FrontOffice makes investment in rapid growing Samtrygg
FrontOffice Nordic AB (publ) (”FrontOffice”) have acquired 645 000 B shares in Samtrygg Group AB (publ) (“Samtrygg”). FrontOffice acquired the shares from existing shareholders to the share price of 2.80 SEK, which corresponds to a total investment of 1.806 MSEK. The acquisition is purchased by a direct issue of 516 000 B shares to the share price 3.50 SEK.
Samtrygg is a Fintech company within the property sector, listed at the NGM Nordic MTF. They provide a self-developed digital marketplace to ensure a safe subleasing. Since the start in 2013, they have provided thousands of housings all over Sweden. In 2017, the revenue amount of Samtrygg was just above 92 MSEK.
The board of Directors in FrontOffice have, with support from its authorization from its AGM which took place at the 15th of May 2018, decided about an offset issue with deviation from the shareholders precedence to regulate the purchase sum of the acquisition of shares in Samtrygg to a signing rate of 3.50 SEK.
The 516 000 newly issued shares of class B means a dilution effect corresponding to approx. 1.1 % of the votes and approx. 1.8 % of the capital in FrontOffice. The new issuing entails a raise of capital with 25 800 SEK. The number of outstanding shares is after registration, 2 000 000 class A shares and 26 625 210 class B shares (total of 28 625 210 shares) and its capital will amount to approx. 1 431 260. *
“Samtrygg is one of the markets most exciting Fintech companies within the property sector who repeatedly beats its sales record. According to our estimation, the company is undervalued and has a big growing potential. We have followed the company during some time and there is currently a complete business model in place, which is both tested and refined. Besides that, there’s a very professional and competent team running the business’.
“Our ambition is to increase our investment further in Samtrygg with a target of approx. 10 % of the company shares. This transaction entails a minor dilution. However, we consider it to be an advantage for both our company and our shareholders to pay with shares to a level above todays share price.” says Johan Lund, CEO FrontOffice Nordic.
About the investment:
Number of shares: 645 000 B shares
Total investment: 1 806 000 SEK (2.80 SEK/share), regulated through newly issued FrontOffice B shares to a share price of 3.50 SEK.
FrontOffice total holding in Samtrygg after completed investment equals to approx. 8.4 % of capital and 2.9 % of the votes.
About Samtrygg AB (publ)
Samtrygg is a safe market place for property subleasing. Since the start in 2013, Samtrygg have had thousands of satisfied tenants and landlords all over Sweden. During 2013 when Samtrygg was founded, the sublease market did not function as well as it could. The regulation was difficult to understand, the parties involved were lacking confident in each other and frauds occurred frequently. The market was lacking secureness. The Samtrygg model efficiently solves the problem by guarantying the landlords’ payments, sublease insurance and secure agreements. Furthermore, the tenants don’t need to pay a deposition or in advance. Samtrygg takes an active role by helping all parties follow the rules and acts as economical middle hand to minimize the risk of frauds
*Dilution and disclosure of share capital and outstanding shares include resolved but not yet registered B shares
For more information, please contact:
FrontOffice Nordic AB (publ)
+4670 - 55 653 54
About FrontOffice Nordic AB (publ)
FrontOffice Nordic AB (publ) invests in growing companies, especially in companies which have had temporary payment difficulties but has a solid business idea. By being an active owner and contribute with both strategic competence and operational improvements, FrontOffice creates conditions for value growing investments.