The portfolio companies continue to develop well
The Group’s result amounted to MSEK -7.5 (14.5) corresponding to -0.20 (0.39) per share. Equity, as at June 30, 2011 amounted to MSEK 325.9 (388.6) corresponding to SEK 8.8 (10.5) per share. Cash and cash equivalents including holdings in listed companies amounted to MSEK 35.4 (85.9).
Novestra’s portfolio company Netsurvey was acquired in June by Wise Group AB, a company listed on First North. The transaction was made to a value which exceeded Novestra’s carrying value with approximately 14 percent. Based on the closing share price for the Novestra share on June 13, 2011 the implicit surplus value was approximately 35 percent.
The business situation for the portfolio companies is currently very strong and prospects for significantly improved growth and increased profitability during 2011 are very good. Currently, there is no need for additional funding in any of the portfolio companies.
Strategic discussions regarding divestment or IPO’s are currently ongoing in three of the portfolio companies. The companies have engaged financial advisors for each respective process. The Board of Directors have made a decision in principle to distribute a part of, or the entire holding, of companies that will be listed to Novestra’s shareholders.
The Extraordinary General Meeting held on December 22, 2010 resolved on a distribution of 371 879 shares in WeSC, corresponding to a value of approximately MSEK 34. This distribution included, Novestra will have distributed a total of MSEK 331 to the shareholders during the last six years, corresponding to SEK 8.9 per share.
The total return on the Novestra share since 2002 including dividends amounts to 225 percent, corresponding to an annual return of 12.5 percent. The total return index for the Stockholm stock exchange during the same period gave a return of 6.8 percent per year.
Comments from the Managing Director
“From a business perspective, the outlook for 2011 is very positive for all our portfolio companies. With advanced stage listing plans and ongoing strategic discussions, 2011 promises to be an exciting year – a year in which I am confident we will be able to visualize some of the value in our portfolio”, says Johan Heijbel, Managing Director, Novestra.
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 Systems AB, Explorica, Inc., MyPublisher, Inc., Qbranch AB and Strax Group GmbH. In addition, Novestra has an investment corresponding to approximately 6 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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