Camanio Care intends to divest its operations and subsidiaries to Brighter
Camanio Care AB (publ) ("Camanio Care") has signed a letter of intent with Brighter AB (publ) ("Brighter") regarding the divestment of all shares in Camanio Care's subsidiary Camanio AB, given that Camanio Care's all assets and liabilities are transferred to its subsidiary Camanio AB. Camanio Care's Board of Directors will engage an independent reviewer to evaluate the subsidiary before the Board decides whether they wish to proceed with the negotiations with Brighter. A prerequisite for the transaction is that Camanio Care’s shareholders decide in favour of the transaction at an Extraordinary General Meeting of Camanio Care. Following a potential transaction, the listed Company Camanio Care can change strategy to become a listed investment company.
The purchase price for the divestment is intended to be paid by Brighter through a non-cash issue directed to Camanio Care, and Camanio Care transfers all shares in its subsidiary to Brighter. The value of the total number of shares planned to be issued by Brighter in the rights issue will correspond to the value of Camanio Care's subsidiary.
Camanio Care has engaged Wahlton Attorneys as legal advisor.
“Camanio Care has a strong range of products in welfare technology for digitalized care. The company has had difficulties in attracting attractive financing as a listed company. Through Brighter, the operations would get a financially stronger owner with greater possibility to develop the services and the business. A transaction would also entail that the company’s shareholders secured certain value,” says Niclas Lilja, Chairman of the Board of Camanio Care since June 2019.
“Camanio Care has not had the best conditions as a listed company, but we are confident that the company's product portfolio has a bright future and see a great opportunity to refine operations outside the stock market, with less regulatory requirements taking resources and in a safe context. We see this as a measure to safeguard Brighter's interest in Camanio Care in the best possible way while also taking responsibility and provide security for Camanio Care's customers,” says Jan Stålemark, board member of Brighter.
In parallel to Brighter's planned acquisition of Camanio Care's subsidiary, Brighter also intends to sell all its shares and warrants in Camanio Care, that is, the company that remains after the assets and liabilities have been transferred to Camanio Care's subsidiary, to Brighter's Chairman of the Board Truls Sjöstedt and Brighter’s CEO Henrik Norström through companies.
“Mine and Henrik's, through companies, acquisition of Brighter's shares in Camanio Care AB, is of private nature and not linked to Brighter. The company will continue to be listed, but it will be renamed and have a completely new business orientation. Henrik and I will not be operationally active in the company. In short, we want to establish a listed investment company,” says Truls Sjöstedt.
For more information, please contact:
Catharina Borgenstierna, CEO
Telephone: +46 733-93 00 07
E-mail: catharina.borgenstierna@camanio.com
This information is information that Camanio Care is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 5 pm on September 8, 2019.
About Camanio Care
Camanio Care is a digital care technology company developing smart solutions for home care centered around the individual. Our platform and digital services connect people, professionals and equipment in an easy and open way in order to achieve the optimal mix of digital and physical care. We increase the quality of care and quality of life, making care more readily available to all the people who need it. Camanio Care is headquartered in Stockholm, has the subsidiary Camanio Care Inc. in the U.S., and distributors in Asia, Middle East, Hongkong, Australia and tens of European countries. Visit our website and subscribe to our newsletter, www.camanio.com.
About Brighter AB
Brighter is a Swedish-based company that, from a unique IP portfolio, creates smart solutions for one of healthcare’s biggest challenges: changing patient behavior. Chronic diseases such as diabetes are rapidly increasing, and account for an increasing share of healthcare costs globally. Brighter's Business Model and Multi-Sided Market Platform - The Benefit Loop®- is based on the fact that many special interests create value for each other. By increasing access to valid health data, Brighter creates value for all stakeholders in the care chain: patients and their close associates, healthcare providers, research institutes, the pharmaceutical industry, and society as a whole. Brighter is certified under ISO 13485. In 2019 the company won the Swecare Rising Stars Award. https://brighter.se/. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.