Now we are independent and the control of the trading process and the further development of the exchange has been strenghtened. Our members, issuers and investors can be assured that the availability and the functionality will increase. In addition, this enables the full exploitation of ongoing discussions regarding development and sale of the trading platforms as well as the NGM concept to foreign markets, says Ulf Cederin, CEO of NGM Holding and emphasises that this is a milestone in the development of NGM.
Since NGM started the electronic trading our co-operation has been very close, a prerequisite to create the foundation of a competetive alternative in the Nordic region. The acquisition will enable NGM to develop the platform as they see fit. Our co-operation will continue to be close and we will follow the development of NGM with great interest, says Lars carlbom, CEO of Univits International AB.
Tellus has been developed by Univits International AB. The platform is acquired by NGM with exclusivity in the Nordic and the Baltic region. The purchase price amounts to 30 MSEK and is financed by a directed convertible loan agreement. The reason for the by-pass of existing shareholders’ preferential rights are the favourable terms of the convertible loan agreement. It’s the Board of Directors opinion that the convertible loan agreement, as outlined below, will benefit the company and thus the shareholders interest.
Increased personnel- and tecnical costs in connection with the acquisition is estimated to be covered by acquired revenues, cost reductions and the possibility of new revenues enabled by the trading platform. The decision to acquire the platform is subject to an extra ordinary shareholders meeting. Notice of this meeting is expected in February. More details concerning terms and conditions will be disclosed in the notice to the extra ordinary shareholders meeting.
