it had received a letter from NASDAQ stating it had not received its quarterly report for the three months to 30 September. Agilysys went on to say the delay in filing is related to the pending resolution of the accounting treatment for its stake in Magirus.

Magirus said the move would reduce its exposure to the uncertainties impacting stock markets.

Fabian von Kuenheim, chairman of the board of Magirus AG, said. “With this transaction we additionally realise a contribution to equity capital by our shareholders and thus reduce, as in the case of the withdrawal of our current stock exchange-listed (NASDAQ) shareholder Agilysys, the influences on our company of the turbulence which has hit the financial markets.”

The Alghanim family now holds 30 per cent of Magirus shares, with the Magirus and von Kuenheim families owning 27.5 per cent and 42.5 per cent respectively.

See also:

Magirus offloads security vendors

Distributor reshuffles partner base  20 Nov 2008

Magirus reveals security strategy

Distributor will continue working with Clearswift, Radware and Stonesoft as it focuses on locking down virtual environments  18 Nov 2008

Magirus takes the wraps off service division

Distributor looks to consolidate its service offering across the regions  10 Jan 2008

Magirus division sale completed

Magirus finalises sale of enterprise infrastructure division to rival Avnet and sets sights on growth  08 Oct 2007

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