Brief: Borgestad: Complaint On Bjuv Municipality's Approval Of Facility Sale-Leaseback

Borgestad ASA

08/01/2024 12:09

Jan 8 (Reuters) - Borgestad ASA  BOR.OL :
    * COMPLAINT REGARDING BJUV MUNICIPALITY'S APPROVAL OF
SALE-LEASEBACK TRANSACTION FOR PRODUCTION FACILITIES IN SWEDEN
    * COMPLAINT REGARDING APPROVAL FROM BJUV MUNICIPALITY HAS
BEEN
RECEIVED PRIOR TO EXPIRATION OF APPEAL PERIOD
    * APPROVAL OF TRANSACTION BY BJUV MUNICIPALITY WILL ONLY
BECOME
BINDING ONCE COMPLAINT HAS BEEN FINALLY RESOLVED IN CLAIMANT'S
DISFAVOUR, AND COMPLETION OF TRANSACTION IS CONDITIONAL UPON
SUCH BINDING APPROVAL
    * IN COMPANY'S VIEW, PROBABILITY OF COMPLAINT BEING
SUCCESSFUL IS
LOW
    * COMPLAINT RELATES TO PURCHASE PRICE IN TRANSACTION AND
THAT THIS
IN CLAIMANT'S OPINION SIGNIFICANTLY EXCEEDS MARKET VALUE OF TWO
PROPERTIES
    * HOWEVER, IT IS CURRENTLY UNKNOWN WHEN ADMINISTRATIVE COURT
WILL
PROCESS COMPLAINT, AND IT CANNOT BE RULED OUT THAT DECISION WILL
NOT BE REACHED UNTIL AFTER END OF Q1 OF 2024

Source text for Eikon:  ID:nObimxShka 
Further company coverage:  BOR.OL 

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