<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of Report: June 21, 1999
VERSATEL TELECOM INTERNATIONAL N.V.
(Exact name of Registrant as specified in its charter)
Paalbergweg 36
1105 BV Amsterdam-Zuidoost
The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby
furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
<PAGE> 2
VERSATEL TELECOM INTERNATIONAL N.V.
FORM 6-K
ITEM 5. OTHER INFORMATION
On June 11, 1999, VersaTel Telecom International N.V. (the "Company "),
through its subsidiary VersaTel Telecom Europe B.V., acquired Svianed B.V., the
third largest provider of date services in The Netherlands. In connection
therewith VersaTel Telecom Europe B.V., Gak Holding B.V. and Svianed B.V.
entered into an Agreement for the Sale and Purchase of Shares (the "Agreement").
Certain financial information relating to Svianed B.V. as well as certain pro
forma financial information for VersaTel to reflect the Svianed acquisition can
be found below. A copy of the Agreement is attached hereto as Exhibit 10.1 and
is incorporated herein by reference.
2
<PAGE> 3
VersaTel TELECOM INTERNATIONAL N.V.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA
-------------------- -------------------------------------
VERSATEL SVIANED ADJUSTMENTS COMBINED
---------- ------- ----------- -----------------------
NLG NLG NLG NLG $(1)
<S> <C> <C> <C> <C> <C>
REVENUES........................ 39,561 56,683 96,244 47,178
OPERATING EXPENSES:
Cost of revenues, excluding
depreciation and
amortization............... 31,821 26,878 58,699 28,774
Selling, general and
administrative............. 47,733 11,890 59,623 29,227
Depreciation and
amortization............... 6,473 8,751 34,671(3) 49,895 24,458
---------- ------ ---------- ----------
Total operating expenses...... 86,027 47,519 168,217 82,459
---------- ------ ---------- ----------
Operating result................ (46,466) 9,164 (71,973) (35,281)
OTHER INCOME (EXPENSES):
Foreign currency exchange
gains (losses), net........ 5,146 -- 5,146 2,522
Interest income............... 11,857 85 11,942 5,854
Interest expense -- third
parties.................... (37,522) (435) (39,380)(4) (77,337) (37,910)
Interest expense -- related
parties.................... (145) -- (145) (71)
---------- ------ ---------- ----------
Total other income
(expense).................. (20,664) (350) (60,394) (29,605)
---------- ------ ---------- ----------
Net result before income
taxes......................... (67,130) 8,814 132,367 (64,886)
PROVISION FOR INCOME TAXES...... 7 3,085 3,092 1,516
---------- ------ ---------- ----------
Net result................. (67,137) 5,729 (135,459) (66,402)
========== ====== ========== ==========
NET RESULT PER SHARE (Basic and
Diluted)(2)................... (2.06) (4.15) (2.04)
Weighted average number of
shares outstanding(2)......... 32,622,194 32,622,194 32,622,194
</TABLE>
- -------------------------
(1) Solely for the convenience of the reader, Dutch guilder amounts have been
translated into U.S. dollars at the Noon Buying Rate on March 31, 1999 of
NLG 2.04 per $1.00.
(2) As adjusted to give effect to a 2-for-1 stock split on April 13, 1999.
Includes 130,000 ordinary shares approved for issuance by our shareholders
in connection with the acquisition of CS Net.
(3) The computation and amortization of the goodwill in relation to the Svianed
acquisition has been recorded as if the acquisition of Svianed by VersaTel
took place effective January 1, 1998. The goodwill (amounting to NLG 346.7
million on a pro forma basis) is amortized over a period of 10 years.
(4) Interest expense on a pro forma basis has been computed at a rate of 11.0%
per annum, assuming financing of NLG 358.0 million was obtained in
connection with the acquisition of Svianed effective January 1, 1998.
3
<PAGE> 4
VersaTel TELECOM INTERNATIONAL N.V.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA
-------------------- -------------------------------------
VERSATEL SVIANED ADJUSTMENTS COMBINED
---------- ------- ----------- -----------------------
NLG NLG NLG NLG $(1)
<S> <C> <C> <C> <C> <C>
REVENUES......................... 15,501 15,579 31,080 15,235
OPERATING EXPENSES:
Cost of revenues, excluding
depreciation and
amortization................ 12,485 6,628 19,113 9,369
Selling, general and
administrative.............. 20,179 3,734 24,913 11,722
Depreciation and
amortization................ 3,084 2,472 8,650(3) 14,206 6,964
---------- ------ ---------- ----------
Total operating expenses......... 35,748 12,834 57,232 28,055
---------- ------ ---------- ----------
Operating result................. (20,247) 2,745 (26,152) (12,820)
OTHER INCOME (EXPENSES):
Foreign currency exchange gains
(losses), net............... (40,283) -- (40,283) (19,747)
Interest income................ 6,043 26 6,069 2,975
Interest expense -- third
parties..................... (23,895) (138) (9,845)(4) (33,878) (16,607)
Interest expense -- related
parties..................... -- -- -- --
---------- ------ ---------- ----------
Total other income
(expenses)................ (58,135) (112) (68,092) (33,379)
---------- ------ ---------- ----------
Net result before income taxes... (78,382) 2,633 (94,244) (46,199)
PROVISION FOR INCOME TAXES....... -- 921 921 451
---------- ------ ---------- ----------
Net result.................. (78,382) 1,712 (95,165) (46,650)
========== ====== ========== ==========
NET LOSS PER SHARE (Basic and
Diluted)(2)................. (2.01) (2.44) (1.20)
Weighted average number of
shares outstanding(2)....... 38,984,810 38,984,810 38,984,810
</TABLE>
- -------------------------
(1) Solely for the convenience of the reader, Dutch guilder amounts have been
translated into U.S. dollars at the Noon Buying Rate on March 31, 1999 of
NLG 2.04 per $1.00.
(2) As adjusted to give effect to a 2-for-1 stock split on April 13, 1999.
Includes 130,000 ordinary shares approved for issuance by our shareholders
in connection with the acquisition of CS Net.
(3) The computation and amortization of the goodwill in relation to the Svianed
acquisition has been recorded as if the acquisition of Svianed by VersaTel
took place effective January 1, 1999. The goodwill (amounting to NLG 346.7
million on a pro forma basis) is amortized over a period of 10 years.
(4) Interest expense on a pro forma basis has been computed at a rate of 11.0%
per annum, assuming financing of NLG 358.0 million was obtained in
connection with the acquisition of Svianed effective January 1, 1999.
4
<PAGE> 5
VersaTel TELECOM INTERNATIONAL N.V.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1999
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA
------------------- ------------------------------------
VERSATEL SVIANED ADJUSTMENTS COMBINED
-------- ------- ----------- ---------------------
NLG NLG NLG NLG $(1)
<S> <C> <C> <C> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents................... 329,551 5,318 334,869 164,152
Restricted cash, current portion............ 94,201 -- 94,201 46,177
Accounts receivable less allowance for
doubtful accounts........................ 11,001 12,218 23,219 11,382
Inventory................................... 2,992 397 3,389 1,661
Other current assets........................ 17,439 2,976 20,415 10,007
-------- ------ --------- --------
Total current assets..................... 455,184 20,909 476,093 233,379
Fixed Assets:
Property and Equipment, net................. 41,766 20,427 62,193 30,487
Construction in Progress.................... 92,205 -- 92,205 45,199
-------- ------ --------- --------
Total fixed assets....................... 133,971 20,427 154,398 75,686
Restricted cash, net of current portion....... 135,614 -- 135,614 66,477
Capitalized finance costs, net................ 28,000 -- 28,000 13,725
Goodwill...................................... 4,354 -- 344,271(2) 348,625 170,895
Deferred tax assets........................... -- 158 158 77
-------- ------ --------- --------
Total assets............................. 757,123 41,494 1,142,888 560,293
======== ====== ========= ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable............................ 50,556 4,390 54,946 26,935
Due to related parties...................... -- 4,759 4,759 2,333
Accrued liabilities......................... 70,413 6,630 77,043 37,766
Deferred income............................. -- 1,536 1,536 753
Current portion of long term debt........... -- 2,500 2,500 1,225
Current portion of capital lease
obligations.............................. 71 -- 71 35
-------- ------ --------- --------
Total current liabilities................ 121,040 19,815 140,855 69,047
Deferred Income, net of current portion.......
Capital Lease Obligations, net of current
portion..................................... 23 -- 23 11
Long Term Liabilities......................... 670 -- 670 328
Long Term Debt (13 1/4% Senior Notes)......... 747,845 -- 358,000(3) 1,105,845 542,081
Long Term Debt less of current portion........ -- 7,500 7,500 3,676
Pension obligation............................ -- 450 450 221
Shareholders' Equity:
Share capital................................. 1,949 5,000 (5,000) 1,949 955
Additional paid-in capital.................... 51,112 -- 51,112 25,055
Warrants...................................... 5,212 -- 5,212 2,555
Retained earnings (accumulated deficit)....... (170,728) 8,729 (8,729) (170,728) (83,690)
-------- ------ --------- --------
Total shareholders' equity............... (112,455) 13,729 (112,651) (55,221)
-------- ------ --------- --------
Total liabilities and shareholders'
equity.............................. 757,123 41,494 1,142,888 560,239
======== ====== ========= ========
</TABLE>
- -------------------------
(1) Solely for the convenience of the reader, Dutch guilder amounts have been
translated into U.S. dollars at the Noon Buying Rate on March 31, 1999 of
NLG 2.04 per $1.00.
(2) The computation of the goodwill in relation to the Svianed acquisition has
been recorded as if the acquisition of Svianed by VersaTel took place
effective March 31, 1999. The goodwill is amortized (on a pro forma basis)
over a period of 10 years.
(3) It is assumed that financing of NLG 358.0 million was obtained in connection
with the acquisition of Svianed effective March 31, 1999.
5
<PAGE> 6
SVIANED B.V.
FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<S> <C>
Independent Auditors' Report................................ F-24
Balance Sheets as of December 31, 1998 and 1997............. F-25
Statements of Operations for the Years Ended December 31,
1998 and 1997............................................. F-26
Statements of Shareholder's Equity for the Years Ended
December 31, 1998 and 1997................................ F-27
Statements of Cash Flows for the Years Ended December 31,
1998 and 1997............................................. F-28
Notes to Financial Statements............................... F-30
</TABLE>
6
<PAGE> 7
INDEPENDENT AUDITORS' REPORT
THE BOARD OF DIRECTORS AND THE SHAREHOLDER OF SVIANED B.V.
We have audited the accompanying balance sheets of Svianed B.V. as of
December 31, 1998 and 1997, and the related statements of operations,
shareholder's equity and cash flows for the years then ended. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Svianed B.V. as of December
31, 1998 and 1997, and the results of operations and cash flows for the years
then ended in conformity with generally accepted accounting principles in the
United States of America.
KPMG Accountants N.V.
Amsterdam, The Netherlands
March 15, 1999,
7
<PAGE> 8
SVIANED B.V.
BALANCE SHEETS
AS OF DECEMBER 31, 1998 AND 1997
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS
EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------- -----------------
NLG NLG
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents............................. 1,468 2,578
Trade accounts receivable, less allowance for doubtful
accounts of NLG 250 in 1998 and NLG nil in 1997.... 4,618 5,536
Due from group companies.............................. 5,476 4,254
Inventory............................................. 129 215
Prepaid expenses...................................... 190 298
Discounts to be received from KPN..................... 1,454 590
Other current assets.................................. 1,062 681
------ ------
Total current assets............................... 14,397 14,152
Property and equipment, less accumulated depreciation... 19,153 14,648
Deferred tax assets..................................... 105 70
------ ------
Total assets.................................. 33,655 28,870
====== ======
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities:
Accounts payable...................................... 2,306 4,107
Due to group companies................................ 8,713 2,706
Short term portion of long term debt.................. 2,500 2,500
Deferred income....................................... 3,132 1,943
Accrued liabilities................................... 679 876
Other liabilities..................................... 1,508 250
------ ------
Total current liabilities.......................... 18,838 12,382
Long term debt.......................................... 2,500 5,000
Pension obligation...................................... 300 200
------ ------
Total liabilities.................................. 21,638 17,582
------ ------
Shareholder's equity
Common shares, NLG 1,000 par value, authorized 25,000
shares; issued and outstanding 5,000 in 1998 and
1997............................................... 5,000 5,000
Retained earnings..................................... 7,017 6,288
------ ------
Total shareholder's equity......................... 12,017 11,288
------ ------
Total liabilities and shareholder's equity.... 33,655 28,870
====== ======
</TABLE>
The accompanying notes form an integral part of these Financial Statements.
8
<PAGE> 9
SVIANED B.V.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1998 1997
------------ ------------
NLG NLG
<S> <C> <C>
OPERATING REVENUES:
Related party revenues.................................... 34,460 32,037
Other revenues............................................ 22,223 13,074
------ ------
Total operating revenues............................... 56,683 45,111
OPERATING EXPENSES:
Cost of Revenues, excluding depreciation.................. 26,878 23,550
Selling, general and administrative expenses.............. 11,890 8,331
Depreciation expense...................................... 8,751 6,754
------ ------
Total operating expenses............................... 47,519 38,635
------ ------
Operating Income.......................................... 9,164 6,476
OTHER INCOME (EXPENSE):
Interest income........................................... 85 111
Interest expense.......................................... (435) (542)
------ ------
Net income before income taxes.............................. 8,814 6,045
PROVISION FOR INCOME TAXES................................ (3,085) (2,120)
------ ------
Net income.................................................. 5,729 3,925
------ ------
</TABLE>
The accompanying notes form an integral part of these Financial Statements.
9
<PAGE> 10
SVIANED B.V.
STATEMENTS OF SHAREHOLDER'S EQUITY
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
<TABLE>
<CAPTION>
TOTAL
COMMON RETAINED SHAREHOLDER'S
SHARES EARNINGS EQUITY
------ -------- -------------
<S> <C> <C> <C>
Balance as at 31 December, 1996........................ 5,000 2,363 7,363
Net income............................................. -- 3,925 3,925
----- ------ ------
Balance as at 31 December, 1997........................ 5,000 6,288 11,288
Net income............................................. -- 5,729 5,729
Dividends.............................................. -- (5,000) (5,000)
----- ------ ------
Balance as at 31 December, 1998........................ 5,000 7,017 12,017
===== ====== ======
</TABLE>
The accompanying notes form an integral part of these Financial Statements.
10
<PAGE> 11
SVIANED B.V.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1998 1997
------------ ------------
NLG NLG
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income.................................................. 5,729 3,925
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation.............................................. 8,751 6,754
Deferred tax ............................................. (35) --
Deferred income........................................... 1,189 1,943
Provision for doubtful accounts........................... 250 --
Change in other operating assets and liabilities:
Decrease (increase) in accounts receivable................ 668 (3,796)
Increase in due from group companies...................... (1,222) (152)
Increase in accrued receivables and other receivables..... (1,137) (33)
Decrease (increase) in inventory.......................... 86 (215)
Decrease (increase) in accounts payable................... (1,801) 473
Increase (decrease) in due to group companies............. 6,007 (817)
Increase (decrease) in accrued and other liabilities...... 1,061 (1,460)
Increase in pension obligation............................ 100 --
------- ------
Net cash provided by Operating Activities.............. 19,646 6,622
======= ======
Cash flows from Investing Activities:
Capital expenditures...................................... (13,256) (8,454)
------- ------
Net cash used in Investing Activities..................... (13,256) (8,454)
======= ======
</TABLE>
The accompanying notes form an integral part of these Financial Statements.
11
<PAGE> 12
SVIANED B.V.
STATEMENTS OF CASH FLOWS -- (CONTINUED)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1998 1997
------------ ------------
NLG NLG
<S> <C> <C>
Cash flows from Financing Activities:
Dividends paid............................................ (5,000) --
Repayment of borrowings................................... (2,500) (2,500)
------- -------
Net cash used by Financing Activities.................. (7,500) (2,500)
======= =======
Net decrease in cash and cash equivalents................... (1,110) (4,332)
Cash and cash equivalents at beginning of period............ 2,578 6,910
------- -------
Cash and cash equivalents at end of period.................. 1,468 2,578
======= =======
</TABLE>
Supplemental Disclosures of Cash Flow Information:
<TABLE>
<S> <C> <C>
Income tax paid............................................. 2,120 1,656
Interest paid............................................... 408 540
</TABLE>
The accompanying notes form an integral part of these Financial Statements.
12
<PAGE> 13
SVIANED B.V.
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Svianed B.V. (the Company) is a wholly owned entity of Gak Holding B.V.,
which is wholly owned by Gak Group. The Company is a provider of integrated data
and telecommunications network services in The Netherlands. The Company
considers its operations to be in one business segment and internally makes
operating decisions, allocates resources and assesses performance based on one
segment.
Although the Company is a stand alone entity, an allocation was determined
for the pension costs associated with the Gak Holding B.V. defined benefit
pension plan based upon the employees future service costs in compliance with
statements of Financial Accounting Standards (SFAS) No. 87 Employers' Accounting
for Pensions. The fair value of the plan assets were allocated at the group
transfer value, which is a prescribed amount stipulated in the defined benefit
pension plan. Therefore these costs are not necessarily representative of the
pension costs of the company under a separate plan.
Included in the company results are group charges relating to costs in
connection with legal, internal audit and other administrative services provided
by Gak Holding B.V. on behalf of the Company. The Company's management believes
such costs are reflective of actual benefits received by the Company.
The Company is part of a fiscal unity with Gak Group. For purposes of these
financial statements, the income taxes are calculated as if the company was a
stand alone corporation and therefore tax expense is calculated at 35% of pre
tax income, which represents the statutory income tax rate in the Netherlands.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist mainly of cash at banks on demand. For
purposes of the statement of cash flows, the Company considers all highly liquid
investments with original maturities of three months or less to be cash
equivalents.
(b) INVENTORY
Finished goods are stated at the lower of cost or market value. Cost is
determined using the first-in, first-out method. Cost of work in progress
consists of the direct salary costs and a charge for indirect costs.
(c) DISCOUNTS TO BE RECEIVED FROM KPN
Discounts represent volume discounts on the KPN Network rental agreements
and are accrued based on volume utilized by the company on a monthly basis.
(d) REVENUE RECOGNITION
Revenues are recorded in the period in which the service is rendered. Cash
received in advance of services rendered is recorded as deferred income.
(e) PROPERTY AND EQUIPMENT
Property and equipment is stated at cost. The Company depreciates its
property and equipment using the straight-line method over the estimated useful
lives less the residual value. The useful life of property and equipment is 5
years or less.
13
<PAGE> 14
SVIANED B.V.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(f) INCOME TAXES
Income taxes are accounted for under the asset and liability method.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statements
carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss carry forwards. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be recovered or
settled.
(g) PENSIONS
The Company employees are covered under the Gak Holding B.V. defined
benefit pension plan. The benefits are based on years of service and the
employee's compensation. The cost of this program is being funded currently. The
Company has included an allocation of the Gak Holding B.V. define benefit
pension plan obligation for its employees in compliance with SFAS No. 87 in the
Company's financial statements.
(h) ADVERTISING EXPENSE
Advertising costs are expensed as incurred, and amounted to NLG 415,000 in
1998 (1997: NLG 506,000).
(i) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Significant estimates and assumptions are used in the amounts
reflected as allowance for doubtful accounts and recovery of deferred tax
assets. Actual results could differ from those estimates.
(j) FAIR VALUE OF FINANCIAL INSTRUMENTS
For all financial instruments, the carrying value is considered to
approximate the fair value due to the relatively short maturity of the
respective instruments.
3. RELATED PARTY TRANSACTIONS
Of the 1998 revenues realized from group companies, NLG 5.7 million relate
to subscriptions recharges relating to telephone access (1997: NLG 6.5 million)
for all Gak Group companies. The rest of the group revenues relate mainly to
capacity leases.
1998 costs charged by group companies to the company includes lease on
premises of NLG 850,000 (1997: NLG 697,000) and charges for various
administrative services and support of NLG 538,000 (1997: 585,000).
The accounts due to the group companies for 1998 as of December 31, 1998
includes income tax payable of NLG 3,120,000 (1997: NLG 2,120,000) and dividends
payable of NLG 5,000,000.
14
<PAGE> 15
SVIANED B.V.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
' 4. INVENTORY
Inventory is comprised of the following:
<TABLE>
<CAPTION>
31 DEC. 1998 31 DEC. 1997
------------ ------------
NLG NLG
(IN THOUSANDS)
<S> <C> <C>
Finished goods........................................ 24 16
Work in progress...................................... 105 199
--- ---
129 215
=== ===
</TABLE>
5. PROPERTY AND EQUIPMENT
Property and equipment is comprised of the following:
<TABLE>
<CAPTION>
31 DEC. 1998 31 DEC. 1997
------------ ------------
NLG NLG
(IN THOUSANDS)
<S> <C> <C>
Telecommunications and computer equipment............. 44,907 32,101
Furniture............................................. 29 --
------- -------
44,936 32,101
Accumulated depreciation.............................. (25,783) (17,453)
------- -------
Property and equipment, net........................... 19,153 14,648
======= =======
</TABLE>
6. LONG-TERM DEBT
Svianed has a loan, maturing 1 December 2000, with ING Bank of originally
NLG 10,000,000. The fixed interest rate is 5.42% per year. Principal payments of
NLG 2,500,000 will be made in 1999 and 2000. Gak Holding B.V. is a joint
guarantor of the loan.
7. INCOME TAXES
Income tax expenses attributable to income consist of:
<TABLE>
<CAPTION>
1998 1997
----- ------
NLG NLG
(IN THOUSANDS)
<S> <C> <C>
Current..................................................... 3,120 2,120
Deferred.................................................... (35) --
----- ------
Total....................................................... 3,085 2,120
===== ======
</TABLE>
Since there are no material permanent differences between the book basis
and the tax basis, income tax expense approximates 35% (the Dutch statutory
rate) of net income before taxes.
15
<PAGE> 16
SVIANED B.V.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
The tax effects of temporary differences that give rise to significant
portions of the deferred taxes at December 31, 1998 and 1997 are as follows:
<TABLE>
<CAPTION>
1998 1997
----- ------
NLG NLG
(IN THOUSANDS)
<S> <C> <C>
Deferred tax assets:
Pension obligation.......................................... 105 70
</TABLE>
In assessing the ability to realize deferred tax assets, management
considers whether it is more likely than not that some portions or all of the
portions of all the deferred tax assets will not be realized. Based upon the
level of historical taxable income and projections for future taxable income and
the periods for which the deferred tax assets are deductible. Management
believes it is more likely than not that it will realize the benefits of these
deductible differences.
8. COMMITMENTS
As per 31 December 1998, Svianed has the following off balance sheet
commitments:
- Rental agreement for the building of NLG 951,000 per year. The agreement
has an expiration date of 1 January 2000. After this date, the agreement
is terminable every six months.
- Rental agreement KPN network of NLG 3,000,000 per year. After one year,
this agreement is converted into a month-to-month lease.
- Service agreement for the KPN network of NLG 744,000 per year. This is a
3-year agreement and can be terminated with sale of the network.
- Service agreements of NLG 200,000 per year.
- Subscription agreements with KPN for NLG 330,000 per year. After one year
this agreement is converted into a month-to-month lease.
- Subscription agreements with WorldCom and UUnet of NLG 2,900,000 per
year. The expiration date is 31 December 1999.
- Lease agreements for company cars for NLG 421,000 per year. The
agreements have a term of 3 years.
LEASES
Future minimum rental commitments under non-cancelable operating leases as
of 31 December 1998 are as follows:
<TABLE>
<CAPTION>
NLG
(IN THOUSANDS)
<S> <C>
1999........................................................ 7,602
2000........................................................ 421
2001........................................................ 421
-------
8,444
=======
</TABLE>
16
<PAGE> 17
SVIANED B.V.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
The Company is part of Gak Holding Group and therefore all companies within
the Gak Holding Group are jointly and severally liable.
9. PENSIONS
Pension costs incurred for the year ended December 31, 1998 was NLG 600,000
(1997: NLG 400,000). Contributions to the Gak Holding Group plan were
NLG 400,000 for the year ended December 31, 1998 (1997: NLG 440,000).
The assumptions used in calculating the SFAS 87 pension obligation of the
Gak Holding Group and allocated to Svianed B.V. were as follows:
<TABLE>
<CAPTION>
1998 1997
----- -----
NLG NLG
(IN THOUSANDS)
<S> <C> <C>
Weighed -- average assumptions as of 31 December:
Discount rate............................................... 5% 6%
Expected rate of return on plan assets...................... 6% 6%
Rate of compensation increase............................... 5% 5%
</TABLE>
10. SUBSEQUENT EVENTS (unaudited)
On June 1, 1999, VersaTel Telecom International N.V. and the Company signed
a binding letter of intend to acquire 100% of the share capital of the Company.
Due to the change of the Company's shareholder, the Company will not
receive certain value added tax (VAT) benefits since it will not be part of the
Gak Holding B.V. fiscal tax unity, effective from the date of change of the
shareholder. As such, an estimated liability relating to VAT of approximately
NLG 1,2 million will be realized in 1999. The company expects to recover a total
amount of approximately NLG 1,1 million in the period 1999 through 2002.
17
<PAGE> 18
SVIANED B.V.
UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<S> <C>
Condensed Balance Sheets as of March 31, 1999 and 1998...... F-36
Condensed Statements of Operations for the Three Months
Ended March 31, 1999 and 1998............................. F-37
Condensed Statement of Shareholder's Equity as of March 31,
1999...................................................... F-38
Condensed Statements of Cash Flows for the Three Months
Ended March 31, 1999 and 1998............................. F-39
Condensed Notes to Financial Statements..................... F-40
</TABLE>
18
<PAGE> 19
SVIANED B.V.
CONDENSED BALANCE SHEETS
AS OF MARCH 31, 1999 AND 1998
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
MARCH 31, MARCH 31,
1999 1998
--------- ---------
NLG NLG
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents................................. 5,318 1,009
Trade accounts receivable, less allowance for doubtful
accounts of NLG 125 on March 31, 1999 and NLG nil on
March 31, 1998......................................... 7,008 5,572
Due from group companies.................................. 5,210 1,972
Inventory................................................. 397 187
Prepaid expenses.......................................... -- 793
Discounts to be received from KPN......................... 1,470 346
Other current assets...................................... 1,506 1,426
------ ------
Total current assets................................... 20,909 11,305
Property and equipment, less accumulated depreciation....... 20,427 17,442
Deferred tax assets......................................... 158 79
------ ------
Total assets...................................... 41,494 28,826
====== ======
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities
Accounts payable.......................................... 4,390 1,917
Due to group companies.................................... 4,759 2,555
Short term portion of long term debt...................... 2,500 2,500
Deferred income........................................... 1,536 3,132
Accrued expenses.......................................... 6,529 1,259
Other liabilities......................................... 101 247
------ ------
Total current liabilities.............................. 19,815 11,610
Long term debt.............................................. 7,500 5,000
Pension obligation.......................................... 450 225
------ ------
Total liabilities...................................... 27,765 16,835
Shareholder's equity
Common shares, NLG 1,000 par value, authorized 25,000
shares; issued and outstanding 5,000 in 1999 and
1998................................................... 5,000 5,000
Retained earnings......................................... 8,729 6,991
------ ------
Total shareholder's equity............................. 13,729 11,991
------ ------
Total liabilities and shareholder's equity........ 41,494 28,826
====== ======
</TABLE>
The accompanying notes form an integral part of these Unaudited Condensed
Financial Statements.
19
<PAGE> 20
SVIANED B.V.
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
(UNAUDITED)
<TABLE>
<CAPTION>
3 MONTHS 3 MONTHS
ENDED ENDED
MARCH 31, MARCH 31,
1999 1998
--------- ---------
NLG NLG
<S> <C> <C>
OPERATING REVENUES:
Related party revenues.................................... 9,429 8,467
Other revenues............................................ 6,150 3,375
------- -------
Total operating revenues............................... 15,579 11,842
OPERATING EXPENSES:
Cost of revenues, excluding depreciation.................. 6,628 6,342
Selling, general and administrative expenses.............. 3,734 2,448
Depreciation expenses..................................... 2,472 1,882
------- -------
Total operating expenses............................... 12,834 10,672
------- -------
Operating Income.......................................... 2,745 1,170
OTHER INCOME (EXPENSE):
Interest income........................................... 26 16
Interest expense.......................................... (138) (104)
------- -------
Net income before income taxes............................ 2,633 1,082
PROVISION FOR INCOME TAXES.................................. (921) (379)
------- -------
Net income................................................ 1,712 703
======= =======
</TABLE>
The accompanying notes form an integral part of these Unaudited Condensed
Financial Statements.
20
<PAGE> 21
SVIANED B.V.
CONDENSED STATEMENTS OF SHAREHOLDER'S EQUITY
AS OF MARCH 31, 1999
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
(UNAUDITED)
<TABLE>
<CAPTION>
TOTAL
COMMON RETAINED SHAREHOLDER'S
SHARES EARNINGS EQUITY
------ -------- -------------
<S> <C> <C> <C>
Balance as at 31 December, 1997........................ 5,000 6,288 11,288
Net income............................................. -- 703 703
----- ------ ------
Balance as at 31 March, 1998........................... 5,000 6,991 11,991
===== ====== ======
Balance as at 31 December, 1998........................ 5,000 7,017 12,017
Net income............................................. -- 1,712 1,712
----- ------ ------
Balance as at 31 March, 1999........................... 5,000 8,729 13,729
===== ====== ======
</TABLE>
The accompanying notes form an integral part of these Unaudited Condensed
Financial Statements.
21
<PAGE> 22
SVIANED B.V.
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(AMOUNTS IN THOUSANDS OF DUTCH GUILDERS)
(UNAUDITED)
<TABLE>
<CAPTION>
3 MONTHS ENDED 3 MONTHS ENDED
MARCH 31, 1999 MARCH 31, 1998
-------------- --------------
NLG NLG
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income............................................... 1,712 703
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation........................................... 2,472 1,882
Deferred tax........................................... (53) (9)
Deferred income........................................ (1,596) 1,189
Provision for doubtful accounts........................ 125 --
Change in other operating assets and liabilities:
Increase in accounts receivable........................ (2,515) (36)
Decrease in due from group companies................... 266 2,282
Increase in accrued receivables and other
receivables......................................... (270) (996)
Increase (decrease) in inventory....................... (268) 28
Increase (decrease) in accounts payable................ 2,084 (2,190)
Decrease in due to group companies..................... (3,954) (151)
Increase in accrued and other liabilities.............. 4,443 380
Increase in pension obligation......................... 150 25
------ ------
Net cash provided by Operating Activities........... 2,596 3,107
====== ======
Cash flows from Investing Activities:
Capital expenditures................................... (3,746) (4,676)
------ ------
Net cash used in Investing Activities............... (3,746) (4,676)
====== ======
Cash flows from Financing Activities:
Proceeds from new loan................................. 5,000 --
------ ------
Net cash provided by Financing Activities........... 5,000 --
====== ======
Net increase (decrease) in cash and cash equivalents..... 3,850 (1,569)
Cash and cash equivalents at beginning of period......... 1,468 2,578
------ ------
Cash and cash equivalents at end of period............... 5,318 1,009
====== ======
Supplemental disclosure of Cash Flow Information:
Income tax paid.......................................... -- --
Interest paid............................................ 137 101
</TABLE>
The accompanying notes form an integral part of these Unaudited Condensed
Financial Statements.
22
<PAGE> 23
SVIANED B.V.
CONDENSED NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS
Svianed B.V. (the Company) is a wholly owned entity of Gak Holding B.V.,
which is wholly owned by Gak Group. The Company is a provider of integrated data
and telecommunications network services in The Netherlands. The Company
considers its operations to be in one business segment and internally makes
operating decisions, allocates resources and assesses performance based on one
segment.
Although the Company is a stand alone entity, an allocation was determined
for the pension costs associated with the Gak Holding B.V. defined benefit
pension plan based upon the employees future service costs in compliance with
statements of Financial Accounting Standards (SFAS) No. 87 Employers' Accounting
for Pensions. The fair value of the plan assets were allocated at the group
transfer value, which is a prescribed amount stipulated in the defined benefit
pension plan. Therefore these costs are not necessarily representative of the
pension costs of the company under a separate plan.
Included in the company results are group charges relating to costs in
connection with legal, internal audit and other administrative services provided
by Gak Holding B.V. on behalf of the Company. The Company's management believes
such costs are reflective of actual benefits received by the Company.
The Company is part of a fiscal unity with Gak Group. For purposes of these
financial statements, the income taxes are calculated as if the company was a
stand alone corporation and therefore tax expense is calculated at 35% of pre
tax income, which represents the statutory income tax rate in the Netherlands.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements and related notes at March 31, 1999 and for the
three months ended March 31, 1998 are unaudited and prepared in conformity with
the accounting principles applied in the Company's 1998 financial statements for
the year ended December 31, 1998. In the opinion of management, such interim
financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the results for such periods.
The results of operations for the three months ended March 31, 1999 are not
necessarily indicative of the results to be expected for the full year or any
other interim period.
3. SUBSEQUENT EVENTS
On June 1, 1999, VersaTel Telecom International N.V. and the Company signed
a binding letter of intent to acquire 100% of the share capital of the Company.
Due to the change of the Company's shareholder, the Company will not
receive certain value added tax (VAT) benefits since it will not be part of the
Gak Holding B.V. fiscal tax unity, effective from the date of change of the
shareholder. As such, an estimated liability relating to VAT of approximately
NLG 1,2 million will be realized in 1999. The company expects to recover a total
amount of approximately NLG 1,1 million in the period 1999 through 2002.
23
<PAGE> 24
ITEM 7. EXHIBITS
The following exhibits are filed herewith:
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
10.1 Agreement for the Sale and Purchase of Shares of Svianed B.V.,
dated June 11, 1999, among VersaTel Telecom Europe B.V., Gak
Holding B.V. and Svianed B.V.
</TABLE>
24
<PAGE> 25
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on June 21, 1999.
VersaTel Telecom International N.V.
By: /s/ RAJ RAITHATHA
-------------------------------
Raj Raithatha
Chief Financial Officer
25
<PAGE> 26
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
10.1 Agreement for the Sale and Purchase of Shares of Svianed B.V.,
dated June 11, 1999, among VersaTel Telecom Europe B.V., Gak
Holding B.V. and Svianed B.V.
</TABLE>
26
<PAGE> 1
Exhibit 10.1
AGREEMENT FOR THE SALE AND PURCHASE OF SHARES
SVIANED B.V. DATED 11 JUNE 1999
THE UNDERSIGNED:
1. The private company with limited liability GAK HOLDING B.V., with its
registered offices in Amsterdam, represented in this matter by Mr. S. van
Brummelen and Mr. E.P. de Jong, directors of the company and in said
capacity jointly authorised to execute this representation, hereinafter
also to be referred to as "the Seller";
and
2. The private company with limited liability VERSATEL TELECOM EUROPE B.V.,
with its registered offices in Amsterdam, represented in this matter by
Mr. R.G. Mesch, managing director of the company and in said capacity
independently authorised to execute this representation, hereinafter also
to be referred to as "the Buyer";
and
3. The private company with limited liability SVIANED B.V., with its
registered offices in Amsterdam, represented in this mater by Mr. J.J.
Niewold, sole managing director of the company and in said capacity
independently authorised to execute this representation, hereinafter also
to be referred to as "the Company";
WHEREAS:
- - The Seller is the holder of all shares in the Company, namely, 5,000
shares with a nominal value of NLG 1,000.00 each, also to be referred to
as "the Shares";
- - On 1 June 1999, the Parties entered into an Agreement of Intent regarding
the purchase and sale of the Shares, a copy of which is attached to the
present agreement as ANNEX A;
- - After signing the agreement of intent, the Buyer performed a concluding
due diligence study with regard to the Company as referred to in Article 4
of the Agreement of Intent;
- - the Parties have reached agreement regarding the purchase and sale of the
Shares which agreement they wish to record in the present agreement;
- - The provisions in the Competition Act, the SEC Merger policies and the
Works Councils Act have been complied with to the extent necessary within
the scope of the present acquisition.
DECLARE TO HAVE AGREED AS FOLLOWS:
page 1
<PAGE> 2
Unofficial translation
ARTICLE 1 TERMINOLOGY
For the purpose of this agreement the terms below shall be assigned the
following meaning:
Shares: all issued shares in the capital of the
Company, namely 5,000 Shares, each with a
nominal value of NLG 1,000.00;
1998 Annual Accounts: the Company's annual accounts for the
financial year ending on 31 December 1998;
Purchase Price: the purchase price of the Shares as described
in Article 3;
Agreement: the present agreement including all annexes;
Transfer Date: the date of the legal transfer of the Shares;
Acquisition Date: 1 January 1999
ARTICLE 2 THE SALE
2.1 The Seller hereby sells to the Buyer, who simultaneously hereby purchases
the Shares under the conditions as contained in this Agreement.
2.2 On the Transfer Date, the actions will be performed and the agreements
signed in the sequence as indicated in the closing agenda, attached to
this Agreement as ANNEX B.
ARTICLE 3 THE PURCHASE PRICE
3.1 The Purchase Price of the Shares is NLG. 350,000,000.00 (in words: three
hundred and fifty million Dutch guilders).
3.2 The Buyer shall owe interest on the Purchase Price at the rate of 4.5%
per annum. The interest payment will be calculated over the period 1
January 1999 up to the date of full payment.
3.3 The Buyer should pay the Purchase Price, including the interest payment
referred to in Article 3.2 no later than the Transfer Date by
transferring same into the ABN-AMRO bank account number 49.25.81.355 in
the name of the Stichting Derdengelden Notariaat De Brauw Blackstone
Westbroek.
page 2
<PAGE> 3
Unofficial translation
ARTICLE 4 TRANSFER OF THE SHARES
4.1 The transfer of the Shares shall be effected at the offices of De Brauw
Blackstone Westbroek in Amsterdam, no later than 11 June 1999 by means
of a notarial deed to be executed by civil-law notary M. van Olffen, or
his deputy, hereinafter to be referred to as ("the Civil-Law Notary"),
in the manner provided in Article 2:196, Dutch Civil Code, with the
Seller transferring the Shares to the Buyer.
4.2 As from the Transfer Date, the business of the Company shall be deemed
to be operated for the account and risk of the Buyer. Up to the
Transfer Date, the Seller shall (continue to) manage the Company in a
consistent, normal and economically acceptable manner.
4.3 Prior to the transfer of the Shares, the Civil-Law Notary will confirm
to the Seller that he has received the Purchase Price and the related
interest payment from the Buyer.
4.4 The Purchase Price and related interest owed shall be paid to the
Seller immediately after the transfer of the Shares, by telephone
transfer to the bank account or giro account number as provided by the
Seller to the Civil Law Notary.
4.5 If, after signing this Agreement, the Shares are not transferred to the
Buyer through the actions of the Buyer, the Buyer shall be liable to
pay a penalty to the Seller equal to 10% of the Purchase Price, without
prejudice to its obligation to compensate the Seller for any higher
damages actually suffered or to be suffered.
4.6 The Purchase Price cannot be settled (in part) with any claim of the
Buyer vis-a-vis the Seller for any reason whatsoever.
4.7 On the Transfer Date, all claims of the Company vis-a-vis the Seller or
companies affiliated with the Seller, as well as all debts of the
Company to the Seller or to companies affiliated with the Seller shall
be paid, barring any debts and claims ensuing from the normal trade
relations between the Seller (and its affiliated companies) and the
Company.
ARTICLE 5 GUARANTEES
5.1. The Seller guarantees the Buyer that the following representations and
guarantees are correct and complete. The guarantees shall be issued
effective on the Transfer Date, unless the text of the relevant
guarantee states otherwise:
THE STATUS OF THE COMPANY
5.1.1 The data contained in the Agreement of Intent concluded between the
Parties is correct.
5.1.2 The Company is a private company with limited liability, legally
established according to Dutch law.
page 3
<PAGE> 4
Unofficial translation
5.1.3 The Company is registered in the trade registry of the Chamber of
Commerce under number 33272045. The registration is correct and
complete.
5.1.4 No verbal or written resolutions have been passed to amend the Company
Articles of Association since the Transfer Date.
5.1.5 The Company has complied with all accounting, reporting and publication
obligations in full and in good time.
5.1.6 No rights have been allocated to third parties as referred to in
Article 2:232 Dutch Civil Code, pursuant to which the rights of third
parties can be harmed in the event the Company's Articles are amended.
5.1.7 No resolution has been passed to dissolve the Company nor has a request
for same been submitted and the Company has not been dissolved.
5.1.8 There are no resolutions of the General Meeting of Shareholders of the
Company which have not been implemented.
5.1.9 The Company is not a party to a legal merger as referred to in Article
2:309 Dutch Civil Code.
5.1.10 The Company has not issued a 'statement of joint and several liability'
as referred to in Article 403, Book 2, Dutch Civil Code.
5.1.11 The Company has not committed itself for the debts of third parties,
unless stated otherwise in this Agreement.
5.1.12 No request for suspension of payments or application for bankruptcy has
been filed against the Company and the Company has not been granted
final or provisional suspension of payments or has been declared
bankrupt.
THE SHARES
5.2.1 The Company's shareholder register is correct and fully up to date.
5.2.2 The Seller is the legal and irrevocable owner of the Shares.
5.2.3 The Shares were legally issued and fully paid up.
5.2.4 No promises have been made with regard to the Shares or options or
other rights granted (including the purchase and issue of shares in the
capital of the Company) which could impede the transactions envisaged
in the Agreement in any way.
5.2.5 No right of pledge or right of usufruct has been established on any of
the Shares, nor have any depositary receipts for Shares been issued,
nor have one or more Shares been attached.
5.2.6 As a result of the transfer of the Shares to the Buyer, the full and
unencumbered ownership of the Shares passes to the Buyer.
page 4
<PAGE> 5
Unofficial translation
AUTHORITY OF THE SELLER
5.3.1 The Seller is authorised to enter into and perform the Agreement. The
Company has acquired any permissions and/or authorisations required
(including a positive advice from the Company's works council).
5.3.2 To the best of the Seller's knowledge, neither the Seller's entering
into nor performing the Agreement shall be at variance with any
obligation imposed on it for any reason, or cause the lapse of rights
or the (premature) exigibility of the Company's obligations.
EMPLOYEES
5.4.1 Insofar as ANNEX C does not state otherwise, the (employment)
conditions ensuing from the applicable collective labour agreement
(hereinafter CAO), the written standard employment contract and the
applicable corporate regulations shall apply to the employees referred
to in same, on the understanding that the Buyer has in the meantime
agreed on deviating conditions with both members of the management
board.
5.4.2 There are no other obligations or representations of the Company
vis-a-vis the individuals referred to in Annex C or, as the case may
be, former employees, than those listed in said Annex.
5.4.3 To the best of the Seller's knowledge, none of the employees are
directly or indirectly involved in any enterprise which performs the
same or similar activities as those of the Company and which is or
could be a competitor.
UNINTERRUPTED OPERATIONS
5.5.1 The Company has the full ownership or otherwise has the disposal of the
movable and tangible and non-tangible objects required for the
uninterrupted operation of its business.
5.5.2 The objects referred to in the previous paragraph have not been seized
and are not encumbered with any right in rem or right in personam which
could disrupt operations, with the exception of pledging bank balances
within the scope of group financing by ABN-AMRO.
5.5.3 Insofar as the Company uses the aforementioned objects pursuant to a
right of lease or other right of use of (legal) persons affiliated with
the Seller, said use can be continued after the transfer of the Shares
under real terms and for at least a reasonable period, and does not
lead to higher costs for the Company than those prior to the transfer,
with the exception of increases normally anticipated ensuing the
arrangements in the relevant agreement.. At variance with the above,
the Buyer knows and agrees with the fact that the lease and
availability of the Company headquarters will terminate at the end of
1999.
page 5
<PAGE> 6
Unofficial translation
5.5.4 In the year preceding this Agreement, the Company acted according to
customary and normal business practice.
5.5.5 The Company possesses all permits required for the performance of its
current operations.
5.5.6 The Company has the free disposal of all trademark rights, all
copyrights on software, as well as all other intellectual property
rights required for the Company's current operations.
5.5.7 The Company has taken out the company insurance which is customary for
companies with activities similar to those of the Company. No acts have
been committed, including negligence, which can lead to the nullity or
annulment of the insurance and the aforementioned insurance offers
adequate coverage for the risks insured.
5.5.8 The Company's organisation is ready for the planned introduction of the
Euro.
5.5.9 The Company has taken all measures which can be reasonably expected in
order to prevent the so-called millennium damage resulting from the
start of the year 2000.
LEGAL PROCEDURES
5.6.1 There are no claims by third parties vis-a-vis the Company pursuant to
deficiencies or faults regarding objects, services or otherwise, nor
can such claims be expected in all reasonableness.
5.6.2 There are no claims or liabilities vis-a-vis the Company pursuant to an
unlawful act committed by one or more of its employees, nor can such
claims or liabilities be expected in all reasonableness.
5.6.3 The Company is neither directly nor indirectly involved in legal
proceedings, including arbitration procedures nor can such legal
proceedings be expected in all reasonableness.
PROVIDING INFORMATION
5.7.1 The Seller has provided all facts and information to the Buyer
regarding which the Seller could have assumed that same were important
to the present transfer of the Shares.
5.7.2 The Seller is not aware of any other facts or information, the
reporting of which would have had a more than marginal effect on the
Buyer's decision to proceed to the present acquisition of the Shares at
the Purchase Price and under the conditions recorded in this Agreement.
BALANCE SHEET GUARANTEES
page 6
<PAGE> 7
Unofficial translation
5.8.1 The 1998 Annual Accounts supplied to the Buyer, as well as the
financial data over the subsequent period give a correct, true and
complete view of the amount and composition of the Company's capital
and have been prepared in accordance with legal requirements and
according to generally accepted principles of valuation and
determination of profit.
5.8.2 At the end of 1998, the Company's shareholders' equity amounts to at
least NLG 12,212,000.00 (rounded off). No dividend has been declared on
any of the Shares after 31 December 1998, nor has any other
distribution been made payable since then. The Buyer is aware of the
shareholders' resolution of 31 December 1998 which awarded a dividend
in the amount of NLG 5,000,000.00 (in words: five million Dutch
guilders) to the Seller.
5.8.3 At the end of 1998, the Company was free of any unconditional or
conditional liabilities or obligations to pay, fulfil, or omit, other
than indicated or provided for in the 1998 Annual Accounts, which could
seriously affect the shareholders' equity and/or the result of the
Company.
FISCAL AND SOCIAL SECURITY GUARANTEES
5.9.1 The Company has complied with all obligations ensuing from fiscal and
social legislation, including but not limited to those pertaining to
filing a tax return and effecting the payments due, or has included an
adequate provision in its balance sheet for that purpose.
The Company has satisfied all its obligations regarding the hiring of
workers insofar as said hiring took place prior to the Transfer Date.
5.9.2 The Company is not involved in any disputes with the fiscal authorities
or the authorities charged with the application of social legislation
and such disputes cannot be reasonably expected to arise.
5.9.3 Up to now, no additional tax assessments, fines or increases, levy
interest and all additional costs or expenses which pertain to or are
connected with said taxes and payments have been imposed on the
Company, nor can such be expected in all reasonableness.
5.9.4 The Company has not waived its rights of redress vis-a-vis third
parties regarding which the fiscal authorities could (possibly) find
that the Company is subject to deductions or is liable for said third
parties.
5.9.5 The Company is not subject to any specific agreements, including
rulings, with the fiscal authorities and/or authorities charged with
the application of social legislation.
5.9.6 There are no existing or future claims vis-a-vis the Company ensuing
from any fiscal unit of which the Company is or was a part, or as the
result of the break up of said fiscal unit, which could be recovered
from the Company.
5.9.7 The Parties undertake not to take positions - including positions to be
taken when submitting tax returns, paying social security insurance
contributions - which
page 7
<PAGE> 8
Unofficial translation
could adversely affect the other Party/Parties, without same having
been discussed in advance with the other Party/Parties, while giving
close consideration to the mutual interests.
5.9.8 With regard to the period which lies between the Acquisition Date and
the Transfer Date, the Company has not legally entered into
negotiations which could lead to an increased amount of social security
insurance contributions and/or a higher tax debt than ensuing from the
law, or ensuing from existing agreements with the relevant institutions
governed by public law, other than to the extent necessary for the
benefit of normal operations.
CLAIMS ON GUARANTEES
5.10 If one or more of the guarantees referred to in Article 5 are incorrect
or incomplete, as a result of which the Buyer suffers damage, the
Seller shall be liable vis-a-vis the Buyer. The Seller shall be liable
for the damage which would not have occurred if the guarantee or
representation in question had been correct and had not been infringed.
With the exception of the guarantee referred to in Article 5.9.6, the
liability of the Seller is maximised at NLG 70,000,000.00 (in words:
seventy million Dutch guilders). It applies with regard to the
guarantees (with the exception of those in Article 5.9.6) that the
Buyer can only invoke same if he demonstrates that as a result of the
infringement of one or more guarantees the suffered losses are in
excess of NLG 1,000,000.00 (in words: one million Dutch guilders,
hereinafter to be referred to as the Threshold). If the Buyer so
demonstrates, the Seller shall only be obligated to compensate the
damage in excess of the Threshold.
5.11 The liability of the Seller for infringement of the guarantee as
referred to in Article 5.9.6. is not subject to the Threshold and is
maximised at NLG 350,000,000.00 (in words: three hundred and fifty
million Dutch guilders).
5.12 The Seller is only liable for infringement on a guarantee if the Buyer
has informed the Seller of said infringement in writing prior to the
lapse of the applicable legal period of limitation with regard to the
fiscal guarantees and guarantees pertaining to social contributions,
and prior to the lapse of a period of one year after the Acquisition
Date with regard to all other guarantees referred to in Article 5.
ARTICLE 6 THE BUYER'S GUARANTEES
6.1 The Buyer guarantees the Seller that its business, as well as the
business of its affiliated companies, have taken all measures on the
Transfer Date which could reasonably be expected of it, in order to
prevent so-called millennium damage resulting from the arrival of the
year 2000.
6.2 The Buyer guarantees that the decision to enter into this Agreement
(and the ensuing agreements) was taken in a legally-valid manner, that
on the Transfer Date it is authorised to conclude the Agreement (and
the ensuing agreements) and that to the best of its knowledge, there
are no third parties who could legally impede the realisation of the
Agreement (and the ensuing agreements).
page 8
<PAGE> 9
Unofficial translation
6.3 If it becomes evident that one or both of the guarantees referred to in
Article 6 are incorrect or incomplete as a result of which the Seller
suffers damage, the Buyer is liable vis-a-vis the Seller, specifically
for the damage which would not have occurred if the guarantee(s) in
question was or had been correct.
6.4 If, as a result of application of the 16th standard condition of
Article 15 of the Corporation Tax Act, a fiscal revaluation of the
Company is performed in the financial year immediately prior to the
year in which the Shares are transferred, the Buyer shall compensate
the Seller for the cash value of the expected tax benefit for the
Company, with due observance of a calculating interest of 5%. The Buyer
and the Seller shall then establish said cash value in mutual
consultation once the tax inspector has indicated that such a charge
can be imposed.
If the Parties do not reach mutual agreement about said cash value,
they shall appoint a neutral expert in mutual consultation, or if
desired, each party may appoint an expert, with the two experts then
appointing a third, neutral expert, which expert(s) shall issue a
binding opinion on the cash value.
ARTICLE 7 MANAGEMENT/LABOUR RELATIONS
7.1 The current managing director of the Company according to the Articles
of Association, Mr. J.J. Niewold shall remain associated with the
Company after the Transfer Date in the position of Managing Director on
the basis of an employment contract to be further agreed on.
7.2. After the Transfer Date, Mr. R. van der Wiele of the Company shall
remain affiliated with the Company in the position of Senior Operations
Manager on the basis of an employment contract to be further agreed on.
ARTICLE 8 SOCIAL PARAGRAPH
8.1 The Buyer guarantees that for a period of at least one year after the
Delivery Date - with the exception of expansion - it will not implement
any changes in regard to the Company personnel other than on account of
inadequate performance or one or more Company's employees.
8.2 The Buyer, moreover, guarantees that it will not change the workplace
(Amsterdam) of the majority of the Company employees within one year
after the Transfer Date.
8.3 The Buyer guarantees that after the transfer of the Shares, the salary
plus any fixed additional payments of the Company's personnel will at
least equal the salary level applicable at the Transfer Date.
8.4 The Buyer also guarantees that after the transfer of the Shares, the
secondary and tertiary employment conditions of the Company's personnel
will at least equal the level applicable at the Transfer Date,
requiring that any setback in one component thereof must be compensated
in another component constituting a benefit that shall be at least
equivalent in a material sense. In addition, for a period of five years
after
page 9
<PAGE> 10
Unofficial translation
the Transfer Date, the pension and/or early retirement scheme will at
least equal the level applicable at the Transfer Date, both with regard
to claims and the employee's contribution to the premium, under the
condition that any setback arising after the lapse of the five year
period must be compensated by a material improvement in another
component of the employment conditions of at least equal value.
8.5 Wherever the previous paragraphs of this Article refer to "personnel"
or "employees", this shall exclusively be understood to mean the
personnel and employees already employed by the Company on the Transfer
Date.
8.6 The Buyer guarantees that it will allow the present Company Works
Council to act as a co-determination body for the personnel of the
Company until the end of its current term of office.
8.7 In the event of a violation of the provisions in this Article, the
Buyer shall forfeit for each violation an immediately payable penalty
vis-a-vis the Seller in the amount of NLG 500,000.00 (in words: five
hundred thousand Dutch guilders), which payment shall be used by the
Seller for the benefit of the employees employed by the Company at the
time the violation occurred.
ARTICLE 9 ACQUISITION OF PENSION OBLIGATIONS
9.1 In connection with the pension obligations of the personnel of the
Company to be/which have been acquired by the Buyer, the Seller shall
compensate the Buyer for personnel insured with the company pension
fund for the difference between:
A. The pension reserve, without reductions, calculated on the basis of:
* a calculating interest of 3%;
* the most recent mortality table from the Actuaries Group including age
adjustments as applied by the Vereniging Pensioenfonds Gak Groep;
* acquisition of all collective and individual pension commitments,
therefore including all claims on the basis of indexation rules,
transitional rules and special commitments;
and
B. The pension reserve which the Vereniging Pensioenfonds Gak Groep will
actually provide within the scope of collective value transfer
according to the policy of this pension fund, according to the
standards of said pension fund - however, without reductions -
calculated with due observance of a calculating interest of 4%, all
this calculated as at 31 December 1999, based on the company workforce
at that date.
9.2 The Seller shall, to the best of its ability, promote that the
Vereniging Pensioenfonds Gak Groep will lend its approval and full
co-operation to the integral continuation of participation of the
insured personnel of the Company in the
page 10
<PAGE> 11
Unofficial translation
pension scheme(s) of the pension fund as from the Transfer Date through
31 December 1999.
Continued participation shall take place under the customary conditions
and against payment of the regulatory (average) premium, with
application of the reductions granted on same. However, the
back-service obligations ensuing from income increases - with the
exception of CAO increases - which board member R. van der Wiele shall
receive on and/or after the Transfer Date shall be borne by the Company
and/or the Buyer. In addition, the back-service obligations ensuing
from individual income increases not ensuing from the CAO received by
non-management personnel on and/or after the Transfer Date shall be
borne by the Company and/or the Buyer insofar as their combined wages
increase by more than 2% as a result thereof (which in the unaltered
policy, is the anticipated increase of incidental wages for the second
half of 1999).
ARTICLE 10 PERSONNEL REGULATIONS
The Seller shall attempt to ensure that the personnel regulations
included in the overview in ANNEX D to this Agreement, which currently
benefits (the personnel of) the Company as subsidiary of the Seller, is
continued in the same or similar manner after the Transfer Date,
without the Seller giving any guarantee in that respect. To that end,
the Seller, in consultation with the Buyer and/or the Company, shall
contact the parties involved in the regulation after the Transfer Date,
to the extent that such has not already taken place.
ARTICLE 11 RELATIONSHIP WITH GAK NEDERLAND B.V.
11.1 The Buyer acknowledges the interest (for the parties) of the contracts
which the Company has entered into with Gak Nederland B.V. regarding
the supply of data and telecommunications services.
11.2 In addition, the Buyer acknowledges the interest (of the parties) of
the contracts which the Company has entered into with ASZ
Automatisering Sociale Zekerheid BV (hereinafter to be referred to as
ASZ) regarding the supply of data and telecommunications services.
11.3 The Buyer guarantees that the Company will properly perform its
obligations ensuing from the contracts referred to in Articles 9.1 and
9.2 during the terms thereof. Moreover, the Buyer guarantees that it
shall not (attempt to) terminate the aforementioned contracts during
their terms, other than in the manner provided in the said contracts.
11.4 The Buyer expresses the willingness and intention to intensify the
relationship which the Company now has with Gak Nederland B.V. and ASZ
in the future under business conditions. To that end, the Buyer shall,
inter alia, keep up regular basic contacts with representatives of Gak
Nederland B.V. and ASZ.
page 11
<PAGE> 12
Unofficial translation
11.5 The Buyer expresses the willingness to amend existing and other agreed
contracts of the Company with Gak Nederland B.V. and ASZ in line with
new developments within said businesses, with regard to following
technological developments and/or the further increase of requirements,
in particular regarding the security of the services offered.
11.6 The Buyer expresses the willingness and intention to co-operate on
amendments in the contracts which the Company has concluded with Gak
Nederland B.V. and ASZ, enabling Gak Nederland B.V. to purchase certain
or all data and telecommunications services via ASZ instead of
assigning such services directly to the Company under identical
conditions.
11.7 The Buyer undertakes not to increase the rates referred to in the
agreements with Gak Nederland B.V. and ASZ in a manner other than
permitted on the basis of relevant agreements. The Buyer guarantees the
Seller that, also after the Transfer Date, the Company will use rates
in accordance with market standards (in other words, comparable with
the rates for other principals) in its relationship with Gak Nederland
B.V. and ASZ.
11.8 Upon transfer of its business or sale of the Company (in any way
whatsoever), the Buyer undertakes to impose all the obligations
vis-a-vis GAK Nederland B.V. and ASZ on the Buyer on pain of a penalty
in the amount of NLG 10,000,000.00 (in words: ten million Dutch
guilders).
ARTICLE 12 DISCHARGE OF GUARANTEES
The parties shall do everything in their power to ensure that the
Seller and the Company are discharged from all forms of security,
guarantees, including (joint and several) guarantees which the Seller
and the Company have issued vis-a-vis each other and the affiliated
companies vis-a-vis third parties. In the event the aforementioned
discharge of the Seller and/or the Company is not granted for whatever
reason, the parties indemnify each other reciprocally for all claims
pursuant to the aforementioned security/securities.
ARTICLE 13 LEASE OF KPN LINES
13.1 In the event it becomes evident that the Buyer and/or the Company is
suffering visible and unavoidable financial setbacks because the lease
contracts with KPN Telecom regarding telephone and data lines, having
an agreed term of three years, cannot be converted into contracts with
a term of one year, or cannot be terminated prematurely, the Seller
shall compensate with respect to each contract the financial setback in
excess of NLG 50,000.00 (in words: fifty thousand Dutch guilders)
excluding VAT.
13.2 The Buyer and/or the Company shall not be deemed to suffer financial
setbacks in the sense of Article 13 paragraph 1, in the event it turns
out factually or technically impossible for the Company to replace the
aforementioned lines with lines of the Buyer prior to the expiration of
the term of the contracts referred to in Article 13.1.
page 12
<PAGE> 13
Unofficial translation
13.3 Nor shall the Buyer and/or the Company be deemed to suffer financial
setbacks if three-year lease contracts for lines which the Company
wishes to terminate can be 're-routed' to other connections in regard
to which it cannot (yet) use the lines laid by the Buyer.
13.4 The Buyer shall inform the Seller in advance regarding the positions
which - whether or not after exploratory talks with KPN Telecom - it
shall take vis-a-vis KPN Telecom regarding the termination of the lease
contracts, insofar as said positions could result in a compensation
obligation for the Seller pursuant to this Article.
ARTICLE 14 NOTIFICATIONS
All notifications or announcements from one party to the other must be
made in writing at the addresses below,
the Seller: P.O. Box 8300 (1005 CA) Amsterdam
the Buyer: P.O. Box 22697 (1100 DD) Amsterdam Zuidoost
the Company: P.O. Box 58150 (1040 HD) Amsterdam
Such to the extent that no other address is announced with due
observance of this Article.
ARTICLE 15 ANNOUNCEMENTS
Without the advance written permission of any of the parties, the
Parties shall not make announcements to third parties regarding the
(contents of) the transaction recorded in this Agreement.
ARTICLE 16 COSTS
Each of the parties shall bear its own costs incurred in connection
with this Agreement, on the understanding that the costs of preparing
this Agreement shall be for the Seller's account and the Buyer shall
bear the costs of the transfer of the Shares.
ARTICLE 17 ENTIRE AGREEMENT
This Agreement entails the entire agreement between the parties. The
parties explicitly exclude the applicability of any previous agreements
or deals made regarding entering into the present transaction.
ARTICLE 18 PARTIAL NULLITY
If one or more of the provisions of this Agreement, or one or more of
the annexes or enclosures to same is declared invalid or null and void,
the other provisions of this
page 13
<PAGE> 14
Unofficial translation
Agreement and the related annexes and enclosures to same shall remain
in force. Unless agreed otherwise, the parties undertake to replace the
invalid/inapplicable provisions by new, binding provisions such that
the new provisions deviate as little as possible from the provisions
which they replace, taking the parties' original intentions into
account as much as possible.
ARTICLE 19 TRANSFER OF RIGHTS
The transfer of rights pursuant to this Agreement requires the written
permission of the other parties.
ARTICLE 20 DISSOLUTION
The parties waive the right to demand dissolution of (part of) this
Agreement.
ARTICLE 21 DISPUTES
21.1 This Agreement is governed by Dutch law.
21.2 All disputes which may arise from this Agreement or ensuing agreements
shall be brought before the competent court in Amsterdam.
Thus prepared in triplicate and signed on 11 June 1999 in Amsterdam.
The Seller
/s/ E.P. de Jong / S. van Brummelen
....................................
Gak Holding B.V.
The Buyer
/s/ R. Gary Mesch
....................................
VersaTel Telecom Europe B.V.
The Company
/s/ J. J. Niewold
....................................
SVIANED B.V.
page 14
<PAGE> 15
OVEREENKOMST TOT KOOP EN VERKOOP VAN AANDELEN
SVIANED B.V. D.D. 11 JUNI 1999
ONDERGETEKENDEN:
1. De besloten vennootschap met beperkte aansprakelijkheid GAK HOLDING
B.V., gevestigd te Amsterdam, hierbij vertegenwoordigd door de heer ir.
S. van Brummelen en de heer dr. E.P. de Jong, bestuurders van de
vennootschap en in die hoedanigheid gezamenlijk tot deze
vertegenwoordiging bevoegd, hierna ook aan te duiden als "Verkoper";
en
2. De besloten vennootschap VERSATEL TELECOM EUROPE B.V., gevestigd te
Amsterdam, hierbij vertegenwoordigd door de heer R.G. Mesch, bestuurder
van de vennootschap en in die hoedanigheid zelfstandig tot deze
vertegenwoordiging bevoegd, hierna ook aan te duiden als "Koper";
en
3. De besloten vennootschap met beperkte aansprakelijkheid SVIANED B.V.,
gevestigd te Amsterdam, hierbij vertegenwoordigd door de heer J.J.
Niewold, enig bestuurder van de vennootschap en in die hoedanigheid
zelfstandig tot deze vertegenwoordiging bevoegd, hierna ook aan te
duiden als de "Vennootschap";
ZIJ NEMEN IN AANMERKING:
- - Verkoper is houder van alle aandelen in de Vennootschap, te weten 5000
aandelen met een nominale waarde van fl. 1.000,00 elk, nader ook te
noemen de "Aandelen";
- - Partijen hebben op 1 juni 1999 ter zake van de koop en verkoop van de
Aandelen een intentieovereenkomst gesloten, waarvan een kopie als
BIJLAGE A aan de onderhavige overeenkomst is gehecht;
- - Koper heeft na ondertekening van de intentieovereenkomst een afrondend
due diligence onderzoek als bedoeld in artikel 4 van de
intentieovereenkomst uitgevoerd met betrekking tot de Vennootschap;
- - Partijen hebben overeenstemming bereikt omtrent de koop en verkoop van
de Aandelen, welke overeenstemming zij in de onderhavige overeenkomst
wensen vast te leggen;
- - De bepalingen uit de Mededingingswet, de SER Fusie gedragsregels en de
Wet op de Ondernemingsraden zijn, voor zover nodig, in het kader van
onderhavige overname nageleefd.
<PAGE> 16
ZIJ VERKLAREN TE ZIJN OVEREENGEKOMEN ALS VOLGT:
ARTIKEL 1 DEFINITIES
In deze overeenkomst wordt verstaan onder:
Aandelen: alle geplaatste aandelen in het kapitaal van
de Vennootschap te weten 5000 Aandelen met
een nominale waarde van fl. 1.000,00 elk;
Jaarrekening 1998: de jaarrekening van de Vennootschap over het
boekjaar dat eindigt op 31 december 1998;
Koopprijs: de koopprijs van de Aandelen als omschreven
in artikel 3;
Overeenkomst: de onderhavige overeenkomst inclusief alle
bijlagen daarbij;
Leveringsdatum: de datum van juridische levering van de
Aandelen;
Overnamedatum: 1 januari 1999
ARTIKEL 2 DE VERKOOP
2.1 Verkoper verkoopt hierbij aan Koper, gelijk deze hierbij koopt van
Verkoper, op de voorwaarden als vervat in deze Overeenkomst, de
Aandelen.
2.2 Op de Leveringsdatum zullen de handelingen worden verricht en de
overeenkomsten worden getekend in de volgorde zoals die wordt
aangegeven in de closing agenda die als BIJLAGE B aan deze overeenkomst
is gehecht.
ARTIKEL 3 DE KOOPPRIJS
3.1 De Koopprijs voor de Aandelen bedraagt NLG. 350.000.000,00 (zegge:
driehonderdvijftig miljoen gulden).
3.2 Koper is over de Koopprijs een rentevergoeding verschuldigd van 4.5%
per jaar. De rentevergoeding wordt berekend over de periode 1 januari
1999 tot aan de dag der algehele voldoening.
3.3 De Koopprijs, inclusief de in artikel 3.2 genoemde rentevergoeding,
dient door Koper uiterlijk op de Leveringsdatum te worden voldaan op de
bankrekening bij de ABN AMRO bank met nummer 49.25.81.355 ten name van
de Stichting Derdengelden Notariaat De Brauw Blackstone Westbroek.
<PAGE> 17
ARTIKEL 4 OVERDRACHT VAN DE AANDELEN
4.1 De overdracht van de Aandelen zal plaatsvinden ten kantore van De Brauw
Blackstone Westbroek te Amsterdam, uiterlijk op 11 juni 1999 door
middel van een notariele akte te verlijden door notaris mr. M. van
Olffen, of diens plaatsvervanger, nader te noemen ("de Notaris") op de
wijze als voorzien in artikel 2:196 van het Burgerlijk Wetboek waarbij
Verkoper de Aandelen aan Koper zal leveren.
4.2 De onderneming van de Vennootschap wordt geacht per de Overnamedatum
voor rekening en risico van Koper te zijn gedreven. Tot aan de
Leveringsdatum zal Verkoper de onderneming van de Vennootschap op een
consistente, normale en economisch aanvaardbare wijze (blijven) leiden.
4.3 Voorafgaand aan de overdracht van de Aandelen bevestigt de Notaris aan
Verkoper dat hij van Koper de Koopprijs en de daarover verschuldigde
rentevergoeding heeft ontvangen.
4.4 Direct na overdracht van de Aandelen zal betaling van de Koopprijs,
alsmede de daarover verschuldigde rente, aan Verkoper plaatsvinden via
telefonische overboeking naar het door Verkoper aan de Notaris
meegedeelde bank-of girorekeningnummer.
4.5 Indien na ondertekening van deze Overeenkomst door toedoen van Koper de
Aandelen niet aan haar worden overgedragen, is Koper gehouden tot
betaling van een boete aan Verkoper gelijk aan 10% van de Koopprijs,
onverminderd haar gehoudenheid tot vergoeding aan Verkoper van de
eventuele hogere werkelijk geleden of te lijden schade.
4.6 De Koopprijs kan niet (gedeeltelijk) worden verrekend met enige
vordering van Koper op Verkoper uit welke hoofde dan ook.
4.7 Op de Leveringsdatum zullen alle vorderingen van de Vennootschap op
Verkoper of op aan Verkoper gelieerde vennootschappen, alsmede alle
schulden van de Vennootschap aan Verkoper of aan Verkoper gelieerde
vennootschappen, zijn voldaan. Een en ander leidt uitzondering voor de
schulden en vorderingen die voortvloeien uit de normale handelsrelatie
tussen Verkoper (en haar gelieerde vennootschappen) en de Vennootschap.
ARTIKEL 5 GARANTIES
5.1. Verkoper garandeert aan Koper dat de volgende verklaringen en garanties
juist en volledig zijn. De garanties worden afgegeven per de
Leveringsdatum, tenzij uit de tekst van de betreffende garantie
anderszins blijkt:
DE STATUS VAN DE VENNOOTSCHAP
<PAGE> 18
5.1.1 De gegevens opgenomen in de tussen partijen gesloten
intentieovereenkomst zijn juist.
5.1.2 De Vennootschap is een besloten vennootschap met beperkte
aansprakelijkheid, rechtsgeldig opgericht naar Nederlands recht.
5.1.3 De Vennootschap staat ingeschreven in het handelsregister van de Kamer
van Koophandel onder nummer 33272045. De inschrijving is juist en
volledig.
5.1.4 Er zijn na de Overnamedatum geen mondelinge danwel schriftelijke
besluiten tot wijziging van de statuten van de Vennootschap genomen.
5.1.5 De Vennootschap heeft volledig en tijdig aan alle administratie-,
verslaggevings- en publikatieverplichtingen voldaan.
5.1.6 Er zijn geen rechten aan derden toegekend als bedoeld in art. 2:232 BW,
tengevolge waarvan aan de rechten van derden nadeel kan worden
toegebracht ingeval van wijziging van de statuten van de Vennootschap.
5.1.7 Er is geen besluit tot ontbinding van de Vennootschap genomen of een
verzoek daartoe ingediend en de Vennootschap is niet ontbonden.
5.1.8 Er zijn geen niet-uitgevoerde besluiten van de algemene vergaderingen
van aandeelhouders van de Vennootschap.
5.1.9 De Vennootschap is geen partij bij een juridische fusie zoals bedoeld
in art. 2:309 BW.
5.1.10 De Vennootschap heeft geen "hoofdelijke aansprakelijkheidsverklaring"
als bedoeld in art. 2:403 BW afgegeven.
5.1.11 De Vennootschap heeft zich niet verbonden voor schulden van derden,
tenzij anderszins in deze overeenkomst is vermeld.
5.1.12 Er is geen aanvraag tot surseance van betaling of faillissement
ingediend tegen de Vennootschap en de Vennootschap verkeert niet in
definitieve danwel voorlopige surseance van betaling of in
faillissement.
DE AANDELEN
5.2.1 Het aandeelhoudersregister van de Vennootschap is correct en volledig
bijgewerkt.
5.2.2 Verkoper is rechtsgeldig en onherroepelijk eigenaar van de Aandelen.
5.2.3 De Aandelen zijn rechtsgeldig uitgegeven en volledig volgestort.
5.2.4 Ter zake van de Aandelen zijn geen toezeggingen gedaan, respectievelijk
opties of andere rechten verleend (de inkoop en uitgifte van aandelen
in het kapitaal van de
<PAGE> 19
Vennootschap hieronder begrepen) die op enigerlei wijze de met de
Overeenkomst beoogde transacties zouden kunnen belemmeren.
5.2.5 Op geen van de Aandelen is een pandrecht of recht van vruchtgebruik
gevestigd, terwijl evenmin certificaten van de Aandelen zijn
uitgegeven, noch rust er op een of meer van de Aandelen beslag.
5.2.6 Door de levering van de Aandelen aan Koper gaan de Aandelen in volle en
onbezwaarde eigendom over naar Koper.
BEVOEGDHEID VAN VERKOPER
5.3.1 Verkoper is bevoegd tot het sluiten en het nakomen van de Overeenkomst.
De eventueel vereiste toestemmingen en/of machtigingen (waaronder
begrepen een positief advies van de ondernemingsraad van de
Vennootschap) zijn door de Vennootschap verkregen.
5.3.2 Noch het aangaan, noch het nakomen van de Overeenkomst door Verkoper,
zal naar beste weten van Verkoper in strijd zijn met enige verplichting
die op haar rust uit welke hoofde dan ook, dan wel aanleiding geven tot
het vervallen van rechten of het (vervroegd) opeisbaar worden van
verplichtingen van de Vennootschap.
WERKNEMERS
5.4.1 Voor zover BIJLAGE C niet anders vermeldt, gelden ten aanzien van de
daarin genoemde personen de (arbeids)voorwaarden zoals deze
voortvloeien uit de toepasselijke CAO, de schriftelijke standaard
arbeidsovereenkomst en de geldende bedrijfsregelingen, met dien
verstande dat Koper met beide directieleden inmiddels afwijkende
voorwaarden is overeengekomen.
5.4.2 Er bestaan geen andere verplichtingen of toezeggingen van de
Vennootschap jegens de in Bijlage C genoemde personen casu quo jegens
oud-werknemers, dan vermeld in die bijlage.
5.4.3 Naar beste weten van Verkoper zijn geen van de werknemers direct of
indirect betrokken bij enige onderneming die zich bezighoudt met
gelijke of gelijksoortige activiteiten als die van de Vennootschap en
die daarmede concurreert of kan concurreren.
ONGESTOORDE BEDRIJFSUITOEFENING
5.5.1 De Vennootschap bezit in volle eigendom of heeft anderszins de
beschikking over de roerende en over de stoffelijke en de
niet-stoffelijke zaken die nodig zijn voor de ongestoorde uitoefening
van haar bedrijf.
5.5.2 De in het voorgaande artikellid bedoelde zaken zijn niet in beslag
genomen en niet bezwaard met enig zakenrechtelijk of persoonlijk recht
dat de bedrijfsuitoefening
<PAGE> 20
zou kunnen storen, met uitzondering van de verpanding van banksaldi in
het kader van concernfinanciering door ABN-AMRO.
5.5.3 Voor zover de Vennootschap de bedoelde zaken krachtens een huur- of
ander gebruiksrecht van aan Verkoper gelieerde (rechts)personen in
gebruik heeft, zal dat gebruik na de overdracht van de Aandelen op
zakelijke voorwaarden en voor tenminste een redelijke periode kunnen
worden voortgezet en voor de Vennootschap niet tot hogere kosten leiden
dan voor die overdracht, behoudens de normaal voorziene verhogingen
voortvloeiende uit hetgeen in de desbetreffende overeenkomst is
geregeld. In afwijking van het vorenstaande is Koper bekend en gaat zij
akkoord met het feit dat de huur en de beschikbaarheid van het
hoofdkantoor van de Vennootschap ultimo 1999 eindigen.
5.5.4 In het jaar voorafgaande aan deze Overeenkomst heeft de Vennootschap
gehandeld volgens de gebruikelijke en normale manier van zaken doen.
5.5.5 De Vennootschap beschikt over alle vergunningen vereist voor de
uitoefening van haar huidige bedrijfsactiviteiten.
5.5.6 Alle merkrechten, alle auteursrechten op software, alsmede alle andere
intellectuele eigendomsrechten, die nodig zijn voor de huidige
bedrijfsactiviteiten van de Vennootschap staan ter vrije beschikking
van de Vennootschap.
5.5.7 De Vennootschap heeft de bedrijfsverzekeringen afgesloten die
gebruikelijk zijn bij ondernemingen met soortgelijke activiteiten als
die van de Vennootschap. Er zijn geen handelingen verricht, nalatigheid
hieronder begrepen, die tot nietigheid respectievelijk
vernietigbaarheid van de verzekeringen kunnen leiden en de bedoelde
verzekeringen bieden adequate dekking voor de daaronder verzekerde
risico's.
5.5.8 De organisatie van de onderneming van de Vennootschap is ingesteld op
de beoogde invoering van de Euro.
5.5.9 De Vennootschap heeft alle maatregelen genomen die redelijkerwijze van
haar kunnen worden verwacht, teneinde zogenaamde millenniumschade, ten
gevolge van het intreden van het jaar 2000, te voorkomen.
JURIDISCHE PROCEDURES
5.6.1 Ten laste van de Vennootschap bestaan geen aanspraken van derden uit
hoofde van tekorten of gebreken met betrekking tot zaken, diensten of
anderszins, waarvoor de Vennootschap in haar bedrijfsuitoefening
aansprakelijk is, terwijl zodanige aanspraken evenmin in redelijkheid
te verwachten zijn.
5.6.2 Er bestaan geen vorderingen of aanspraken ten laste van de Vennootschap
uit hoofde van een door een of meer van haar werknemers begane
onrechtmatige daad, noch zijn dergelijke vorderingen of aanspraken in
redelijkheid te verwachten.
<PAGE> 21
5.6.3 De Vennootschap is niet direct of indirect betrokken bij
rechtsgedingen, arbitrages hieronder begrepen en zodanige
rechtsgedingen zijn evenmin in redelijkheid te verwachten.
<PAGE> 22
VERSCHAFFEN VAN INFORMATIE
5.7.1 Alle feiten en informatie, waarvan Verkoper redelijkerwijs heeft kunnen
menen dat die van belang konden zijn voor de onderhavige overdracht van
de Aandelen, zijn door haar aan Koper verstrekt.
5.7.2 Er zijn geen andere feiten of informatie bij Verkoper bekend waarvan
het vermelden meer dan een marginale invloed zou hebben gehad op de
beslissing van Koper tot de onderhavige overname van de Aandelen voor
de Koopprijs en onder de in deze Overeenkomst vermelde voorwaarden.
BALANSGARANTIES
5.8.1 De aan Koper ter beschikking gestelde Jaarrekening 1998, alsmede de
financiele gegevens over de periode daarna geven een juist, getrouw en
volledig beeld van de grootte en samenstelling van het vermogen van de
Vennootschap, zijn opgesteld volgens de bestendige gedragslijn, tenzij
expliciet anders is vermeld, en zijn in overeenstemming met wettelijke
eisen en volgens algemeen in het maatschappelijk verkeer aanvaarde
grondslagen van waardering en winstbepaling.
5.8.2 Het eigen vermogen van de Vennootschap bedraagt per ultimo 1998
tenminste (afgerond) NLG 12.212.000,00. Op geen van de Aandelen is na
31 december 1998 dividend vastgesteld, noch is sindsdien een andere
uitkering betaalbaar gesteld. Koper is bekend met het
aandeelhoudersbesluit van 31 december 1998 waarbij een dividend ad NLG
5.000.000,00 (zegge: vijfmiljoen gulden) aan Verkoper is toegekend.
5.8.3 Er bestonden per ultimo 1998 geen onvoorwaardelijke of voorwaardelijke
aansprakelijkheden of verplichtingen van de Vennootschap om te betalen,
te doen of na te laten, anders dan weergegeven of voorzien in de
Jaarrekening 1998, welke een belangrijke invloed hebben op het vermogen
en/of het resultaat van de Vennootschap.
FISCALE EN SOCIALE VERZEKERINGSGARANTIES
5.9.1 De Vennootschap heeft aan alle verplichtingen, voortvloeiende uit de
fiscale en sociale wetgeving, waaronder begrepen doch niet beperkt tot
die met betrekking tot het doen van aangifte en het verrichten van
afdracht, voldaan, dan wel heeft zij hiervoor een toereikende
voorziening in haar balans opgenomen. De Vennootschap heeft aan al haar
verplichtingen voldaan terzake van het inlenen van arbeidskrachten
voorzover dat inlenen heeft plaatsgevonden voorafgaand aan de
Leveringsdatum.
5.9.2 Er bestaat met de fiscale autoriteiten of de autoriteiten belast met de
toepassing van de sociale wetgeving geen geschil, terwijl een zodanig
geschil in redelijkheid ook niet is te verwachten.
<PAGE> 23
5.9.3 Er zijn tot op heden geen naheffingsaanslagen, boetes en verhogingen,
heffingsrente en alle bijkomende kosten of onkosten die betrekking
hebben op of verband houden met deze belastingen en afdrachten, aan de
Vennootschap opgelegd, noch zijn deze redelijkerwijze te verwachten.
5.9.4 De Vennootschap heeft geen afstand gedaan van verhaalsrechten jegens
derden ten aanzien waarvan de fiscale autoriteiten zouden (kunnen)
oordelen, dat de Vennootschap inhoudingsplichtig of aansprakelijk is
voor deze derden.
5.9.5 Er bestaan voor de Vennootschap geen specifieke afspraken, rulings
daaronder begrepen, met de fiscale autoriteiten en/of autoriteiten
belast met de toepassing van sociale wetgeving.
5.9.6 Er zijn geen bestaande of toekomstige vorderingen op de Vennootschap
ten gevolge van enige fiscale eenheid waartoe de Vennootschap behoort
of heeft behoord, casu quo ten gevolge van het verbreken van deze
fiscale eenheid, die verhaald kunnen worden op de Vennootschap.
5.9.7 Partijen verplichten zich ertoe geen standpunten in te nemen -
daaronder mede begrepen standpunten in te nemen bij het indienen van
belastingaangiften, het doen van afdrachten voor de premies sociale
verzekeringen - die nadelige effecten zouden kunnen hebben voor de
andere partij(en), zonder dat daarover tevoren is overlegd met de
andere partij(en), waarbij de wederzijdse belangen nauwgezet in
ogenschouw zullen worden genomen.
5.9.8 Met betrekking tot de periode gelegen tussen de Overnamedatum en de
Leveringsdatum heeft de Vennootschap zich in rechte niet verbonden tot
handelingen die zouden kunnen leiden tot een hogere afdracht van
premies sociale verzekeringen en/of een hogere belastingschuld dan die
voortvloeien uit de wet, of het gevolg zijn van reeds bestaande
afspraken met de desbetreffende publiekrechtelijke instanties, anders
dan voor zover die dienstig zijn aan de normale bedrijfsvoering.
AANSPRAKEN OP GARANTIES
5.10 Indien een of meer van de in artikel 5 genoemde garanties onjuist of
onvolledig zijn, ten gevolge waarvan Koper schade lijdt, is Verkoper
jegens Koper aansprakelijk. Verkoper is aansprakelijk voor de schade
die niet zou zijn opgetreden indien de betreffende garantie c.q.
verklaring wel juist zou zijn geweest en daarop geen inbreuk zou zijn
gemaakt. De aansprakelijkheid van Verkoper jegens Koper is, met
uitzondering van de in artikel 5.9.6. genoemde garantie, gemaximeerd
tot een bedrag van NLG 70.000.000,00 (zegge: zeventig miljoen gulden).
Ter zake van de garanties (met uitzondering van die in artikel 5.9.6)
geldt dat Koper daarop slechts een beroep kan doen indien zij aantoont
dat zij door een inbreuk op een of meer garanties in totaal een schade
heeft geleden van meer dan NLG 1.000.000.00 (zegge: een miljoen gulden,
nader te noemen de Drempel). Indien Koper zulks aantoont zal Verkoper
slechts gehouden zijn tot vergoeding van de schade voor zover deze de
Drempel te boven gaat.
<PAGE> 24
5.11 De aansprakelijkheid van Verkoper voor een inbreuk op de in artikel
5.9.6. genoemde garantie is niet onderhevig aan de Drempel en is
gemaximeerd tot een bedrag ad NLG 350.000.000,00 (zegge:
driehonderdvijftig miljoen gulden).
5.12 Verkoper is voor een op een garantie gemaakte inbreuk slechts
aansprakelijk indien Koper haar van die inbreuk schriftelijk in kennis
heeft gesteld voor de afloop van de toepasselijke wettelijke
verjaringstermijn voor wat betreft de fiscale garanties en garanties
met betrekking tot sociale premies, en voor de afloop van een periode
van een jaar na de Overnamedatum voor wat betreft alle overige in
artikel 5 genoemde garanties.
ARTIKEL 6 GARANTIES KOPER
6.1 Koper garandeert aan Verkoper dat haar onderneming, alsmede de
ondernemingen van de aan haar gelieerde vennootschappen, op de
Leveringsdatum alle maatregelen hebben genomen die redelijkerwijze van
hen kunnen worden verwacht, teneinde zogenaamde millenniumschade, ten
gevolge van het intreden van het jaar 2000, te voorkomen.
6.2 Koper garandeert dat binnen haar organisatie op rechtsgeldige wijze tot
het aangaan van deze Overeenkomst (en de daaruit voortvloeiende
overeenkomsten) is besloten, dat zij op de Leveringsdatum bevoegd is de
Overeenkomst (en de daaruit voortvloeiende overeenkomsten) te sluiten
en er voor zover haar bekend geen derden zijn die de totstandkoming van
de Overeenkomst (en de daaruit voortvloeiende overeenkomsten) juridisch
kunnen belemmeren.
6.3 Indien blijkt dat een of beide in artikel 6 genoemde garanties onjuist
of onvolledig zijn waardoor Verkoper schade leidt, is Koper jegens
Verkoper aansprakelijk en wel voor de schade die niet zou zijn
opgetreden indien de betreffende garantie(s) wel juist zou(den) zijn
geweest.
6.4 Indien als gevolg van de toepassing van de 16 e standaardvoorwaarde van
artikel 15 van de wet op de vennootschapsbelasting een fiscale
herwaardering bij de vennootschap plaatsvindt in het boekjaar direct
voorafgaande aan het jaar waarin de Aandelen zijn geleverd, zal de
contante waarde van het verwachte belastingvoordeel voor de
Vennootschap door Koper aan Verkoper worden vergoed met inachtneming
van een rekenrente van 5%. Koper en Verkoper zullen dan in onderling
overleg deze contante waarde vaststellen zodra door de
belastinginspectie wordt aangegeven dat een dergelijke aanslag kan
worden opgelegd.
Indien partijen geen onderlinge overeenstemming bereiken over deze
contante waarde, zullen zij in gezamenlijk overleg een neutrale
deskundige benoemen, of desgewenst ieder voor zich een deskundige
benoemen welke beide deskundigen te zamen een derde, neutrale
deskundige benoemen, welke deskundige(n) aan partijen een bindend
advies uitbrengt (uitbrengen) over de contante waarde.
<PAGE> 25
ARTIKEL 7 DIRECTIE/ARBEIDSVERHOUDING
7.1 De huidig statutair bestuurder van de Vennootschap de heer J.J. Niewold
zal na de Leveringsdatum verbonden blijven aan de Vennootschap in de
functie van Managing Director op basis van een nader overeen te komen
arbeidsovereenkomst.
7.2. De heer R. van der Wiele van de Vennootschap zal na de Leveringsdatum
verbonden blijven aan de Vennootschap in de functie van Senior
Operations Manager op basis van een nader overeen te komen
arbeidsovereenkomst.
ARTIKEL 8 SOCIALE PARAGRAAF
8.1 Koper garandeert dat zij gedurende tenminste een jaar na de
Leveringsdatum - behoudens uitbreiding - geen wijzigingen zal
aanbrengen in het personeelsbestand van de Vennootschap anders dan
vanwege het disfunctioneren van een of meerdere werknemers van de
Vennootschap.
8.2 Koper garandeert voorts dat zij de tewerkstellingsplaats (zijnde
Amsterdam) van het merendeel van de werknemers van de Vennootschap niet
binnen een jaar na de Leveringsdatum zal wijzigen.
8.3 Koper garandeert dat het salaris plus de eventuele vaste toeslagen
daarop van het personeel van de Vennootschap na de overdracht van de
Aandelen ten minste op het niveau blijven zoals dat gold ten tijde van
de Leveringsdatum .
8.4 Koper garandeert voorts dat de secundaire en tertiaire
arbeidsvoorwaarden van het personeel van de Vennootschap na de
overdracht van de Aandelen in zijn totaliteit tenminste op het niveau
blijven zoals dat gold ten tijde van de Leveringsdatum, waarbij een
eventuele achteruitgang op een deelgebied gecompenseerd moet worden met
een materieel gezien tenminste even waardevolle vooruitgang op een
ander deelgebied. Voorts zal de pensioen- en/of VUT-regeling gedurende
vijf jaar na de Leveringsdatum in totaliteit ten minste op het niveau
blijven zoals dat gold ten tijde van de Leveringsdatum, zowel voor wat
betreft de aanspraken als voor wat betreft de werknemersbijdrage aan de
premie, waarbij geldt dat een eventuele achteruitgang na het
verstrijken van de periode van vijf jaar gecompenseerd moet worden met
een materieel gezien tenminste even waardevolle vooruitgang op een
ander deelgebied van de arbeidsvoorwaarden.
8.5 Daar waar in de voorgaande leden van dit artikel wordt gesproken over
"personeel" of "werknemers" worden uitsluitend bedoeld het personeel en
de werknemers die reeds op de Leveringsdatum bij de Vennootschap in
dienst waren.
8.6 Koper garandeert dat zij de huidige ondernemingsraad van de
Vennootschap in staat zal stellen tot het einde van zijn lopende
zittingstermijn op te treden als medezeggenschapsorgaan voor het
personeel van de Vennootschap.
<PAGE> 26
8.7 In geval van overtreding van de bepalingen in dit artikel verbeurt
Koper een direct opeisbare boete jegens Verkoper van NLG 500.000,00
(zegge: vijfhonderdduizend gulden) per overtreding die Verkoper ten
goede zal laten komen aan de werknemers die op het moment van
overtreding in dienst zijn bij de Vennootschap.
ARTIKEL 9 OVERNAME PENSIOENVERPLICHTINGEN
9.1 Verkoper vergoedt aan Koper in verband met de door Koper over te nemen
respectievelijk overgenomen pensioenverplichtingen jegens het personeel
van de Vennootschap dat bij het bedrijfspensioenfonds is verzekerd het
verschil tussen:
A. De pensioenreserve zonder kortingen, berekend op basis van:
* een rekenrente van 3%;
* de meest recente sterftetabel van het Actuarieel Genootschap met
leeftijdsterugstellingen zoals toegepast door de Vereniging
Pensioenfonds Gak Groep;
* overname van alle collectieve en individuele pensioentoezeggingen,
derhalve met inbegrip van aanspraken op grond van
indexeringsregelingen, overgangsregelingen en bijzondere toezeggingen;
en
B. De pensioenreserve welke door de Vereniging Pensioenfonds Gak Groep in
het kader van collectieve waardeoverdracht volgens het beleid van dit
pensioenfonds feitelijk ter beschikking zal worden gesteld volgens
normen van dit pensioenfonds - evenwel zonder kortingen - berekend met
inachtneming van een rekenrente van 4%,
een en ander berekend per 31 december 1999, uitgaande van het per die
datum aanwezige personeelsbestand.
9.2 Verkoper bevordert naar beste kunnen dat de Vereniging Pensioenfonds
Gak Groep haar toestemming en volledige medewerking zal verlenen voor
integrale voortzetting van het verzekerd personeel van de Vennootschap
aan de pensioenregeling(en) van het pensioenfonds vanaf de
Leveringsdatum tot en met 31 december 1999.
Voortgezette deelneming geschiedt op normale voorwaarden en tegen
betaling van de reglementaire (doorsnee) premie, onder toepassing van
daarop verleende kortingen. Evenwel zullen back-service verplichtingen
voortvloeiend uit inkomensverhogingen - uitgezonderd CAO-verhogingen -
die directielid R. van der Wiele per en/of na Leveringsdatum ontvangt
worden gedragen door de Vennootschap en/of Koper. Daarenboven zullen
back-service verplichtingen voortvloeiend uit individuele niet uit de
CAO voortvloeiende inkomensverhogingen
<PAGE> 27
die niet tot de directie behorende personeelsleden per en/of na de
Leveringsdatum ontvangen worden gedragen door de Vennootschap en/of
Koper voor zover hun gezamenlijke loonsom daardoor stijgt met meer dan
2% (zijnde de bij ongewijzigd beleid voorziene stijging van het
incidenteel loon voor de tweede helft 1999).
ARTIKEL 10 PERSONEELSREGELINGEN
Verkoper zal trachten te bewerkstelligen dat de personeelsregelingen
die worden vermeld op het overzicht dat als BIJLAGE D aan deze
Overeenkomst is gehecht, waarvan (het personeel van) de Vennootschap
thans profiteert als dochtermaatschappij van Verkoper na de
Leveringsdatum op dezelfde of vergelijkbare wijze worden gecontinueerd,
zonder dat Verkoper ter zake enige garantie afgeeft. Verkoper zal
hiertoe, voor zover zulks nog niet is geschied, na de Leveringsdatum in
overleg met Koper en/of de Vennootschap contact opnemen met de bij de
regeling betrokken partijen.
ARTIKEL 11 RELATIE GAK NEDERLAND B.V.
11.1 Koper onderschrijft het belang (voor partijen) van de contracten die de
Vennootschap heeft gesloten met Gak Nederland B.V. ter zake van de
levering van data- en telecommunicatiediensten.
11.2 Koper onderschrijft daarnaast het belang (voor partijen) van de
contracten die de Vennootschap heeft gesloten met ASZ Automatisering
Sociale Zekerheid BV (hierna te noemen ASZ) ter zake van de levering
van data- en telecommunicatiediensten.
11.3 Koper garandeert dat de Vennootschap de verplichtingen die voor de
Vennootschap voortvloeien uit de in artikelen 9.1 en 9.2 genoemde
contracten gedurende de looptijd ervan op de juiste wijze zal nakomen.
Voorts garandeert Koper dat zij de hiervoor genoemde contracten
gedurende de looptijd ervan niet zal (trachten te) beeindigen, anders
dan op de wijze zoals die in deze contracten is voorzien.
11.4 Koper spreekt de bereidheid en de intentie uit om de relatie die de
Vennootschap thans met Gak Nederland B.V. en ASZ heeft in de toekomst
op zakelijke voorwaarden te intensiveren. Koper zal daartoe onder meer
op regelmatige basis contacten houden met vertegenwoordigers van Gak
Nederland B.V. en ASZ.
11.5 Koper spreekt de bereidheid uit om de bestaande en nader overeengekomen
contracten van de Vennootschap met Gak Nederland B.V. en ASZ aan te
passen aan nieuwe ontwikkelingen binnen deze ondernemingen, ten aanzien
van het volgen van de technologische ontwikkelingen en/of het verder
aanscherpen van eisen met name met betrekking tot de beveiliging van de
geboden diensten.
11.6 Koper spreekt de bereidheid en de intentie uit om mee te werken aan
aanpassingen van de contracten die de Vennootschap met Gak Nederland
B.V. en ASZ, heeft gesloten die het mogelijk maken dat Gak Nederland
B.V. bepaalde of alle data- en
<PAGE> 28
telecommunicatiediensten via ASZ inkoopt in plaats van direct opdraagt
aan de Vennootschap op gelijkblijvende condities.
11.7 Koper verplicht zich ertoe de in de overeenkomsten met Gak Nederland
B.V. en ASZ genoemde tarieven niet te verhogen, op andere wijze dan op
basis van desbetreffende overeenkomsten is toegestaan. Koper garandeert
aan Verkoper dat de Vennootschap ook na de Leveringsdatum marktconforme
tarieven (dat wil zeggen vergelijkbaar met de tarieven voor andere
opdrachtgevers) zal hanteren in haar relatie met Gak Nederland B.V. en
ASZ.
11.8 Koper verbindt zich alle in dit artikel opgenomen verplichtingen jegens
GAK Nederland B.V. en ASZ bij overdracht van haar onderneming of
verkoop van de Vennootschap (op welke wijze dan ook), op te leggen aan
de koper op straffe van een boete van fl. 10.000.000,00 (zegge; tien
miljoen gulden).
ARTIKEL 12 ONTSLAG GARANTSTELLINGEN
Partijen zullen alles doen wat in hun vermogen ligt om te
bewerkstelligen dat Verkoper en de Vennootschap worden ontslagen uit
elke vorm van zekerheidstelling, borgtochten en (hoofdelijke)
garantstellingen daaronder begrepen, die Verkoper en de Vennootschap
ten behoeve van elkaar en gelieerde vennootschappen jegens derden
hebben afgegeven. Indien voornoemd ontslag van Verkoper en/of de
Vennootschap om wat voor reden dan ook niet wordt verleend, vrijwaren
partijen elkaar over en weer voor alle aanspraken uit hoofde van
voornoemde zekerheidstelling(en).
ARTIKEL 13 LEASE KPN LIJNEN
13.1 Indien mocht blijken dat Koper en/of de Vennootschap aantoonbaar en
onvermijdelijk financieel nadeel ondervindt doordat de lease contracten
met KPN Telecom inzake telefoon- en datalijnen, met een overeengekomen
looptijd van drie jaar, niet kunnen worden omgezet in contracten met
een looptijd van een jaar, danwel niet tussentijds kunnen worden
opgezegd, zal Verkoper dit geleden financiele nadeel uitgaande boven
een bedrag ad NLG 50.000,00 (zegge: vijftigduizend gulden) exclusief
omzetbelasting per contract vergoeden.
13.2 Koper en/of de Vennootschap ondervinden geen financieel nadeel in de
zin van artikel 13 lid 1 indien het voor de Vennootschap feitelijk of
technisch niet mogelijk zou zijn om voornoemde lijnen te vervangen door
lijnen van Koper voor het verstrijken van de looptijd van de in artikel
13.1 genoemde contracten.
13.3 Evenmin ondervinden Koper en/of de Vennootschap financieel nadeel
indien driejarige leasecontracten voor lijnen die de Vennootschap wenst
te beeindigen, kunnen worden "omgelegd" naar andere verbindingen
waarvoor zij (nog) niet over door Koper aangelegde lijnen kan
beschikken.
<PAGE> 29
13.4 Koper zal Verkoper vooraf informeren omtrent de standpunten die zij -
al dan niet na verkennend overleg met KPN Telecom - jegens KPN Telecom
ter zake van de beeindiging van de leasecontracten zal innemen, voor
zover deze standpunten zouden kunnen uitmonden in een
compensatieverplichting voor Verkoper krachtens dit artikel.
ARTIKEL 14 KENNISGEVINGEN
Alle mededelingen of kennisgevingen van de ene partij aan de andere
partij dienen schriftelijk te worden gedaan,
indien aan Verkoper: Postbus 8300 (1005 CA) Amsterdam
indien aan Koper: Postbus 22697 (1100 DD) Amsterdam Zuidoost
indien aan de Vennootschap: Postbus 58150 (1040 HD) Amsterdam
Een en ander voor zover later geen ander adres is meegedeeld met
inachtneming van dit artikel.
ARTIKEL 15 MEDEDELINGEN
Partijen zullen zonder elkaars voorafgaande schriftelijke toestemming
geen mededelingen aan derden doen omtrent de (inhoud van) de in deze
Overeenkomst neergelegde transactie.
ARTIKEL 16 KOSTEN
Ieder der partijen draagt haar eigen kosten gemaakt in verband deze
Overeenkomst, met dien verstande dat de kosten van het opstellen van
deze Overeenkomst door Verkoper worden gedragen en de kosten van de
overdracht van de Aandelen voor rekening komen van Koper.
ARTIKEL 17 VOLLEDIGHEID OVEREENKOMST
Deze Overeenkomst omvat de algehele overeenstemming tussen partijen.
Partijen sluiten uitdrukkelijk de toepasselijkheid van eventuele
eerdere overeenkomsten of gemaakte afspraken ter zake van het aangaan
van onderhavige transactie uit.
ARTIKEL 18 GEDEELTELIJKE NIETIGHEID
Indien een of meer van de bepalingen van deze Overeenkomst, of een of
meer van de bijlagen of annexen daarbij nietig danwel ongeldig worden
verklaard, blijven de overige bepalingen van deze Overeenkomst en de
bijlagen en annexen daarbij
<PAGE> 30
onverminderd tussen partijen van kracht. Partijen verplichten zich er,
tenzij zij anders overeenkomen, toe de nietige/ongeldige bepalingen te
vervangen door nieuwe bindende bepalingen op zodanige wijze dat de
nieuwe bepalingen zo weinig mogelijk afwijken van de bepalingen die zij
vervangen, daarbij zoveel mogelijk rekening houdend met de
oorspronkelijke bedoeling van partijen.
ARTIKEL 19 OVERDRACHT VAN RECHTEN
Overdracht van rechten uit hoofde van deze Overeenkomst behoeft de
schriftelijke toestemming van de andere partijen.
ARTIKEL 20 ONTBINDING
Partijen doen afstand van het recht ontbinding van (een deel van) deze
Overeenkomst te vorderen.
ARTIKEL 21 GESCHILLEN
21.1 Op deze Overeenkomst is Nederlands recht van toepassing.
21.2 Alle geschillen die mochten ontstaan naar aanleiding van deze
Overeenkomst, of daaruit voortvloeiende overeenkomsten, zullen worden
voorgelegd aan de bevoegde rechter te Amsterdam.
Aldus in drievoud opgemaakt en ondertekend op 11 juni 1999 te Amsterdam.
Verkoper
- ------------------------------------
Gak Holding B.V.
Koper
- ------------------------------------
VersaTel Telecom Europe B.V.
De Vennootschap
- ------------------------------------
SVIANED B.V.