Company Announcement No. 10/2007
Copenhagen, Denmark
October 25, 2007
Financial results for Q3 2007
Copenhagen, Denmark, October 25, 2007: Olicom A/S, which trade on OMX Nordic
Exchange in Copenhagen, today announced its financial results for Q3 2007.
New Main Activity
As also announced in the Company's annual report for 2006, the Company has
entered an agreement with ADR NR. 1904 ApS (“ADR”) on a share issue and the
acquisition from ADR of a real estate portfolio. The agreement is conditional
upon approval of the terms of the share issue by an extraordinary shareholders'
meeting expected to take place mid November 2007. Under the agreement ADR will
secure the funding of Olicom's operations until the completion of the share
issue. After the planned share issue Olicom's future main activity will be real
estate investments. The Company's existing IT venture capital investments are
expected to be held until exits are achieved. The share issue is expected to
comprise a share capital increase in the amount of app. DKK 200 million of
which app. DKK 65 million will be offered as a rights issue and another DKK 133
million will be a directed issue. Through the directed issue debt of app. DKK
28 million will be converted to share capital, DKK 5 million will be paid in
cash and the Company will acquire 11 business properties predominantly located
in Denmark having a net value of app. DKK 100 million. The gross value of the
properties of DKK 300 million has mainly been determined based on valuations
provided by independent experts. The subscription price is expected to be equal
to the nominal value of the shares, which is DKK 0.25 per share. The Company
expects that the prospectus for the rights issue will be completed and approved
allowing the issue to take place early 2008.
Q3 Report
The Board of Directors and Management have today considered and approved the
Interim Report for the period January 1 - September 30, 2007 for Olicom A/S.
The Interim Report, which has not been audited, has been drawn up in accordance
with the provisions in IFRS and additional provisions for companies listed on
OMX Nordic Exchange in Copenhagen. The accounting policies applied are
considered as appropriate so that the Interim Report under the stated
assumptions gives a true and fair view of Olicom A/S' assets, liabilities and
financial position as of September 30, 2007 and of the Group's results for the
period January 1 - September 30, 2007.
