Skanditek increases holding in PartnerTech - sells Vellinge Electronics to PartnerTech

Skanditek increases holding in PartnerTech - sells Vellinge Electronics to PartnerTech The Board of Skanditek has written a letter of intent with the Board of PartnerTech regarding a sale of the wholly owned subsidiary Vellinge Electronics with payment in 2,900,000 newly issued shares in PartnerTech. The transaction, which among other things is conditioned upon a decision on an Extraordinary General Meeting in PartnerTech, entails that Skanditek's holding in PartnerTech increases from 1,992,600 shares corresponding to 24.3 percent of the votes and capital to 4,892,600 shares corresponding to 44.0 percent. The Securities Council has decided to permit Skanditek an exception to the rule about obligation to make a bid on all outstanding shares. This decision will shortly be published on the Council's web site www.aktiemarknadsnamnden.se. The sale of Vellinge Electronics will in the Skanditek Group result in a capital loss of SEK 30.0 million, based on a purchase price calculated from PartnerTech's average stock-exchange price the last ten days. In the Parent Company, the loss amounts to SEK 196.4 million. The explanation to the lower book value in the Group compared with the Parent Company is partly a so-called reverse take-over in 1999, partly accumulated amortization of goodwill. Yearly goodwill amortization amounting to SEK 23.7 million related to Vellinge Electronics disappears in view of the sale. The background to the transaction is described in a press release from PartnerTech, which is attached to this press release. Stockholm, October 9, 2001 SKANDITEK INDUSTRIFÖRVALTNING AB (publ) Patrik Tigerschiöld President ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/09/20040928BIT22120/wkr0001.pdf