The portfolio companies continue to develop well
The Group’s net income amounted to MSEK 3.2 (14.2) corresponding to 0.09 (0.38) per share. Equity, as at March 31, 2011 amounted to MSEK 336.6 (388.3) corresponding to SEK 9.05 (10.44) per share after distribution of shares in WeSC, corresponding to 0.93 per share. Cash and cash equivalents including holdings in listed companies amounted to MSEK 38.5 (94.8).
The Extraordinary General Meeting, held December 22, 2010, resolved on a distribution of 371 879 shares in WeSC, corresponding to a value of 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. A return of approximately 234 percent since 2002, or an annual return of 14.4.
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.
Qbranch decided to apply for an IPO during 2011. A listing would result in an additional liquidity asset for Novestra and enable a potential distribution to Novestra’s shareholders.
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
The information provided in this report is such that AB Novestra is obliged to make public according to the Securities Market Act (sv. lagen om värdepappersmarknaden). The information has been released to the media for publication on April 27, 2011 at 8.55 am (CET).
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., Netsurvey AB, 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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