Proventus requests redemption of minority shareholders in BRIO AB (publ)
Proventus Invest AB (“Proventus”) has in a letter to the board of BRIO AB (publ) (“BRIO”) informed that it holds more than 90% of the shares in BRIO. According to Chapter 22, Section 1 of the Swedish Companies Act, Proventus is thereby entitled to request compulsory acquisition of the shares from the remaining shareholders in BRIO. Proventus has in said letter informed BRIO’s board of directors that it has decided to exercise this right.
Proventus has further informed that it has not been possible to reach an agreement regarding redemption with all remaining shareholders, whereby it has requested that the dispute be resolved by arbitrators in accordance with Chapter 22, Section 6 of the Swedish Companies Act.
Based on the above, the board of directors will through an announcement in the Swedish Official Gazette (Sw. Post- och Inrikes Tidningar) and Svenska Dagbladet notify the relevant remaining shareholders of BRIO that a compulsory redemption has been requested.
Unless all of the shareholders, against whom the compulsory acquisition claim is brought,
designate a joint arbitrator, the board of directors of BRIO will apply to the District Court of
Stockholm for the appointment of a trustee. The trustee’s assignment includes to appoint a joint arbitrator for the minority shareholders and to protect the rights of absent shareholders in the dispute.
The consideration for the shares will be paid to the shareholders through Euroclear Sweden AB when the arbitration award, or an award by which the consideration has been determined, has become effective, without the shareholders having to take any special actions.
Malmö on 10 March 2011
BRIO AB (publ)
The Board of Directors
For further information please contact:
Jessica Nyström, Head of Communications at BRIO, telephone: +46 479 19 407
BRIO AB (publ) discloses the information provided herein pursuant to the Securities Market Act (2007:528). The information was submitted for publication on 23 March 2011 at 08:15 AM.