Management group buys shares in Mandamus
MANAGEMENT GROUP BUYS SHARES IN MANDAMUS FASTIGHETER Each of the eight members of Mandamus Fastigheter AB's management group has bought between 20,000 and 50,000 shares in Mandamus. The holdings, comprising a total of 200,000 shares, were acquired from the company's two main shareholders, LRF and Nordico Invest. With this acquisition, Mandamus' MD Anders Johansson now owns a total of 80,000 shares in the company. Comments from Mandamus' MD Anders Johansson We in the management group seek, with this deal, to lay further emphasis on our faith in the company and its future development. Mandamus' restructuring as a relatively concentrated housing-property company, with low operating risk and good profitability, will soon be completed. Since our admission to quotation on the Stockholm Stock Exchange in June 1998 the property stock has almost doubled in book value to SEK 5,400 million while, in the same period, nearly 300 properties have been sold for just under SEK 1,400m. Since the date of stock-exchange quotation, these changes have made Mandamus a completely different company. We now own mainly residential properties in a number of selected areas. In the years ahead, our focus on housing and geographical concentration will continue. Altogether, properties in non-selected areas currently make up some 12%, or SEK 650m, of the total value of our property stock. These properties will be sold, and we may also embark on further concentration in fewer selected areas. My own and the whole management group's commitment to the transformation of Mandamus into a concentrated residential-property company with low operating risk and efficient administration will be further enhanced by our purchase of shares in the company. Questions Please address any queries to Mandamus' Managing Director Anders Johansson on phone +46-8-566 130 00 or e-mail anders.johansson@mandamus.se, or to Deputy Managing Director Bengt Evaldsson, phone +46-8-566 130 00 or e-mail bengt.evaldsson@mandamus.se. Mandamus is a property company that aims to own, develop and manage properties in various selected areas in Southern and Central Sweden, with a high proportion of residential properties. Mandamus owns properties with a book value of around SEK 5,400 and annual rental income of some SEK 800m. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/01/20000301BIT00470/bit0001.doc http://www.bit.se/bitonline/2000/03/01/20000301BIT00470/bit0002.pdf