Cell Network, previously Linné Group, undertakes private placement
Cell Network, previously Linné Group, undertakes private placement The Board of Directors of Cell Network AB (publ) (previously Linné Group AB (publ)) decided on December 2 to undertake a new issue of 2,000,000 shares without preferential rights to shareholders. The decision was made based on the authority granted by the shareholders at an Extraordinary General Meeting held on August 24. The purpose of the issue is to generate proceeds to the company for acquisitions and continued expansion and to increase institutional ownership in the company. The private placement is being made to several larger Swedish and foreign institutional investors. About half of the issued shares have been placed with larger foreign investors. The subscription price is SEK 230 per share determined in a book building procedure. The issue is generating approximately SEK 450 million after deduction for issue expenses. "The added capital means that we can quicken the pace further and secure our possibilities to carry out strategic acquisitions in prioritized markets," says CEO Marcus Bäcklund. The Internet company Cell Network AB (publ) is listed on the OM Stockholm Stock Exchange's O-list. The Group is Scandinavia's largest Internet consulting company for business development via new digital media and intends to become Europe's leading Internet company. Customers include General Electric Company, Telia, Volvo, Renault, Saab, Bank Nationale de Paris, Ericsson, Astra-Zeneca, Procordia, De norske Bokklubbene, Svenskt Flyg, Bonnier, Torget (Sweden Post) and Electrolux Home. To subscribe to press releases online, visit www.huginonline.se. For further information contact: Arvid Liepe, Investor Relations, Cell Network AB, +46 8 522 041 85, +46 709 56 51 85 Marcus Bäcklund, President and CEO, Cell Network AB, +46 8 522 040 00 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/03/19991203BIT00200/bit0001.doc http://www.bit.se/bitonline/1999/12/03/19991203BIT00200/bit0002.pdf