This announcement is not an offer of securities for sale in the United States nor in any other country, and securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Nor does it constitute or form part of, and may not be used for the purposes of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities by any person in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment to do so, in which (i) such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation.
First quarter 2019
- Net profit for the first quarter amounted to MSEK 15.8 (21.0).
- Earnings per share amounted to SEK 1.33 (1.55).
- Net asset value amounted to MSEK 759 (SEK 63.75 per share) at March 31, 2019, compared to MSEK 736 (SEK 61.81 per share) at December 31, 2018.
- Net cash amounted to MSEK 260 (SEK 21.87 per share) at March 31, 2018, compared to MSEK 261 (SEK 21.94 per share) at December 31, 2018.
Distribution of profits
The Board of Directors previously communicated its intention to make the level of the proposed dividend for FY 2018 dependent on the amount that may have been distributed under the form of share repurchases during the first quarter of 2019.
The Board of Directors stated that the actual level of the dividend would be set as the difference between SEK 33,359,931 (corresponding to SEK 2.80/share) and the amount that has been distributed under the form of share repurchases during the period between January 1 and March 31, 2019.
NAXS repurchased shares for a total amount of SEK 205,289 during the period between January 1 and March 31, 2019. Therefore, the amount that remains available to be paid as dividend for the fiscal year 2017 is SEK 33,154,642, corresponding to SEK 2.78/share.
The Board of Directors therefore proposes to the Annual General Meeting the payment of a dividend of SEK 2.78/share for FY 2018. In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
NAXS experienced a steady development during the first quarter of 2019, with the NAV/share increasing by 3.1%.
The company continued to build on its position in Awilco Drilling during the period, acquiring 94 974 additional shares in a new issue.
In regard to the distribution of profits for FY 2018, the board of NAXS is proposing to the Annual General Meeting, which will take place on June 4, the payment of a dividend of SEK 2.78/share. The proposed dividend represents 4.5% of the NAV at December 31, 2018 and a dividend yield of 5.7% calculated on the share price as of March 31, 2019. The level of the proposed dividend is consistent with the dividends paid by the Company during the previous years.
Lennart Svantesson
Contact information
Lennart Svantesson, CEO
Telephone: +46 73 311 00 11
Gösta Lundgren, CFO
Telephone: +46 70 710 47 88
This information is information that Naxs AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8.30 CET on April 25, 2019.
This press release and further information is available on the Company’s website: www.naxs.se
NAXS AB (publ)
Corp. Reg. No. 556712-2972
Grev Turegatan 10
114 46 Stockholm, Sweden
Tel: +46 8 611 33 25, E-mail: info@naxs.se
NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.
Attachment
