Qliro Group's Board of Directors proposes distribution of the shares in CDON AB to Qliro Group's shareholders
Press release, Stockholm, 25 September 2020
Qliro Group's Board of Directors will today convene an Extraordinary General Meeting on October 26, 2020 to resolve upon the distribution of all the shares in the wholly owned subsidiary CDON AB (“CDON”) to Qliro Group's shareholders. Provided that the Extraordinary General Meeting resolves upon the distribution, CDON's shares are expected to be admitted to trading on Nasdaq First North Growth Market. On Monday September 28, 2020, a previously convened Extraordinary General Meeting in Qliro Group will resolve upon a proposal to distribute the shares in Qliro AB to Qliro Group's shareholders. The proposed distributions of Qliro AB and CDON mean that Qliro Group will be split into three independent listed companies. After this, Nelly remains in Qliro Group which will change its name to Nelly Group.
“Qliro Group's strategy has for some time been to run the three subsidiaries independently. With the proposal we want to create three independent listed companies, each focusing on its core business. Our assessment is that this creates value for our shareholders in the long run. We see a listing as the right step for CDON to further develop its position as the Nordic region's leading local marketplace,” says Mathias Pedersen, CEO of Qliro Group.
“CDON is the Nordic region's leading local marketplace with over 1,300 merchants, eight million products and two million customers. We offer retailers an effective sales channel and give consumers the opportunity to compare and shop among millions of products on one site. Our marketplace is growing rapidly with an attractive and scalable business model. We employees at CDON look forward to the new journey as an independent listed company,” says Kristoffer Väliharju, CEO of CDON.
The notice of the Extraordinary General Meeting on October 26, 2020 is published today. An information brochure about the distribution proposal will be published on October 5 on Qliro Group's website. Provided that the Extraordinary General Meeting resolves to distribute the shares in CDON, CDON's shares are expected to be admitted to trading on the Nasdaq First North Growth Market in November. Qliro Group holds a previously convened Extraordinary General Meeting on September 28, 2020 to resolve upon the distribution of the shares in the wholly owned subsidiary Qliro AB to Qliro Group's shareholders.
A selection of important dates for Qliro Group's shareholders in 2020
|September 28||EGM of Qliro Group to resolve upon the distribution of Qliro AB|
|September 28||Publication of prospectus ahead of the listing of Qliro AB|
|September 30||Estimated record date regarding dividend of Qliro AB|
|October 2||Estimated first day of trading for Qliro AB on Nasdaq Stockholm|
|October 5||Publication of information brochure on the distribution of CDON|
|October 20||Last day to register for the EGM on the distribution of CDON|
|October 21||Qliro Group publishes third quarter report|
|October 21||Qliro AB publishes third quarter report|
|October 26||EGM of Qliro Group to resolve upon the distribution of CDON|
|November||Estimated time for distribution and listing of CDON och for Qliro Group’s name change to Nelly Group|
For more information
Niclas Lilja, Investor Relations
+46 736 511 363
About Qliro Group
Qliro Group operates the leading Nordic marketplace CDON, the online fashion brand Nelly.com and Qliro AB that offers financial services to merchants and consumers. In 2019 the Group had sales of SEK 2.9 billion. Qliro Group’s shares are listed on the Nasdaq Stockholm Mid-Cap segment under the ticker symbol QLRO.