Demand for repayment of state subsidies from Praktiska relating to time prior to acquisition.
Praktiska was acquired as part of Vindora on November 1, 2017 and provides upper secondary schools with apprenticeship focus. Relating to this, Praktiska receives state subsidies for the apprenticeships from the Swedish national agency for education which are transferred to the employeers. The Swedish national agency for education has since the end last year revieved the documentation for the apprentice subsidies and found deficiencies. Following the lacking documentation the Swedish national agency for education now demands that Praktiska Sverige AB shall repay SEK 28 million relating to 1 171 students. AcadeMedia has customary terms in the share purchase agreement regarding i.a. the risk for regulatory and compliance breaches and the risk for repayment of apprentice subsidies. This risk is borne by the seller for the period up until the closing of the acquisition on November 1st, 2017.
For more information, please contact:
Marcus Strömberg, CEO
Telephone: +46 8 794 4200
Eola Änggård Runsten, CFO
Telephone: +46 8 794 4240
AcadeMedia creates opportunities for people to develop. The 15,800 employees at our 650 preschools, compulsory schools, upper secondary schools and adult education centres share a common focus on quality and development. Our 176,000 children and students are provided with a high quality education, giving them the best conditions to attain both learning objectives and their full potential as individuals. AcadeMedia is Northern Europe ́s largest education company, with locations/facilities/presence in Sweden, Norway and Germany. Our size gives us the capacity to be a robust, long term partner to the communities we serve. More information about AcadeMedia is available on www.academedia.se.
This information is information that AcadeMedia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:50 CET May 30, 2018