On 30 November 2018 the supervisory board of Nordecon AS made the decision to
acquire the 40% shareholding in its subsidiary SWENCN OÜ from AS Luksusjaht for
42,000 own shares. The value of the transaction is 41,034 euros considering the
emission value of Nordecon AS own shares of 0.977 euros per share. As the result
of the transaction, Nordecon AS owns a 100% shareholding in SWENCN OÜ. SWENCN OÜ
itself owns 100% of SWENCN AB, a company registered and operating in Sweden as
general contractor. The aim of the transaction is to obtain a full ownership in
a subsidiary operating in one of the main foreign markets of Nordecon AS.
After the transaction, Gerd Müller will be appointed as a new management board
member and Maret Tambek as an alternate member of the board of SWENCN AB. SWENCN
AB will continue with the following board memberships: Priit Luman (member),
Gerd Müller (member) and Maret Tambek (alternate member). The term of office of
current members of the board Sven Lennart Alpstål and Pär Oskar Wilhelm
Lundeberg thereby expires.
The acquisition of 40% ownership in SWENCN OÜ and changes in management board
will be completed in December 2018.
The acquisition of holding does not constitute the significant acquisition or
transfer of holdings in the meaning of the Requirements for Issuers of NASDAQ
Tallinn Stock Exchange Rules. The transaction made to acquire holding does
however constitute related party transaction for the purposes of the
Requirements for Issuers, as AS Luksusjaht owns pre-transaction 4,167,385 shares
constituting 12.872% ownership of Nordecon AS. Post-transaction AS Luksusjaht
will own 4,209,385 shares of Nordecon AS. The members of the supervisory board
and the members of the management board do not have personal interest in the
transactions.
Transaction does not have the effect on assets and liabilities of Nordecon AS as
the assets and liabilities of SWENCN OÜ and its subsidiary SWENCN AB have been
consolidated into Nordecon AS as subsidiaries also pre-transaction. The
transaction will have the effect on Nordecon AS profit attributable to the
owners of the parent starting from 01 December 2018, starting from which 100% of
the profit of SWENCN OÜ and SWENCN AB will be accounted for instead of 60% based
on pre-transaction ownership.
Nordecon (www.nordecon.com) is a group of construction companies whose core
business is construction project management and general contracting in the
buildings and infrastructures segment. Geographically the Group operates in
Estonia, Ukraine, Finland and Sweden. The parent of the Group is Nordecon AS, a
company registered and located in Tallinn, Estonia. The consolidated revenue of
the Group in 2017 was 231 million euros. Currently Nordecon Group employs close
to 700 people. Since 18 May 2006 the company's shares have been quoted in the
main list of the NASDAQ Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com (mailto:andri.hobemagi@nordecon.com)
(mailto:andri.hobemagi@nordecon.com)www.nordecon.com (http://www.nordecon.com)
|