Nekkar - M&A Activity 2019 | FinancialReports.eu

TTS Group ASA: Closing of the TTS - MacGregor transaction completed

TTS Group ASA ("TTS") announced on 8 February 2018 that the company had entered

into an asset sale agreement with MacGregor, a subsidiary of Cargotec Oyj listed

on Nasdaq Helsinki Stock Exchange in Finland, and confirmed 15 July 2019 that

all closing conditions were met.

In accordance with the transaction agreement, completion of the transaction took

place today based on preliminary figures. Following completion, all bank debt

and overdraft facilities were settled, and notice re conversion and redemption

of remaining outstanding of the company's convertible bond (MNOK 86) was issued

and delivered to the Bond Trustee (Nordic Trustee AS) (enclosed as appendix to

this notice).

Based on preliminary figures the transaction is, net of expenses, estimated to

NOK 6.8 per share on an undiluted basis and NOK 5.7 per share on a fully diluted

basis. As of 31.07.19 net cash (excl. convertible bond) in TTS Group ASA was

MNOK 520, and MNOK 740 on consolidated level. Final settlement of the purchase

price will be based on financials as of 31.07.19 according to timeline and

procedures provided in the transaction agreement. These are expected to be

finalized within second half of 2019.

TTS will financially record the transaction in its 3Q report.

The Board of Directors will address the earlier announced dividend payment

during Q3.

Bergen, 31 July 2019

TTS Group ASA

http://www.ttsgroup.com

Contact person: Toril Eidesvik

CEO M: +47 900 78 218

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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