NOTE is listed on the O-list of the Stockholm Stock Exchange
This press release may not be published or distributed in the United States of America or Canada.
NOTE is listed on the O-list of the Stockholm Stock Exchange
-Selling price SEK 75 per share
-The offer comprises approximately SEK 154 million, divided into 2 051 160
shares, corresponding to 21.3 % of the share capital and votes in NOTE AB
-Estimated first day of trading on the O-list of the Stockholm Stock Exchange is 23 June 2004
-The registration period runs from 1 to 14 June 2004
The NOTE group, which is one of Sweden's leading contract manufacturers of
electronics, has grown strongly with good profitability since its formation in 1999.
In order to facilitate continued expansion, the Board of Directors of NOTE AB
decided to apply for listing on the O-list of the Stockholm Stock Exchange.
The NOTE group offers specialist expertise in electronics production
throughout the value chain; from design and development through manufacturing to
aftermarket services. Net sales for 2003 totalled 859
million and profit before tax to SEK 63 million.
In the first quarter of 2004, net sales and profit totalled 286
and SEK 20 million respectively.
- It is part of NOTE's business plan to apply our business model to
defined markets in Europe, so our ambitions go far beyond
further than Sweden. Our long-term goal is to be, within a few years
one of Europe's leading specialised partners in electronics manufacturing.
Currently, access to capital is a limiting factor for
continued strong performance, therefore we are betting on a listing on
Stockholm Stock Exchange. This will enable further high growth for
us," says Erik Stenfors, CEO of NOTE AB.
NOTE in brief
NOTE has its origins in the company EuroSupply Nordic AB, which was formed by
Sten Dybeck and Erik Stenfors in 1999. In March 2000, EuroSupply
Nordic AB together with Elektronikbyggarna i Norrtälje AB, whose subsidiary,
Norrtelje Elektronik AB, had more than 15 years of experience in
electronics manufacturing. This laid the foundation for today's NOTE.
Since 2000, the business has been gradually built up through a
combination of organic growth and strategic acquisitions. This has
occurred during a period characterised by a general decline in the
major contract manufacturers. However, NOTE has, as a result of its
successful business model has been able to grow and deliver improved annual
margins. Today, NOTE is one of the Nordic region's largest contract manufacturers with
activities in interesting geographical regions, as well as in strategic
selected industry segments in Sweden. Most of the manufacturing is carried out
at production sites in Sweden, Lithuania and Poland. Through the ems
ALLIANCE, a self-initiated network of electronics manufacturers, offers
market-oriented production on four continents.
Net sales for 2003 totalled SEK 859 million and
profit before tax to SEK 63 million. For the first quarter of 2004
net sales and profit before tax totalled 286 and
SEK 20 million. The number of employees in the Group as at 31 March was
2004 to 919.
Facts about the offer
The offer comprises a total of 2,051,160 shares, in the form of 1,334,000
newly issued shares (the "Share Issue") and 717,160 existing shares,
which are held by some of NOTE AB's existing owners. The sales price
is SEK 75 per share.
The offered shares correspond to 21.3 per cent of the capital and votes in NOTE
AB, assuming a fully subscribed rights issue.
After the New Issue, the number of shares will amount to 9 624 200, each
at a nominal amount of SEK 0.50.
Provided that the New Issue is fully subscribed, NOTE AB will receive approximately
SEK 100 million before deduction of issue costs.
Major shareholders, board members and senior executives,
together representing 36.1 per cent of the shares in NOTE AB, have
undertakes not to engage in any activity without the prior consent of Hagströmer &
Qviberg to divest further shares held by them in NOTE AB until
at the earliest 12 months after the first day of listing.
Hagströmer & Qviberg Fondkommission AB ("Hagströmer & Qviberg") acts as
as the Company's financial advisor in connection with the Offer.
The prospectus and application form are available at NOTE's head office,
Stockholmsvägen 59, 761 29 Norrtälje and at Hagströmer & Qviberg,
Norrlandsgatan 15, 103 71 Stockholm. Prospectus and application form can be
can also be ordered by phone +46 08 700 0010 and downloaded from NOTE's
website, www.note.se/prospekt or the Hagströmer & Qviberg website,
www.hagqvi.com.
Timetable
Publication of prospectus: 26 May 2004
Application period: 1 - 14 June 2004
First day of trading: around 23 June 2004
For further information
Erik Stenfors, CEO NOTE AB
Telephone: +46 (0)176-799 01 or (0)709-50 80 70
Mette Franek, Chief Information Officer NOTE AB
Telephone: +46 (0)176-799 03 or (0)709-58 81 54
Johan Unger, Hagströmer & Qviberg Fondkommission AB
Telephone: +46 (0)8-696 19 33 or (0)704-86 19 33
Neither the shares, nor the paid and subscribed shares in NOTE AB are
is the subject of trade or an application for trade in a country other than Sweden, and has
consequently not registered and will not be registered in
in accordance with the United States Securities Act of 1933 ("Securities Act")
or any province of Canada and may not be transferred or offered
for sale in the United States of America or in Canada or to
persons resident there or on behalf of such persons other than in
exceptional cases that do not require registration under the Securities Act
or any province in Canada.
The offer is not otherwise directed to such persons whose
participation requires additional prospectuses, registration or other
measures than those required by Swedish law. Prospectuses may not be distributed
in any country where the distribution or offer requires action under
preceding sentence or contrary to the rules of such country. Notification of
subscription of shares contrary to the above may be deemed to be
null and void. Any dispute or claim, of whatever nature,
arising out of the content or dissemination of this
prospectus and/or the offer in general and all related
matters shall be decided exclusively by a Swedish court with exclusive
application of Swedish law.
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