As an addition to our announcement dated 10 September 2013 regarding the acquisition of Sydetikett AB, PSI Group ASA has prepared this extended notification in accordance with section 3.4 of the Continuing Obligations of stock exchange listed companies.
Sydetikett AB is one of Sweden's largest and well run digital label printing facility with a particularly modern machinery and a solid customer base. The company has 23 employees, and had a turnover of MSEK 52.6 in 2012 with an EBT of MSEK 5.2. See Appendix for more information about the accounts.
The acquisition complements PSI Group ASA's existing commercial printing facilities and as a result PSI will be a dominant Scandinavian player within labels.
«PSI Group ASA already has three modern commercial printing facilities in Mölndal, Stange and Rælingen, and sells labels for approximately MNOK 90 in the Norwegian and Swedish markets. This transaction will be lifting label division's turnover to about MNOK 150." says CEO of PSI Group ASA, Jørgen Waaler.
"In addition, we expect significant synergies when these four companies begin to coordinate sales / marketing, machinery / investment and operating costs in a focused product area, PSI Label Solutions, within our business area Retail Solutions" concludes Waaler.
10 September 2013 PSI Group ASA signed an agreement to acquire all shares in Sydetikett AB from Dragan Ostojic (22.5 %), Ove Ohlson (22.5 %), Lars Olsson (22.5 %), Lars Wahlström (22.5 %) and Sten Wahlström (10.0 %) for a total of MSEK 40.
The sellers received MSEK 30 of the purchase price of MSEK 40 on the completion date 10 September 2013, and will receive MSEK 10 on 1 March 2015. PSI Group ASA has financed the acquisition through existing available credit at their main bank. The transaction was completed on 10 September 2013. The agreement does not contain any conditions or terms.
PSI Group ASA has applied Oslo Stock Exchange for an exemption from providing an information document.
For further information, please contact:
Jørgen Waaler, CEO PSI Group ASA, Phone: +47 9059 0010
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
