Brief: Saes Getters enters the field of flexible displays technologies

Saes Getters SpA

16/12/2016 10:01

Dec 16 (Reuters) - Saes Getters SpA  SAEI.MI : 
    * Said on Thursday it started a transaction aiming at the 
industrialization, production and distribution of materials used 
in flexible organic transistors  
    * The devices related to the transaction will be developed 
by a newco, Flexterra, based in the United States 
    * Flexterra will also fully control a company that is being 
established in Taiwan for the production of materials and the 
support of customers 
    * Flexterra will be capitalized by Polyera and Saes, via its 
unit SAES Getters International Luxembourg SA 
    * Polyera is a company based in the United States and 
Taiwan, active in the field of flexible thin film transistors 
for displays 
    * Polyera will transfer to Flexterra tangible and intangible 
assets for an estimated value of $14 million and, against this 
contribution in kind, it will receive Series A shares of 
Flexterra 
    * Once its own contributions are finalized, Polyera will 
grant the shareholding rights in Flexterra to its investors, who 
will also contribute in cash, with an amount that will be 
between a guaranteed minimum of $4.5 million and up to a maximum 
of $6 million 
    * Saes will provide Flexterra with contributions in cash and 
in kind, in different phases and against each contribution, Saes 
will receive in turn Series A privileged shares of Flexterra 
    * The first phase, to be executed in two tranches by the end 
of Dec. 2016, provides for a total capital contribution of $8.5 
million 
    * Saes will transfer a further contribution of $4.5 million 
in capital, in addition to tangible and intangible assets with 
an estimated value of around $3 million in a second phase and no 
later than March 31, 2018 
    * The contribution of Saes with the two tranches is 
equivalent to a stake of around 34 pct in Flexterra, which is 
expected to increase up to around 45 pct with the third 
contribution of Saes 
    * The transaction does not include any put & call options 
 
     
 Source text: www.1info.it 
     
 Further company coverage:  SAEI.MI   
    
 
 
 
($1 = $1.0000) 
 
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