Getupdated are signing the sale agreement for their subsidiary Crystone AB today, in accordance with earlier communications in regard to the planned sale. The sale is dependent on approval at the extraordinary general meeting. The extraordinary general meeting is rescheduled for the 18th of December in order to give the board enough time to deal with the case. Assuming the extraordinary general meeting approves the sale then the group will receive a liquidity boost of 24 million Swedish crowns. The transfer of ownership takes place directly following the general meeting's decision.
The backdrop to the sale is the intention of the board to focus on the company's core business within the area of Internet marketing. Synergies in connection with Crystone's business activities as one of the country's leading web hosting companies are therefore limited. The purchase sum is to the amount of 40 million Skr, for a liability-free company with deductions for some older accounts receivables, and an additional purchase sum of at most 10 MSEK based on future turnover in Crystone. The sale is not expected to greatly affect the result, as 14 million Skr in goodwill was deducted in the third quarter.
Crystone AB is being purchased by Mattias Kaneteg and Åke Eriksson through their companies. The relationship of Kaneteg and Eriksson to the seller is close, and therefore the board hired Ceres Corporate Advisors AB to organise a structured sales process in an attempt to find an external bid which was higher. As earlier communicated the process was completed but no higher bid was received.
Originally it was intended the deal be presented at the extraordinary general meeting on the 1st of December. This meeting has been cancelled and instead the board intends to issue invites to an extraordinary general meeting on the 18th of December to the same end. The final agreement is being signed today, the 1st of December, and therefore the board has decided to postpone the extraordinary general meeting to order to have enough time to deal with the case.
Details on the planned sale have previously been communicated through press releases in August, in the interim report for the third quarter and in the notice for the extraordinary board meeting.
For more information, contact:
Dan Sehlberg, CEO Getupdated, 070-899 26 44
Kjell Ormegard, Chairperson, 070-668 93 76
About Getupdated Internet Marketing
Getupdated is a rapidly growing full-service provider on the market for Internet marketing and online communications. The company delivers products and services for marketing on the Internet in infrastructure, branding, traffic generation and conversion of visitors to real business. Getupdated can increase the profitability of your Internet investment using Internet strategies, communication, concept development, web and portal development, business systems, web design, e-commerce, communities, content management systems, advertising on the Internet, search engine optimization, affiliate networks and web hosting.
Getupdated Internet Marketing’s clients are companies and organisations who want to reach out to their clients and do business on the Web. Since 1999 the company has helped many companies develop their web presence such as Tele2, Unibet, Intrum Justitia, Gustavsberg and JLindeberg.
Getupdated Internet Marketing has in total approximately 340 employees in Sweden, Norway, Great Britain, France and the USA. Getupdated Internet Marketing is listed on First North and has Mangold Fondkommission as certified advisor.