Semcon’s Board turns down JCE’s extended offer

A press release from the JCE Group AB on 23 November 2006 published the result of JCE’s offer to Semcon AB’s (publ) shareholders indicating that when the acceptance period had expired, JCE had only received acceptances equivalent to 20.1 per cent of the capital and voting rights in Semcon. In addition JCE has acquired shares equivalent to 2 per cent of the shares and voting rights in Semcon. Furthermore, JCE reports that the offer will be resumed and that the acceptance period will be extended to 12 December 2006.

Semcon’s Board notes that this means that shareholders representing 80 per cent of the equity and voting rights in Semcon have chosen not to accept JCE’s offer. The Board also notes that trading in Semcon shares exceeds JCE’s offer. The Board is surprised that JCE intends to resume the offer despite the extremely limited support.

The Board stands by its recommendation to Semcon’s shareholders not to accept the extended offer and notes that shareholders representing the absolute majority of shares in Semcon share the Board’s opinion and that these owners have chosen not to accept the offer.