Öresund launches an activist fund
Investment AB Öresund ("Öresund"), a Swedish publicly listed investment company managing approximately 1Bn, has decided to launch an activist fund to take advantage of investment opportunities in listed Nordic companies, where opportunities exists to create shareholder value through operational, structural and/or financial change initiatives.
The fund's goal is to be an active owner of 6 - 10 companies, each with a market capitalization of over 1Bn. In the first stage, the fund seeks capital of 500M - 1Bn from institutional investors in the Nordic region, Europe and the US. Öresund will commit up to 200M of its capital and the fund is expected to launch during the second half of 2008.
The funds investment advisory committee will be Sven Hagströmer, Mats Qviberg, Jonas Wahlström, Stefan Dahlbo and Stefan Charette. The current deputy CEO of Öresund, Stefan Charette, will become CEO of the fund.
Öresund will own 60% and be the majority stakeholder of the management company, the remainder will be owned by members of the board and staff. The formal decisions will be taken at Öresund's general meeting.
"Launching a fund is a natural step in Öresund's goal to increase shareholder returns through a larger capital base", says Sven Hagströmer, Chairman of Öresund.
"We are delighted that Jonas Wahlström, whom we have known over 20 years, has decided to invest in the fund and head up it's investment council", says Mats Qviberg, vice Chairman of Öresund.
"The fund's resources enables active ownership and Öresund's involvement is a strength for attracting international capital" says Stefan Dahlbo, CEO of Öresund.
"We will invest in public companies in the Nordic region where opportunities exist to create shareholder value through operational, structural or financial change initiatives. We will have a concentrated portfolio and work closely with board members and management teams of our portfolio companies." says Stefan Charette, CEO of the Fund.
For additional comments; please call Stefan Dahlbo or Stefan Charette, +46-8-402 33 00.
Stockholm, 8 January 2008
The Board of Directors
Investment AB Öresund
The Öresund Group consists of the parent company, Investment AB Öresund, which is a pure investment company active in asset management, and the subsidiary, Ven Capital AB. Ven Capital is engaged in securities trading as a complement to the parent company's investment management activities.
Investment AB Öresund traces its origins to Sjöförsäkringsaktiebolaget Öresund, a marine insurance company founded in 1890 with a share capital of SEK 300,000. In 1956 the company was restructured with AB Sjö-Öresund becoming the parent company of a group consisting of three marine insurance companies, Öresund, Agir and Stockholms Sjö. In 1961, the shares in these three companies were sold to Skandia in return for a portfolio of listed shares and cash. AB Sjö-Öresund changed its name to Investment AB Öresund.
The company was floated on the Stockholm Stock Exchange on May 10, 1962.