Dissolution of Adcore associate company Gladiolus AB
Gladiolus AB was incorporated in 1997 by 27 senior executives of Connecta, before Connecta’s IPO and subsequent merger with Information Highway. Its purpose was to jointly manage Connecta employee shareholdings. Today, however, one third of Gladiolus’ shareholders work outside Adcore Group.
Gladiolus’ collective ownership structure necessitates that all purchases or sales of Adcore stock are supported by all partners, and consequently, as time has passed, this has proved impracticable. Accordingly, Gladiolus’ partners have decided to individualise their shareholdings. The only means of doing this is to divest all Gladiolus’ shares in Adcore AB.
Today, Gladiolus has effected a sale by placing its remaining 4,077,000 Adcore shares, corresponding to an ownership holding of 2.8%, at a price of SEK 31. The purchasers are a number of institutional investors in Sweden and foreign countries.
Adcore’s COO Jan Maelum is one of Gladiolus’ partners, with a 20% ownership holding. However, the Swedish Financial Supervisory Authority have Mr. Maelum registered as an insider for all Gladiolus’ shareholdings in Adcore. Simultaneous with the aforementioned sale, Mr. Maelum repurchased 77,000 Adcore shares personally.