Adcore's Board to cancel compulsory redemption
On 6 December 2001, within the framework of this autumn's operational restructuring, Adcore AB entered an agreement regarding the divestiture of its majority holding in Adcore Stockholm AB-before new tax regulations limiting the deductibility of capital losses is proposed to come into force. The acquirer is the enterprise Quatre Chenaux Sverige AB, owned by a consortium represented by Johan Ek, one of Connecta AB's original founders. This transaction, where the final payment will not be determined until the completion of Adcore's Consolidated Financial Statement for 2001, has been structured to avoid any adverse effect on the minority share of equity of Adcore Stockholm AB.
This transaction implies Adcore AB taking steps to benefit from capital losses on shares in Adcore Stockholm AB, although does not imply Adcore AB selling its loss deductions.
Because the capital losses on the divested shares have already been posted to the accounts, any other financial effect on Adcore AB is assessed as marginal-at present, Adcore Stockholm AB pursues no business. The consulting activities of the Adcore group are pursued through wholly owned subsidiary Adcore Consulting AB.
As a consequence of the cancellation of the present compulsory redemption process, the acquirers will determine how the minority of some 2% of Adcore Stockholm AB will be processed, with an announcement on this decision to be made as soon as possible.
Stockholm, Sweden, 17 December 2001, Adcore AB (publ)