Delisting Announcement • Jul 11, 2008
Delisting Announcement
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Press Release Solna, July 11, 2008
Following a presentation from management at today's Board Meeting, the Board has decided to announce an upward revision of its estimate of net proceeds to at least 6.50 SEK per share. The proceeds arise from the sale of Scribona's business to Tech Data and the consequent wind-down of activities.
Since the company first announced the sale of its business to Tech Data in March of this year, estimated net proceeds to shareholders have increased from a preliminary range of 4.40 -5.10 SEK per share, which was announced by the previous Board in early March, to the current level of at least 6.50 SEK per share.The increase is attributable to the favorable resolution of matters connected to the closing of the deal and initial wind-down activities, including performance-related price adjustments from Tech Data, the final valuation of assets transferred, collection of receivables, sales and margin during the closing period, post-closing adjustments, the termination and transfer of employees, and the termination of key third party service contracts.
As indicated in the company's previous press release (May 19, 2008), net proceeds per share are still not precisely known and depend upon factors such as wind-down activity costs, disposition of office leases, recovery on remaining assets, resolution of all liabilities, and 2009 performancerelated payments from Tech Data. Many of these factors cannot be known with certainty at this time, and, for example, in the case of possible performance payments from Tech Data, may not be known before June 2009. The Board is confident, however, based on management's estimates, that shareholders can expect net proceeds of at least 6.50 SEK per share based on reasonably conservative assumptions about future events. Furthermore, this estimate of net proceeds does not take into account the possible value of the company's tax assets, which consist of Swedish tax losses of approximately 785m SEK.
As stated in the previous press release, the company plans to give some indication of its future strategic direction during the month of August when 2nd quarter results are announced.
For additional information contact: Lorenzo Garcia, President and CEO of Scribona, +46 737 083 888 David E. Marcus, Chairman of Scribona, +1 908 378 2888
Visit also: www.scribona.com
Scribona, quoted on the Small Cap list of the OMX Nordic Exchange, was a leading provider of IT products in the Nordic market and is now winding down its activities following the sale of its business operations in May 2008.
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