INCUS Investor ASA is selling Scana Propulsion AS
December 20 2016 - 1:45AM
INCUS Investor ASA ("INCUS Investor") has on
19th of December
2016 entered into an agreement to sell Scana Propulsion AS ("Scana
Propulsion") to Brunvoll AS.
The transaction includes Scana Propulsion's
subsidiaries Scana Volda AS and Scana Mar-El AS in Norway and some
smaller subsidiaries in the US and Asia. Scana Volda AS was bought
by INCUS Investor in 1998. Scana Mar-El AS was bought by INCUS
Investor in 1996. Scana Volda and Scana Mar-El together with the
subsidiaries abroad were organized into the Scana Propulsion group
of companies in 2012.
In 2015 Scana Propulsion had a turnover of
approximately NOK 318 million and a negative result before tax of
approximately NOK 1 million.
Proceeds from the sale is NOK 84 million on an
Enterprise value (EV) basis, on a cash and debt free balance at
closing. The sale will result in an accounting profit of
approximately NOK 46 million in INCUS Investor.
-The sale is part of INCUS Investors strategy to
create shareholders value thru active ownership, and acquisitions
and sale says Bjørn Torkildsen, CEO in INCUS Investor AS.
Closing of the transaction is planned to take
place March 15th 2017, but
pending on the acceptance from the Norwegian Competition
Authority.
The parties have also agreed on a potential future
acquisition of the property company Scana Eiendom Volda AS on
certain terms and conditions.
Based on the above and on customary terms, INCUS
Investor's loan agreement with the existing bank syndicate will be
extended by 12 months to June 2019. The first repayment date is
postponed to 22 March 2018 with subsequent quarterly repayments.
The current simplified covenant structure requiring a liquidity
reserve of NOK 20 million will be extended until the third quarter
of 2017.
For further information please
contact:
Mr. Bjørn Torkildsen, CEO INCUS Investor ASA,
Mobile +47 91 91 97 42
Mr. Kjetil Flesjå, CFO INCUS Investor ASA, Mobile:
+47 90 04 12 13
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
INCUS_Brunvoll_Pressemelding
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Incus Investor ASA via Globenewswire
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