Visma has published notice of compulsory acquisition of Penneo's shares

Company Release no. 18/2025

Copenhagen, Denmark, 5 February 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

With reference to Penneo A/S' ("Penneo") announcement of 27 January 2025 (no. 4/2025) regarding the final result of the all-cash voluntary recommended public takeover offer made by Visma Danmark Holding A/S ("Visma"), Visma has today published a notice of compulsory acquisition of the shares held by the remaining minority shareholders in Penneo in accordance with Sections 70-72 of the Danish Companies Act. The notice has been published in the Danish Business Authority's IT system and made available at: https://penneo.com/investors/.

As set out in the notice, all remaining minority Penneo shareholders are formally requested by Visma to transfer their Penneo shares to Visma within a four-week period expiring on 5 March 2025 at 23:59 (CET). Settlement of the transferred shares will take place after expiry of said four-week period.

The compulsory acquisition of the shares in Penneo will be made on the terms set forth in the compulsory acquisition notice, at a price of DKK 16.5 for each share with a nominal value of DKK 0.02, with payment made in cash.

The board of directors of Penneo notes that the compulsory acquisition is made at the same price per share (DKK 16.5) as was offered to the shareholders in the Offer. The board of directors refers to its statement on the Offer published on 19 December 2024.

Further information - Penneo:

Jostein Vik

Chairman of the Board of Directors at Penneo

Mobile +47 92 22 23 92

Media Enquiries – Visma:

Lage Bøhren

Director of Communication at Visma

Telephone: +47 92 15 78 01

Sindre Talleraas Holden

Head of M&A at Visma

Telephone: +47 93 05 94 69

About Penneo

Penneo combines digital signing and Know Your Customer (KYC) workflows into a single platform that streamlines critical business processes for anti-money-laundering regulated B2B companies.

Founded in Copenhagen and operating throughout Europe, Penneo is fast becoming the go-to platform for companies looking to save time on administrative tasks while ensuring complete regulatory compliance and peace of mind for themselves and their clients. Penneo is already trusted by +3,000 companies - including the world’s leading auditors.

For information about Penneo, please visit https://penneo.com/investors.

About Visma

The Visma Group is a leading provider of mission-critical cloud software, with revenue of € 2.4 billion in 2023, nearly 16,000 employees and 1.9 million customers across Europe and Latin America. By simplifying and automating the work of businesses and organisations of all sizes, Visma enables a more efficient and prosperous society.

Disclaimer

This announcement does not constitute an offer or invitation to purchase any securities in Penneo or a solicitation of an offer to buy any securities in Penneo, pursuant to the recommended public takeover offer, the compulsory acquisition or otherwise.

Restricted jurisdictions

The notice of compulsory acquisition is not being made, and the Penneo shares will not be accepted for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction. Persons obtaining this announcement and/or into whose possession this announcement comes are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents. Neither Visma nor any of its advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward this announcement to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction, before taking any action. The distribution of this announcement in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of this announcement should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction.

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https://news.cision.com/penneo/r/visma-has-published-notice-of-compulsory-acquisition-of-penneo-s-shares,c4100883