Novestra acquires Time Vision and creates the leading venture capital company in the nordic countries
NOVESTRA ACQUIRES TIME VISION AND CREATES THE LEADING VENTURE CAPITAL COMPANY IN THE NORDIC COUNTRIES Today, Novestra and TIME Vision have signed a principle agreement by which Novestra acquires TIME Vision, a highly successful company in the venture capital sector. TIME Vision's holdings include Jobline, EuroSeek.com, MrBid, VerifyEasy, Universum and an additional six holdings varying from 3.6 to 50 per cent. The two main owners of TIME Vision, Johan Brenner and Magnus Lindahl, will join Novestra's executive management. Payment for the acquisition will be made in the form of 700,000 newly issued Novestra shares corresponding to 13.52% of the outstanding shares after the issue and of the right of TIME Vision to invest an aggregate amount of approximately 450 MSEK in Novestra in a combination of options and a new issue of 200,000 shares made at a rate of 735 SEK per share. The transaction has been approved by both companies' Board of Directors and is subject to the approval of a Novestra shareholders' meeting. "We believe that this acquisition adds increased value to the Novestra shareholders, partly by TIME Visions portfolio, partly by the fact that two highly successful venture capitalists, Johan Brenner and Magnus Lindahl, now join Novestra's executive management. Moreover, Novestra gets further management resources through the remainder of TIME Visions management, Anna-Lena Axberger, Lars Johansson and Christian Drougge who will also join the company," Novestra's CEO Theodor Dalenson says. "The effect of this transaction is that Novestra now adds nine more interesting companies to its portfolio as well as increasing our existing holdings in Mobilestop.com and Fanglobe.com. The transaction is realised without using any of our liquid assets, currently approximately 700 million SEK; on the contrary we will increase our cash position substantially during the year as a result of this deal," Theodor Dalenson says. "We have had a number of action alternatives concerning TIME Visions future, however we have found that the aggregate portfolio, capital basis and management competence achieved by this transaction creates a unique company with extremely good business opportunities. By taking this step, we have come closer to a common goal to create the leading venture capital company in the Nordic countries," TIME Vision's Chairman Johan Brenner says. NOVESTRA'S NEW ORGANISATION Executive Directors Theodor Dalenson, CEO Lennart Tengroth, Executive Director Peter Ekelund, Executive Director Magnus Lindahl, Executive Director Johan Brenner, Executive Director Business Management Anna-Lena Axberger, Chief Legal Counsel/Investment Manager Lars Johansson, Chief Financial Officer/Investment Manager Christian Drougge, Investment Manager Marcus Söderblom, Investment Manager Administrative Management Cecilia Janson, Investor Relations Johan Heijbel, Finance and Accounting TIME Vision's portfolio consists of the following investments, fully diluted incl. exercised options and warrants: ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/03/20000303BIT00330/bit0001.pdf http://www.bit.se/bitonline/2000/03/03/20000303BIT00330/bit0002.doc