Institutions acquires Systemairs shares in Lindab
Systemair (NASDAQ OMX Stockholm: SYSR) acquired in 2012 shares in Lindab AB (publ). The shareholding amounts to 9,150,000 shares, representing 11.2 percent of the shares and votes in Lindab.
A limited group of institutional investors has acquired the entire equity stake and subsequently Systemair has no shareholding in Lindab. The shares were sold at a price of 72 SEK, corresponding to 30 day volume weighted price.
Commenting on the deal says Gerald Engström, Systemair's CEO and President:
"We have together with other owners made changes in the company's board and management that have been useful for Lindab's development. Lindab's latest financial statement shows that the company is developing positively. For Systemair and its shareholders, it seems rational that when an opportunity arises that is good for Lindab and Systemair leave ownership ahead and use the incoming payment to further develop the business in Systemair."
"Privately I own 800,000 shares in Lindab, which I intend to keep. Do I get the nomination committee and shareholders confidence I am happy to continue as a Director of Lindab. "
Systemair makes a capital gain of approximately SEK 250 million on the sale of the shares.
Erik Penser Bankaktiebolag was Systemairs advisor in the completion of the deal.
For further information contact:
Gerald Engström, CEO, +46 222 440 01, + 46 70 519 00 01
Anders Ulff, CFO, + 46 222 440 09, + 46 70 577 40 09
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com
Note: The information here is that which Systemair AB has willingly chosen to make public or that which it is obliged to make public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 10:20 (CET) on 3 March 2014.
Systemair in brief
Systemair is a leading ventilation company with operations in 45 countries in Europe, North- and South America, the Middle East, Asia and South Africa. The Company had sales of SEK 4.55 billion in financial 2012/13 and currently employs about 4,150 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 13 percent.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB, Fantech, Menerga and Holland Heating brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies.