Auriga Industries A/S, Harboøre, Denmark, 2015-10-30 08:00 CET (GLOBE NEWSWIRE) --
Company announcement no. 20/2015
October 30, 2015
Last stage of the wind-down initiated
In Q3 2015, Auriga has been preparing for wind-down of the remaining activities, aiming for a final completion in Q1 2016. The remaining funds attributable to the Class B shares will be distributed through a share buy-back program in Q4 2015 at an expected purchase price of DKK 2.60 per Class B share. This is higher than the previously estimated amount of DKK 2-2.5 per share.
Highlights in Q3 2015
- Activities in Q3 2015 were mainly related to preparation of the distribution of the remaining funds in Auriga.
- In Q3 2015, the net loss was DKKm -5. EBIT was DKKm -5, due to extraordinary administrative costs of approximately DKKm 3 related to the wind-down activities.
- Remaining funds in Auriga consisted of equity reserves of DKKm 74 as at September 30, 2015. Assets consisted of DKKm 77 in cash and DKKm 1 in other receivables. Liabilities were DKKm 4, equity and liabilities thus totaling DKKm 78.
Remaining activities in 2015-2016
- Today, a plan to launch a share buy-back program towards the end of Q4 2015 is announced.
- Today, a notice convening an extraordinary general meeting on November 23, 2015, in Aarhus is announced.
- The initiation of the share buy-back program and the subsequent delisting are conditional on shareholders’ approval at the extraordinary general meeting.
- The expected purchase price in the share buy-back program of DKK 2.60 per share represents an upward adjustment relative to the previous expectation of Q2 2015 of DKK 2-2.5 per share. The price calculation is based on the book value at the end of Q3 2015, less expected operating expenses and wind-down costs of DKKm 8, totaling estimated remaining cash funds of DKKm 66 to be distributed to 25.5 million shares.
- The wind-down of Auriga’s remaining activities is expected to be completed in Q1 2016.
Expected timeline
October 30, 2015
Plan for share buy-back of Class B shares and possible delisting of Auriga
Notice to convene an extraordinary general meeting
November 23, 2015
Extraordinary general meeting in Aarhus to approve share buy-back authorization and delisting
November 24 to December 15, 2015
Share buy-back program
Q1 2016
Annual Report 2015 and Annual General Meeting
Delisting and wind-down of activities
The expected timeline should be regarded as an indication of the stages in the initiated process.
The initiation of the share buy-back program is conditional on approval at the extraordinary general meeting.
More information:
Jens Due Olsen
Chairman of the Board of Directors
+45 40 82 88 04
Lene Faurskov
Manager, Investor Relations
+45 41 64 05 04
investor@auriga.dk
www.auriga-industries.com
