Formpipe has entered into an agreement to acquire the remaining shares in the subsidiary Formpipe Intelligo AB
Formpipe Software AB (publ) (”Formpipe”) has entered into an agreement to acquire the remaining 35.1 per cent of the shares in the subsidiary Formpipe Intelligo AB ("Formpipe Intelligo") by issue of new shares against payment with non-cash consideration.
According to the agreement, Formpipe acquires the minority stake of 35.1 per cent of the shares in Formpipe Intelligo from Staffan Hugemark, Board member and CEO of Formpipe Intelligo, with a purchase price amounting to SEK 10.7 million. Payment shall be made with not more than 909,090 newly issued shares in Formpipe. The final number of shares in Formpipe to be paid as non-cash consideration for the shares in Formpipe Intelligo shall correspond to the volume weighted average price paid in accordance with Nasdaq Stockholm's official price list for the shares in Formpipe during the period from April 19, 2018 to April 27, 2018. Formpipe Intelligo will become a wholly-owned subsidiary to Formpipe after the acquisition.
The acquisition is conditional upon that the Annual General Meeting, intended to be held on 25 April 2018, resolves on the new issue of shares against payment with non-cash consideration. A valid resolution requires that the resolution is supported by shareholders representing not less than nine tenths of votes cast as well as shares represented at the Annual General Meeting. The terms in detail of the new share issue against payment with non-cash consideration will be included in the notice convening the Annual General Meeting, which will be published by a separate press release shortly.
For additional information, contact:
Christian Sundin, President and CEO of Formpipe, +46 705 67 73 85.
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This is a translation of the original Swedish version. In the event of any discrepancies between the two versions, the original Swedish version shall take precedence.
Formpipe develops ECM products and solutions for structuring information and supplies them to major companies, authorities and organisations. ECM products help organisations to capture, manage and distribute information, and to place it in context. The company’s software helps improve efficiency, cut costs and reduce risk exposure. Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, The Netherlands, Germany and USA. The Formpipe share is listed on NASDAQ Stockholm.