Inin Group AS — M&A Activity 2024

Feb 29, 2024

ININ Group AS: ININ Group sells vendor note, receives 3.75 million shares in ININ Group and a potential future payment limited to maximum NOK 20 million

ININ Group AS: ININ Group sells vendor note, receives 3.75 million shares in ININ Group and a potential future payment limited to maximum NOK 20 million

29 February 2024 – Reference is made to the stock exchange announcement dated 6 July 2022 regarding the completion of the divestment of 100 percent of the shares in Simplifai for which ININ Group received a cash amount of NOK 86.3 million and a vendor note of NOK 50 million.

In relation to an ongoing financing process in Simplifai Invest AS, ININ Group has entered into an agreement with the senior management of Simplifai to divest the vendor note in return for 3.75 million shares in ININ Group. ININ Group could possibly also benefit from a share of potential profit received for disposal of shares in Simplifai prior to 30 June 2027, limited up to maximum NOK 20 million.

The divesture of Simplifai was a result of a strategic reorientation of ININ Group and the vendor note entails that ININ Group continues to have an exposure towards Simplifai. Many market segments and value chains are currently experiencing significant disruption due to AI, and this may affect Simplifai. It is the board’s view that ININ Group is better served by reducing its exposure in Simplifai and has therefore, over a period of time, sought to find a solution that will eliminate this exposure.

The senior management in Simplifai, Bård Hammernes Myrstad, Ho Kwan Leung, Imran Rajjak Tamboli and Daniel Abrahamsen Kohn, are indirect shareholders in ININ Group and this transaction has therefore been entered into in compliance with the Norwegian private limited companies act section 3-8. The board’s declaration and the auditor’s confirmation that the transaction is in the best interest of ININ Group and has been entered into on market terms will be sent to all shareholders and registered with the Norwegian Register of Business Enterprises.

The transaction is expected to be completed in the near future. Following completion, ININ Group AS will hold approximately 9,13 million ININ Group shares.

(ENDS)

For further information, please contact:

Øivind Horpestad, CEO of ININ Group, Tel: +47 910 00 626

About ININ Group AS

ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics. The group creates value by identifying investment opportunities within profitable niches with potential for development, consolidation, and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no