SAGAX PROPOSES DISTRIBUTION IN KIND OF SHARES IN TORSLANDA PROPERTY INVESTMENT TO SHAREHOLDERS
The Board of Directors of Sagax (publ) (“Sagax”) intends to propose a distribution in kind of shares in which 30 Class A or Class B common shares in Sagax will confer the right to one (1) share in Torslanda Property Investment AB (publ) (“TPI”) following a 10:1 split of the TPI share. The proportion of distributed shares corresponds to 15% of the number of shares in TPI. The Board intends to present the proposal to shareholders at Sagax’s Annual General Meeting on 6 May 2020.
Sagax owns 78% of the number of outstanding shares and votes in TPI through Söderport Holding AB, which is jointly owned by Sagax and Nyfosa AB. Sagax and Nyfosa AB intend to jointly distribute a holding corresponding to a total of 30% of the number of outstanding shares and votes in TPI to their respective shareholders.
The distribution will increase the number of shareholders in TPI. This will create a platform for more appropriate trading which is beneficial to the owners and facilitates the continued development of the company.
It is proposed that 30 Class A and Class B common shares in Sagax will confer the right to one (1) share in TPI following a 10:1 split of the TPI share. Sagax will make arrangements for selling excess units (fractions) on behalf of the affected shareholders.
TPI is a Swedish property company that owns and manages properties with a lettable area of 194,000 square metres and a market value of SEK 3 billion. The yield amounts to 6.8% and the total rental value to SEK 227 M per year. The occupancy rate is 100% and the average lease term is 6.4 years. The shares in TPI have been traded on Nasdaq First North Growth Market since 2015. More information about TPI is available on the company’s website (www.torslandapropertyinvestment.com).
The complete terms and conditions of the proposed distribution will be announced in the notice to attend Sagax’s Annual General Meeting. Additional information about the distribution of TPI shares will be published in good time prior to the Annual General Meeting in an information brochure that will be available on the Sagax website (www.sagax.se).
For further information, please contact CEO David Mindus, tel +46 8 545 83 540.
About Sagax
AB Sagax is a property company whose business concept is to invest in commercial properties, primarily in the warehouse and light industry segment. Sagax’s property holdings at 30 September 2019 amounted to 3,021,000 square metres, distributed between 539 properties. AB Sagax (publ) is listed on Nasdaq Stockholm, Large Cap. More information is available at www.sagax.se.
This constitutes information that AB Sagax (publ) is legally obliged to publish under the EU’s Market Abuse Regulation. The information was released for publication, through the agency of the contact person above, on 7 February 2020 at 8:15 a.m. CET.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation.