Novestra summons an extraordinary general meeting to resolve on the distribution of shares in the portfolio company WeSC to the shareholders
As communicated in the interim report for the period January-September 2010 the board of directors of AB Novestra (publ) (“Novestra” or “The Company”) resolved on a principle decision to distribute the entire, or part of the listed portfolio holdings to the shareholders. One of the Company’s holdings is WeSC AB (publ) (“WeSC”) listed on NASDAQ OMX First North. The Company currently holds 805 908 shares, corresponding to approximately 11 percent of the total outstanding number of shares in WeSC.
With respect to the above decision Novestra’s board of directors have decided, as a first step, to propose that a total of 371,879 shares are to be distributed to the shareholders. Based on the latest price paid on NASDAQ OMX First North on 6 December 2010, the market value of the shares in WeSC to be distributed is approximately SEK 36.6 million, corresponding to almost 10 percent of the equity in Novestra.
The distribution is proposed to be carried out by way of a redemption procedure, according to which each existing Novestra share is divided into two shares (a share split 2:1) whereby one share will be redeemed for shares in WeSC. In order to receive one (1) share in WeSC, in total one hundred (100) redemption shares are required. Indicatively, trading in redemption shares on NASDAQ OMX Stockholm is proposed to continue from and including 24 January 2011 to and including 4 February 2011, and the record day for redemption of the redemption shares shall be 9 February 2011, whereupon distribution of the WeSC-shares is expected to be executed by Euroclear Sweden AB as from 28 February 2011. An information brochure which describes the redemption procedure in more detail will be available prior to the general meeting.
Novestra’s board of directors have summoned an extraordinary general meeting to resolve a decision according to the above, which will be held on December 22, 2010 at 4.00 pm at the office of the law firm Vinge, Smålandsgatan 20, Stockholm. The notice was published today, December 8, 2010 in Svenska Dagbladet and The Official Swedish Gazette.
”The board of directors has decided to distribute the larger part of the values are in Novestra once they are divested or listed. During the next year we expect to be able to distribute the remainder of the holding in WeSC as well as further value in the form of shares or cash” says Novestra’s Chairman, Theodor Dalenson.
”Currently there are several ongoing processes in the portfolio companies which we are convinced shall create value for Novestra’s shareholders. The development in the portfolio companies remains very strong and we are very optimistic for 2011 and from what we can see 2011 will start very strong in all companies” says Johan Heijbel, Novestra’s Managing Director.
For further information please contact Johan Heijbel, Managing Director, AB Novestra,
phone no. +46 8 545 01750.
About AB Novestra
Novestra is an independent investment company with a portfolio of investments in a number of privately held growth companies including Diino AB, Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Group GmbH. In addition, Novestra has an investment corresponding to approximately 11 percent of the shares in WeSC AB, listed on First North.
The Novestra shares are listed on the Nasdaq OMX Stockholm, under the symbol NOVE, in the Small Cap section. For further information regarding AB Novestra, reference is made to www.novestra.com
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