Information regarding the Extension of Power of Attorneys in Zound Industries International AB
As communicated on 26th of February 2019, the Board of Directors of Zound Industries International AB (the "Company" or “Zound Industries”) has initiated an exit process of Zound Industries. The exit process is supported by shareholders jointly holding a majority of the shares including, among others, Zenith Venture Capital, Varenne, Telia Company and TIME Investors SAS (the "Principal Owners").
On 18th of April 2019 it was communicated that the Principal Owners, by way of Power of Attorney, had obtained support for the process from Shareholders which, together with Marshall Amplification, held in excess of 90 percent of the shares in Zound Industries.
The existing Power of Attorneys are valid until 31st of December 2019. As communicated on 7th of October 2019, the Board of Director’s have decided to request that each shareholder prolong their existing Power of Attorney relating to the Sale process until the 30th of June 2020. The prolongation is requested to maximize the shareholder value for all shareholders of the Company. In other words, for shareholders to still participate in the potential Sale and to sell Shares to a potential selected buyer at the same price as the Principal Owners, the existing Power of Attorney needs to be prolonged.
Additional information to shareholders and instructions will be published on the Company’s website, https://investors.zoundindustries.com/en/shareholder-information.
Further information
For additional information about the process, please see: https://investors.zoundindustries.com/en/shareholder-information
or contact:
Patrik Linzenbold, Head of Investor Relations
patrik.linzenbold@zoundindustries.com
+46 708 25 26 30
About Zound Industries International AB
Zound Industries designs and develops speakers and headphones under the brand names adidas, Marshall and Urbanears. With a strong focus on innovative technology and user-centered design, Zound has gone from strength to strength since first hitting the market in 2008, launching a wide range of iconic, award-winning products. Zound currently has around 220 employees, with offices in Stockholm, New York, Paris, Shenzhen and Hong Kong. In 2018 turnover reached about SEK 1.86 billion.