Announcement of conversion plan and contemplated relocation to Norway
Oslo, 23 March 2018 - Axactor AB (publ) ("Axactor" or the "Company") intends to relocate its registered office from Sweden to Norway in order to reduce the burden of administrative expenses and achieve a more efficient group structure.
The contemplated transfer of the Company from Sweden to Norway will be carried out in two separate steps by first i) converting the Company's legal form from a Swedish AB into a so called Societas Europaea or SE-company and thereafter ii) change its registered office from Sweden to Norway.
The conversion and relocation will not lead to a change of legal entity and the Company will for all practical purposes continue to be governed by the legislation applicable to Swedish public limited liability companies until the relocation to Norway has been completed. After relocation to Norway, the Company will for all practical purposes be governed by the legislation applicable to Norwegian public limited liability companies.
The board of directors has today given its approval of the first step of the contemplated relocation by approving the conversion plan for the conversion into a SE-company.
The relocation will require approval by two separate general meetings: one for the conversion into a SE-company and the next for the relocation to Norway. The conversion into a SE-company will be included as part of the agenda for the upcoming annual general meeting of the Company to be held on May 4, 2018. The subsequent approval by the shareholders of the relocation to Norway will take place at an extraordinary general meeting later this year.
The summon to the annual general meeting as well as the SE conversion plan will be published on April 4, 2018 and be found on the company´s website www.axactor.com and in the Swedish online newspaper at www.poit.se.
The listing of the Company's shares on Oslo Børs will not be affected by the contemplated relocation.
For further information, please contact:
Endre Rangnes, Chief Executive Officer, Axactor AB
Mobile phone: +47 482 21 111
Johnny Tsolis, Chief Financial Officer, Axactor AB
Mobile phone: +47 913 35 461
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Italy, Germany, Norway, Sweden and Spain. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to be about 1,500 billion euros across Europe.