Sweden, 2017-06-30 13:25 CEST (GLOBE NEWSWIRE) -- ZetaDisplay completed today its acquisition of Finnish company Seasam Oy. The acquisition is being carried out in accordance with the agreement entered into between ZetaDisplay and the sellers of Seasam Oy, which has been announced through a press release on 9 June 2017. In connection with this, the board of directors in ZetaDisplay has also resoluted on an issue of shares to the sellers, in accordance with mentioned press release.
ZetaDisplays Finnish business and Seasam Oy will merge during the third quarter and operate under the name ZetaDisplay. Jens Helin will be appointed CEO of the merged operations while Manu Mesimäki, the previous CEO of Seasam OY, will be appointed head of business development.
Seasam is Finland’s second largest supplier of Digital Signage with many years of experience in the industry and some 20 employees. Seasam’s customer base includes, among others, K-citymarket, Kotipizza, Burger King, Picnic, Neste, O'Learys and Helmi Savings Bank.
ZetaDisplay’s goal is to continue its journey of growth and actively participate in the ongoing consolidation of the industry in Europe. The acquisition of Seasam means that the company further strengthens its position on the Finnish market, where it is already established and where it carried out a successful acquisition of Marketmedia in 2015.
The acquisition of Seasam Oy is taking place through ZetaDisplay acquiring all of the shares in Seasam Oy in exchange for a fixed purchase price of MSEK 43.9. No supplemental purchase price is payable. The acquisition is being financed through new loans, on market terms and conditions, in the amount of MSEK 29.3, a note from the sellers in the amount of MSEK 9.8 and MSEK 4.9 in the form of newly issued ordinary shares in ZetaDisplay. The note from the sellers is for a term of 12 months at 5 per cent interest.
The subscription price for the part of the purchase price which is being paid through newly issued ordinary shares is calculated based on the volume-weighted average price for ZetaDisplay’s ordinary share on First North Premier during a period of 30 days prior to the day before closing, with a discount of 8 per cent, corresponding to SEK 15.53 per ordinary share. The share capital increases by SEK 313,177. 313,177 ordinary shares are issued. Two of the sellers, Manu Mesimäki and Helmet Capital Oy Ab, have today subscribed for and been allotted 250,542 and 62,635 ordinary shares respectively. Payment with ordinary shares entails a dilution effect of approximately 2.2 per cent of the share capital and approximately 2.3 per cent of the voting capital. The dilution is calculated as the number of newly issued shares and votes divided by the total number of shares and votes following the new share issue. All newly-issued shares will be registered during July 2017.
Advisors
Fredersen Advokatbyrå is the legal advisor to ZetaDisplay in conjunction with the acquisition.
Please address any questions to:
ZetaDisplay AB (publ)
CEO Leif Liljebrunn
Telephone: +46 70 845 80 52
Email: leif.liljebrunn@zetadisplay.com
About ZetaDisplay
ZetaDisplay is a leading supplier of Digital Signage to large retail chains and the service industry on the European market. ZetaDisplay’s headquarters are located in Sweden with sales offices located in Denmark, Norway, Finland, Estonia and the Netherlands. Since April 2011, its shares have been traded on NASDAQ First North Premier, with the ticker symbol ZETA. The Certified Adviser is Erik Penser Bankaktiebolag. More information is available at http://www.zetadisplay.com
About Digital Signage and multichannel communications
ZetaDisplay defines Digital Signage as systems for advertising, profiling and store communications which convey sound, images and films at shops and in public environments. Solutions based on digital screens are a large part of the market, but the development is towards utilizing ever more digital channels in order to communicate offers and other information to customers. This involves solutions which are integrated with social media and websites, as well as applications for smart mobile telephones and tablets which create interactivity with the customer. The development is also towards integrating solutions with the cashier systems of the store chains for automatic price updates and automatic replacement of messages on the digital screens.