As previously announced, the Board of Directors of Adcore has agreed on a disposal of the international operations. The disposal is contingent on approval at an EGM in Adcore, as well as on the acquirer ultimately securing the necessary financing. The acquirer has informed Adcore that, conditioned by the outcome of the acquiring company’s due diligence that shall be finalised during this week, the necessary financing for completion of the acquisition and for the continued running of the business has been secured as of today.
The acquirer has also informed Adcore that the ownership structure of the acquiring company has changed. Martin Hauge, previous CEO of Adcore’s Danish operations, is no longer one of the owners of the acquiring company. He has also decided to immediately leave his position with Adcore to take on a new position with the acquiring company. The acquiring company will initially be owned by Svein Stavelin alone. Svein Stavelin comes from a position as CEO of the Norwegian consultancy company Ementor, a company within the Merkantildata sphere. Further, the acquiring company has informed Adcore that offers regarding future minority ownership have been made to Martin Hauge and other leading managers within the international operations.
The acquirer has informed Adcore that the changes in the ownership structure of the acquiring company have taken place in order to eliminate all potential concerns for the completion of the transaction. By doing this, the acquirer has been able to secure venture capital to the acquiring company.
The announced changes have no consequences for Adcore or for the completion of the transaction other than the fact that the rules of the LEO Act are no longer applicable. However, due to the importance of the transaction, the Board of Directors of Adcore has still chosen to let the EGM on July 9, 2001 decide on the matter.
The Board of Directors of Adcore yesterday set the final terms and conditions for the proposed incentive program for the newly appointed CEO. The issue price for the debenture with detachable warrants has been set to SEK 4 132 000. The terms and conditions are available at the Company and will be mailed to shareholders who request a copy and who provide a mailing address.
Stockholm, July 3, 2001, Adcore AB (publ)
Adcore – Digital Business Creators
Adcore is a leading European digital business development consultancy. We make three offerings: strategic consulting, the transformation of business models and technology implementations. The share is quoted on the OM Stockholm Stock Exchange O list (Attract 40, Ticker ADCO). Adcore´s biggest clients are Ericsson, SEB, Telia, Telenor, SAS and ABB.