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2019-06-25 14:00:00 CEST 2019-06-25 14:00:40 CEST REGULATED INFORMATION Dovre Group Oyj - Changes in the rights attached to the classes of shares or securitiesDovre Group completes Tech4Hire acquisition and issues new shares - outlook for 2019 improvedDovre Group Plc Stock Exchange Release June 25, 2019 at 3 pm Dovre Group completes Tech4Hire acquisition and issues new shares - outlook for 2019 improved Dovre Group has today completed the acquisition of Norwegian staffing and consultancy company Tech4Hire AS. All customary closing conditions are fulfilled and Tech4Hire will be consolidated with Dovre Group as of 30 April 2019, reported as part of the Project Personnel segment.
The new guidance: Dovre Group’s net sales in 2019 are expected to improve compared to 2018 and the operating profit is expected to be more than EUR 1.6 million. The previous guidance: Dovre Group’s net sales in 2019 are expected to improve compared to 2018 and the operating profit is expected to be more than EUR 1.3 million.
The final enterprise value for Tech4Hire AS shares amounted to NOK 23.6 million (around EUR 2.4 million), including NOK 3.6 million compensation for disposable cash. As part of the transaction, the sellers used NOK 4.0 million (EUR 0.4) to subscribe Dovre Group Plc shares. The sellers may also receive an additional consideration estimated between NOK 0 to 10 million (EUR 0 - 1.0 million), if certain financial targets are met by the end of 2019. Part of this potential additional consideration will be used to subscribe additional shares. Tech4Hire will be fully owned subsidiary of Dovre Group Projects AS. In connection with the transaction, Dovre Group issued 1,777,978 new shares to the sellers of Tech4Hire AS in a directed share issue. The number of new shares transferred was determined by dividing the NOK 4.0 million by the volume weighted average price of Dovre Group’s shares on Nasdaq Helsinki between 12 June and 18 June, equaling to EUR 0.23 per share. The subscription price shall be credited in its entirety to the reserve for invested unrestricted equity. The new shares issued will have equal shareholder rights with the other Dovre Group shares as of registration and the number of Dovre Group shares will increase to 101,946,747.
For more information, please contact Arve Jensen Dovre Group is a global provider of project management services. Dovre Group has two business areas: Project Personnel and Consulting. Dovre Group has offices in Canada, Finland, Norway, Singapore and the US, and employs about 650 people worldwide. Dovre Group is listed on the Nasdaq Helsinki (symbol: DOV1V). Company website: www.dovregroup.com. DISTRIBUTION: |
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