Offer document regarding Ronneby UK Limited's recommended cash offer to the shareholders of Resurs Holding AB (publ) made public

This announcement is not an offer, whether directly or indirectly, in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa or in any other jurisdiction where such offer pursuant to legislation and regulations in such relevant jurisdiction would be prohibited by applicable law. Shareholders not resident in Sweden who wish to accept the Offer (as defined below) must make inquiries concerning applicable legislation and possible tax consequences. Shareholders should refer to the offer restrictions included in the section titled "Important information" at the end of this announcement and in the offer document, which has been published on the Offer website (www.leading-specialty-finance.com). Shareholders in the United States should also refer to the section titled "Special notice to shareholders in the United States" at the end of this announcement.

Press release

1 August 2024

On 17 June 2024 CVC[1] and Waldakt[2] (together the "Consortium"), acting through Ronneby UK Limited[3] (the "Bidder"), announced a recommended public offer to the shareholders of Resurs Holding AB (publ) ("Resurs" or the "Company") to tender all shares in Resurs to the Bidder at a price of SEK 23.50 in cash per share (the "Offer"). The price in the Offer cannot be increased by the Bidder.

The offer document relating to the Offer has today on 1 August 2024 been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen).

The offer document is available on the Bidder's website for the Offer (www.leading-specialty-finance.com) and on Carnegie Investment Bank AB's ("Carnegie") website (www.carnegie.se). The offer document will also be available on the Swedish Financial Supervisory Authority's website (www.fi.se) in Swedish. The acceptance form relating to the Offer will be available on the Bidder's website for the Offer and on Carnegie's website. A pre-printed acceptance form will be sent to shareholders in Resurs who are directly registered as per 1 August 2024, except for those domiciled in the excluded jurisdictions (see the section titled "Important information" at the end of this announcement).

The acceptance period of the Offer starts on 2 August 2024 and ends on 30 August 2024 at 15:00 CEST. Settlement is expected to commence on or around 9 September 2024. The Bidder reserves the right to shorten the acceptance period and set an earlier settlement date as well as to extend the acceptance period and postpone the settlement date.

Clarification of information in light of information published on retail investor forums and business media

Considering certain incorrect and misleading information about the Offer circulating in various media, the Bidder wishes to clarify the following, which was set forth in the offer announcement press release on 17 June 2024:

• The Bidder will not increase the Offer price of SEK 23.50. As the Bidder made this statement in the offer announcement press release on 17 June 2024, it is bound by provisions in Nasdaq Stockholm’s rules regarding takeover bids on the stock market which do not permit the Bidder to change or increase the price in the Offer. These provisions aim to maintain confidence in public statements made to the stock market. As a result, SEK 23.50 per share is the highest price that will be offered by the Bidder in the Offer.
• The Bidder is also obliged to follow other terms and conditions for the offer announced by the Bidder, including to set the acceptance period in accordance with the rules. Accordingly, the acceptance period of the Offer starts on 2 August 2024 and ends on 30 August 2024 at 15:00 CEST.
• The Offer is unanimously recommended by the independent board of directors of Resurs, and the recommendation is supported by a fairness opinion from Lenner & Partners Corporate Finance AB according to which the Offer is fair to Resurs' shareholders from a financial perspective.
• The price offered for the shares in Resurs represents a premium of:
  • 38.2 percent compared to the closing share price of SEK 17.0 on 17 June 2024 (the last day of trading prior to the announcement of the Offer);
  • 57.3 percent compared to the volume-weighted average trading price of SEK 14.9 during the period of 90 trading days up to and including 14 June 2024; and
  • 39.2 percent compared to the volume-weighted average trading price of SEK 16.9 during the period of 180 trading days up to and including 14 June 2024.
• The Bidder has received support and irrevocable undertakings, respectively, from shareholders of Resurs holding in aggregate 5.33 percent of the shares in Resurs. Together with the shares of Resurs already held by Waldakt, this amounts to 34.27 percent of the shares in Resurs.
• Waldakt has undertaken not to accept any other offers or participate in any competing offer consortium, irrespective of price.

Information about the Offer

Information about the Offer is made available at www.leading-specialty-finance.com.

For additional information, please contact:

For administrative questions regarding the Offer, please contact your bank or the nominee registered as holder of your shares.

The information in this press release was submitted for publication by the Bidder in accordance with the Takeover Rules for Nasdaq Stockholm on 1 August 2024 at 15.45 (CEST).
 

Important information

This press release has been published in Swedish and English. In the event of any discrepancy in content between the two language versions, the Swedish version shall prevail.

The Offer is not being made, directly or indirectly, in or into Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction, by use of mail or any other communication means or instrumentality (including, without limitation, facsimile transmission, electronic mail, telex, telephone and the Internet) of interstate or foreign commerce, or of any facility of national securities exchange or other trading venue, of Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction, and the Offer cannot be accepted by any such use or by such means, instrumentality or facility of, in or from, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction. Accordingly, this press release or any documentation relating to the Offer are not being and should not be sent, mailed or otherwise distributed or forwarded in or into Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction.

This press release is not being, and must not be, sent to shareholders with registered addresses in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa. Banks, brokers, dealers and other nominees holding shares for persons in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa must not forward this press release or any other document received in connection with the Offer to such persons.

The Offer, the information and documents contained in this press release are not being made and have not been approved by an "authorised person" for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the "FSMA"). The communication of the information and documents contained in this press release is exempt from the restriction on financial promotions under section 21 of the FSMA under article 62 (sale of a body corporate) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, on the basis that it is a communication by or on behalf of a body corporate which relates to a transaction to acquire shares in a body corporate and the object of the transaction may reasonably be regarded as being the acquisition of day to day control of the affairs of that body corporate.

Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and other benefits of the Offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as "anticipates", "intends", "expects", "believes", or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of the Bidder and Resurs. Any such forward-looking statements speak only as of the date on which they are made and the Bidder has no obligation (and undertakes no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise, except for in accordance with applicable laws and regulations.

Carnegie is acting for the Bidder and no one else in connection with the Offer and will not be responsible to anyone other than the Bidder for providing the protections afforded to clients of Carnegie, or for giving advice in connection with the Offer or any matter referred to herein.

Special notice to shareholders in the United States

The Offer described in this press release is made for the issued and outstanding shares of Resurs, a company incorporated under Swedish law, and is subject to Swedish disclosure and procedural requirements, which are different from those of the United States. The shares of Resurs are not listed on a U.S. securities exchange. Resurs is not subject to periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act") and is not required to file any reports with the U.S. Securities and Exchange Commission (the “SEC”). The Offer is made in the United States pursuant to Section 14(3) of the U.S. Exchange Act and Regulation 14E thereunder, subject to exemptions provided by Rule 14d-1(c) under the U.S. Exchange Act for a Tier 1 tender offer (“Tier I Exemption”), and otherwise in compliance with the disclosure and procedural requirements of Swedish law, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered) and waivers of conditions, which are different from legal requirements or customary practices in relation to U.S. domestic tender offers. The offeror’s ability to waive the conditions to the Offer (both during and after the end of the acceptance period) and the shareholders’ ability to withdraw their acceptances, are not the same under a tender offer governed by Swedish law as under a tender offer governed by U.S. law. Holders of the shares in Resurs domiciled in the United States (the "U.S. Holders") are encouraged to consult with their own advisors regarding the Offer.

Resurs' financial statements and all financial information included herein, or any other documents relating to the Offer, have been or will be prepared in accordance with IFRS and may not be comparable to the financial statements or financial information of companies in the United States or other companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. The Offer is made to the U.S. Holders on the same terms and conditions as those made to all other shareholders of Resurs to whom an offer is made. Any information documents, including the offer document, are being disseminated to U.S. Holders on a basis comparable to the method pursuant to which such documents are provided to Resurs' other shareholders.

The Offer, which is subject to Swedish law, is being made to the U.S. Holders in accordance with the applicable U.S. securities laws, and applicable exemptions thereunder, in particular the Tier I Exemption. To the extent the Offer is subject to U.S. securities laws, those laws only apply to U.S. Holders and thus will not give rise to claims on the part of any other person. The U.S. Holders should consider that the price for the Offer is being paid in SEK and that no adjustment will be made based on any changes in the exchange rate.

It may be difficult for Resurs' shareholders to enforce their rights and any claims they may have arising under the U.S. federal or U.S state securities laws in connection with the Offer, since Resurs and the Bidder are located in countries other than the United States, and some or all of their officers and directors may be residents of countries other than the United States. Resurs' shareholders may not be able to sue Resurs or the Bidder or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel Resurs or the Bidder and/or their respective affiliates to subject themselves to the jurisdiction or judgment of a U.S. court.

To the extent permissible under applicable law and regulations, the Bidder and its affiliates or its brokers and its brokers' affiliates (acting as agents for the Bidder or its affiliates, as applicable) may from time to time and during the pendency of the Offer, and other than pursuant to the Offer, directly or indirectly purchase or arrange to purchase shares of Resurs outside the United States, or any securities that are convertible into, exchangeable for or exercisable for such shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices, and information about such purchases will be disclosed by means of a press release or other means reasonably calculated to inform U.S. Holders of such information. In addition, the financial advisors to the Bidder may also engage in ordinary course trading activities in securities of Resurs, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with the applicable law. Any information about such purchases will be announced in Swedish and in a non-binding English translation available to the U.S. Holders through relevant electronic media if, and to the extent, such announcement is required under applicable Swedish or U.S. law, rules or regulations.

The receipt of cash pursuant to the Offer by a U.S. Holder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each shareholder is urged to consult an independent professional adviser regarding the tax consequences of accepting the Offer. Neither the Bidder nor any of its affiliates and their respective directors, officers, employees or agents or any other person acting on their behalf in connection with the Offer shall be responsible for any tax effects or liabilities resulting from acceptance of this Offer.

NEITHER THE SEC NOR ANY U.S. STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE OFFER, PASSED ANY COMMENTS UPON THE MERITS OR FAIRNESS OF THE OFFER, PASSED ANY COMMENT UPON THE ADEQUACY OR COMPLETENESS OF THIS PRESS RELEASE OR PASSED ANY COMMENT ON WHETHER THE CONTENT IN THIS PRESS RELEASE IS CORRECT OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.