TTS Group ASA ("TTS") announced on 8 February 2018 that the company had entered into an asset sale agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland, and confirmed 15 July 2019 that all closing conditions were met.
In accordance with the transaction agreement, completion of the transaction took place today based on preliminary figures. Following completion, all bank debt and overdraft facilities were settled, and notice re conversion and redemption of remaining outstanding of the company’s convertible bond (MNOK 86) was issued and delivered to the Bond Trustee (Nordic Trustee AS) (enclosed as appendix to this notice).
Based on preliminary figures the transaction is, net of expenses, estimated to NOK 6.8 per share on an undiluted basis and NOK 5.7 per share on a fully diluted basis. As of 31.07.19 net cash (excl. convertible bond) in TTS Group ASA was MNOK 520, and MNOK 740 on consolidated level. Final settlement of the purchase price will be based on financials as of 31.07.19 according to timeline and procedures provided in the transaction agreement. These are expected to be finalized within second half of 2019.
TTS will financially record the transaction in its 3Q report.
The Board of Directors will address the earlier announced dividend payment during Q3.
Bergen, 31 July 2019
TTS Group ASA
http://www.ttsgroup.com
Contact person: Toril Eidesvik
CEO M: +47 900 78 218
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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