StrongPoint

StrongPoint ASA: Compensation from BaneNor of 55.6 MNOK for the relocation of Tangen Label facility in Norway approved

19.11.2020 12:10:55 CET | StrongPoint | Inside information

(Rælingen, Norway, November 19, 2020) StrongPoint ASA (StrongPoint, OSE: STRONG)

received in 2019 an offer of 55.6 MNOK as a compensation for the disturbance and

costs of relocating its labels production facility in Tangen, Norway. The

settlement and time of payment have today been approved by both BaneNor and

StrongPoint.

This refers to the Oslo Stock Exchange announcement of June 25 2019 regarding

BaneNor's planned railway construction between Kleverud to Sørli in Norway and

the resulting relocation of StrongPoint's labels production facility. According

to the agreement StrongPoint must complete the move by January 1 2023.

The compensation is expected to have a positive EBIT effect of approximately 30

MNOK for the Q4 financial results after the provisions allowed under IFRS

standards for foreseen events have been calculated. The compensation will be

paid in December 2020 and will have a positive effect on the cash flow.

"We are very pleased that the details around the relocation have been concluded

and are satisfied with the financial compensation agreed. We expect to have

completed the move of the facility well within the deadline and with a minimum

of disruption to our operations," says Jacob Tveraabak, CEO of StrongPoint.

DISCLAIMER

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

CONTACTS

* Hilde Horn Gilen, CFO StrongPoint ASA, +47 920 60 158,

ABOUT STRONGPOINT

StrongPoint is driving productivity for European retailers by providing

innovative, integrated technology solutions for multi-channel retailing based on

long-standing relationships with customers and partners. StrongPoint is also a

leader in IBNS solutions for Cash-In-Transit (Cash Security), and Labels for

customers in Norway and Sweden. StrongPoint offers best-in-class service and

consultancy expertise through its team of 521 employees in Norway, Sweden, the

Baltics, France, Belgium, Spain and Russia. StrongPoint is headquartered in

Rælingen, Norway, and listed on the Oslo Stock Exchange (ticker: STRONG).

ATTACHMENTS

* Download announcement as PDF.pdf

[https://kommunikasjon.ntb.no/ir-files/17847450/184/213/Download%20announceme

nt%20as%20PDF.pdf]

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