Brief: Samesystem Considers Merger Or Sales Process

SameSystem A/S

27/05/2022 14:11

May 27 (Reuters) - Samesystem A/S  SAMES.CO :
    * NEW STRATEGIC DIRECTION AND NEW CEO IN SAMESYSTEM AS
    * WILL INVESTIGATE POSSIBILITY OF A STRATEGIC MERGER OR
SALES
PROCESS
    * HAVE BY REQUEST OF MAJORITY SHAREHOLDER REPLACE COMPANY'S
CEO
    * TERMINATION OF EMPLOYMENT OF CEO, HENRIK SALICATH, BY
MUTUAL
AGREEMENT, AND REPLACING CEO WITH FOUNDER AND FORMER CEO HENRIK
RITLOV AS INTERIM CEO,
    * CONTINUED REDUCTION OF OPERATIONAL EXPENSES (COMPANY
ANNOUNCEMENT 08-2022), INCLUDING BUT NOT LIMITED TO REDUCING
SALARY COSTS AND REDUCING OFFICE SPACES
    * FOLLOWING IMPLEMENTATION OF THESE CHANGES CASH POSITION OF
COMPANY IS EXPECTED TO BE POSITIVE FOR REMAINDER OF FINANCIAL
YEAR AND AS A MINIMUM INTO Q2 OF NEXT FINANCIAL YEAR ENDING 31
MARCH 2023.
    * BOARD OF DIRECTORS DO NOT BELIEVE THAT HIGH LEVEL OF COSTS
- IN
PARTICULAR SALARY COSTS IN PRODUCT DEVELOPMENT - CAN BE
JUSTIFIED BY A CORRELATED EXPECTED INCREASE IN SALES IN
SHORT-TERM
    * SAMESYSTEM MAINTAINS ITS ARR GUIDANCE OF DKK 59.5M AT END
OF FY
2021/22.
    * ALSO TO MAKE MANDATE OF MEMBERS OF BOARD OF DIRECTORS
AVAILABLE
AT AN UPCOMING SHAREHOLDERS MEETING - EXPECTED TO TAKE PLACE IN
SECOND HALF OF 2022

Source text for Eikon:  ID:nWkr9XMJwr 
Further company coverage:  SAMES.CO 

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