Scandinavian Enviro Systems
Enviro provides a status update regarding the company's ownership in the joint venture company
The current share of ownership is the result of the compensation the company received for historical costs linked to the establishment of the facility in Uddevalla. During February and May this year, Enviro has received a total of SEK 106.8 million in compensation, of which SEK 53.4 million in cash and SEK 53.3 million in the form of shares in the joint venture company. With the current capitalization of the joint venture company, this gives Enviro an ownership stake of a total of 8.78 percent. Enviro has now been fully compensated by the joint venture company for historical costs for the plant in Uddevalla.
Going forward, Enviro will continuously receive compensation linked to the achievement of certain pre-defined milestones. These compensations will consist of half cash and half shares in the joint venture company until a certain share compensation cap is reached. Once the cap is reached, the compensation will continue in cash only.
Enviro will communicate individual transactions linked to the achievement of these milestones and current ownership will be communicated with the frequency that follows from current accounting requirements, however at least once a year in connection with the year-end report.
Enviro has an option that gives the company the right to buy into the joint venture company for an ownership stake that ultimately corresponds to approximately 30 percent. Enviro intends to exercise this option in full. The parties have agreed on a predeterimined valuation principle that determines the price for the remaining shares when the option is exercised.
The option has a term of 6 months counted from the successful commissioning of the facility in Uddevalla, i.e. the time when the factory functions as planned and production is fully ramped up. The facility in Uddevalla is expected to be fully operational in 2025.
For further information, please contact:
Fredrik Emilson, CEO Enviro, +46 (0)706-05 67 83, fredrik.emilson@envirosystems.se
Alf Blomqvist, Chairman of the Board Enviro, +46 (0)733-14 97 00, alf@blomqvistunlimited.com
Scandinavian Enviro Systems AB
Frihamnen 16B, SE-417 70 Gothenburg
info@envirosystems.se
envirosystems.se
| Datum | 2024-05-27, kl 07:30 |
| Källa | Cision |
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