Brief: FRISQ Enters Into Process To Divest Business To Cambio; CEO George Thaw Steps Down

Nosa Plugs AB publ

21/07/2022 07:07

July 21 (Reuters) - Frisq Holding AB (publ)  FRISQ.ST :
    * FRISQ ENTERS INTO A FORMAL EXCLUSIVE PROCESS TO DIVEST THE
BUSINESS TO CAMBIO WITH A TARGET TRANSACTION DATE IN SEPTEMBER
2022. CEO GEORGE THAW STEPS DOWN.
    * BOARD HAS DECIDED TO ACCEPT A PROPOSAL FROM CAMBIO
    * BOTH PARTIES SEE LARGE SYNERGIES IN A POTENTIAL DEAL AND
ARE
OPTIMISTIC ABOUT ACHIEVING A SUCCESSFUL TRANSACTION.
    * OBJECTIVE TO REACH A FINAL AND BINDING OFFER TO ACQUIRE
OPERATIONAL BUSINESS OF FRISQ IN BEGINNING OF SEPTEMBER.
    * TARGET IS TO ACHIEVE CLOSING OF DEAL NO LATER THAN END OF
SEPTEMBER.
    * DURING EXCLUSIVITY PERIOD, CAMBIO WILL EXTEND A LOAN OF
MAXIMUM
SEK 6 MILLION TO FRISQ AND FRISQ WILL DISCONTINUE DISCUSSIONS
WITH OTHER POTENTIAL ACQUIRERS DURING PERIOD.
    * CURRENT FRISQ CEO, GEORGE THAW, HAS DECIDED TO LEAVE
COMPANY
    * MATS LINDSTRAND, CURRENT CHAIRMAN OF FRISQ HOLDING AB,
WILL TAKE
OVER AS TEMPORARY CEO DURING THIS PROCESS
    * CURRENT BOARD MEMBER PER-EGON JOHANSSON WILL TAKE OVER AS
CHAIRMAN OF BOARD.
    * NO OTHER CHANGES TO BOARD COMPOSITION IS PLANNED.

Source text for Eikon:  ID:nMFN3KT1r0 
Further company coverage:  FRISQ.ST 

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