Reconstruction of VKG guaranteed – new share issue for SEK 50 M

• GTM Holding A/S will subscribe for a preferential rights issue and guarantees a later rights issue for the shareholders in VKG on corresponding terms – provided that the ordinary creditors accept a composition of 50%. Through the issue, GTM Holding will become the new principal owner of VKG.

• Ole Oftedal is proposed as the new Acting Chairman. In addition, Gunnar Mannerheim, Fredrik Mannerheim, Patrik Gransäter and Bertil Persson are proposed as the new members of the board.


GTM Holding A/S has today 12 February signed a guarantee to subscribe for a preferential rights issue of 23,022,500 shares in Värmekyl Grossisten Scandinavia AB (VKG), equal to 57.6% of the total number of shares after the issue, at a price of SEK 1.25 per share. The issue will provide VKG with proceeds of approximately SEK 28 million.

GTM has also guaranteed a later issue with preferential rights for the shareholders on corresponding terms. All in all, the two issues will provide VKG with SEK 50 million.

GTM’s subscription guarantee is conditional on the acceptance of a 50% composition by VKG’s ordinary creditors according to the reconstruction plan and acceptance of the terms for continued financing by the company’s primary bank SEB. The terms have been accepted by SEB.

GTM Holding A/S is a company that is wholly owned by Gunnar Mannerheim. Gunnar Mannerheim is also a founder of the international climate control company Mobile Climate Control, MCC.

Over the past 20 years Gunnar Mannerheim has built up MCC, one of the world’s leading providers of climate control systems with a base in Toronto, Canada, and operations in North America and Europe. In 2007, Ratos acquired a 60% holding in MCC. Since one year ago, Gunnar Mannerheim conducts private investment operations based in Sweden. Gunnar Mannerheim has a background was heating, water and sanitation engineer and has longstanding experience in the industry.

To succeed in the ongoing reconstruction and bring VKG additional expertise, GTM Holding A/S has entered into a collaboration with Ole Oftedal, Patrik Gransäter and Bertil Persson. Ole Oftedal is proposed as Acting Chairman of VKG, while Patrik Gransäter, Bertil Persson, Gunnar Mannerheim and Fredrik Mannerheim are proposed as new board members.

Mikael Kubu, Managing Director of Ackordcentralen i Stockholm, is VKG’s appointed reconstructor. In close cooperation with VKG’s CEO Tom Ekevall Larsen and Gunnar Esbo from SEB, he has worked intensively to find a solution to the company’s financial problems.

“I am very satisfied with the solution now announced, which will give the company both new capital and a new board with valuable expertise and experience. It is my hope that CEO Tom

Ekevall Larsen, who has the confidence of the new owners, the bank and myself, will now be able to concentrate on carrying out the restructuring package that has already by initiated,” says Mikael Kubu.

“VKG has had serious profitability problems in 2007 and a great deal of work remains before the company can show positive earnings. At the same time, we both see significant long-term opportunities for the company. The energy-saving business has enormous potential and we have every confidence in the management skills and aggregate expertise found in VKG”, says Ole Oftedal. “There is a strong core of competent employees with good customer and supplier relationships to continue building on.”

”With GTM Holding, VKG will gain a new principal owner with considerable experience from a closely related industry that has successfully built up an international business from the ground. This will give VKG both new financial resources and industrial know-how, which will be further reinforced by the new proposed board members,” says Tom Ekevall Larsen, CEO of VKG.

Proposed members of the new board of directors:

Ole Oftedal, 53 years, conducts private investment business investments, is a board member of numerous companies and has wide-ranging industrial experience, including a number of restructuring projects. For 17 years he was CEO of several listed Swedish companies, such as Adcore, Klövern Linjebuss and Fritidsresor. He has also been Chairman of Wedins Skor och Accessoarer AB, and is currently Chairman of several venture capital companies, including Televentures, NorrWin and TicMate.

Gunnar Mannerheim, 61 years, is a heating and sanitation engineer and has 35 years of experience in heating and air conditioning systems. In 1981 he founded Mobile Climate Control, MCC, one of the world’s leading providers of climate control systems. Gunnar Mannerheim conducts private investment business.

Patrik Gransäter, 45 years, has 20 years of experience from the financial market. He is one of the founders of Hagströmer & Qviberg AB has is responsible for the establishment of Öhman Luxembourg.

Bertil Persson, 58 years, has for the past 25 years worked as CFO and CEO of major companies in various business sectors, including Volvo, Procordia, Sweden’s Seventh National Pension Fund and Intrum Justitia.

Fredrik Mannerheim, 30 years, is a civil engineer in the energy sector and is employed as Director of Development in the MCC group.

For questions regarding the press release, please contact:

Tom Ekevall Larsen
CEO
+46 (0)76 13 52 125

Ole Oftedal
+46 070 592 7599