• The Group’s net income amounted to MSEK 34.0 (91.5), corresponding to SEK 0.91 (2.46) per share. Equity rose to MSEK 752.1 (663.1), amounting to SEK 20.22 (17.83) per share. Cash and cash equivalents, including holdings in Nove Capital Fund, amounted to MSEK 322.4 (227.9).
• The four largest private holdings showed continued growth in revenues of between 18% and 95%. The value of Novestra’s investment in Nove Capital Fund since inception in May 2005, has increased by MSEK 100.3, equivalent to a return of 53 percent.
• Ongoing negotiations regarding the sale of one of the private portfolio companies is estimated to be concluded by the year-end. In addition, one more of the holdings is likely to be sold or listed during the first quarter of 2007. The holding in Nove Capital is proposed to be redeemed and the cash to be distributed during the second quarter of 2007.
• Peter Ekelund is to leave his position in AB Novestra and take up the position of Managing Director of Bytek Systems AB as of September 1, 2006, as the diinoTM is now ready for a broad launch and the company will enter a phase with strong emphasis on marketing and sales. The holding in Bytek Systems AB is proposed to be distributed to the shareholders as soon as the necessary practicalities have been undertaken, and thereafter to be listed.
• Johan Heijbel has been appointed Managing Director of AB Novestra as of September 1, 2006. Johan Heijbel has worked with Novestra since 1997 and was appointed CFO in 2002.
“I am looking forward to meet the challenges in Bytek Systems, a company with an exceptional potential to build a lucrative business based on a considerable technical advantage. I have concluded that a strong focus on Bytek represents the best way for me to contribute to the value creation for Novestra’s shareholders” says Peter Ekelund.
“I am looking forward to continue the process of disposing of our venture capital portfolio. Considering the phase that we are in, the appointment will not have any significant change in my overall responsibilities and I will continue to work on the planned disposal of the venture portfolio. Historically we have successfully supported and helped develop the companies that we have invested in. Success in this phase will be more dependent on the market situation and valuations of small growth companies, than our ability to develop the individual companies” says Novestra’s appointed Managing Director, Johan Heijbel.
About AB Novestra
Novestra is an independent investment company with a portfolio of investments in a number of privately held growth companies including Bytek Systems AB, Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc.
In addition, Novestra has an investment in Nove Capital Fund, that primarily invests in public companies which are considered to have a value potential because of special situations such as reconstructions, turnarounds or for other reasons offer a significant upside potential and therefore an interesting risk/reward.
The Novestra shares are listed on the O List, Attract 40, of the Stockholm Stock Exchange. For further information regarding AB Novestra, reference is made to www.novestra.com
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