The decision to dispose of the international operations remains unchanged and constitutes an essential part of the current restructuring activities within Adcore. Adcore’s Board of Directors and management have thus negotiated with other potential acquirers in order to complete the original decision that aimed to focus the operations to the Swedish market.
However, it has proven very difficult to find a new single acquirer to all international operations. In this situation, Adcore has initiated negotiations with local managements and financiers in order to sell the companies separately, alternatively to liquidate companies that are not sold within a reasonable timeframe.
As of today, negotiations of four disposals have been completed. The Danish company Implement A/S will be sold to the local management as of July 27, 2001 and Adcore AG in Switzerland will be sold to local management as per July 30. The disposal is conditioned by approval at an EGM that is preliminary scheduled for August 16, 2001. A notice including further information on the above will be published shortly. In addition, Adcore AS in Norway and Adcore DBC A/S have been sold to Svein Stavelin as per July 30.
All in all the above two transactions affect approx. 300 employees out of a total of approx. 560 in Adcore’s operations outside Sweden.
More detailed information regarding the remaining restructuring measures is estimated to be ready in connection with the interim report dated August 24, 2001. By then, further information regarding the planned new issue will also be given.
Since it is no longer possible to carry out the decision of the EGM on July 9, 2001, the interim report for the first six months 2001 will include all international operations except for those that were already disposed of during the first quarter 2001.
Comment on a so called “appeal” among shareholders
There have been articles in Swedish press referring to an “appeal” directed against Adcore’s former management insinuating that retail shareholders have suffered losses as a result from false information given by the company. The initiators of this “appeal”, whose purpose is unclear, have put forward groundless accusations that are highly speculative. The “appeal” also includes factual errors.
One of the obvious errors is the statement that there, on the release of the full year figures for the year 2000 on February 6 of this year, was a deliberate attempt to boost share price in order to create a favourable environment in which Christer Jacobsson and Göran Wågström could sell Adcore stock. Fact is that none of these actually have sold off any Adcore shares since mid September of last year and also that the stock actually has been in constant decline since February 6.
The Adcore Board of Directors believes that this “appeal” is in fact harmful to Adcore and its ambition, in a difficult situation, to push through necessary measures for the benefit of all shareholders.
Adcore AB (publ)
Stockholm, July 31, 2001