The parent company is gradually acquiring the minority stake in Generic Mobile
June 5, 2009
Generic Sweden AB and the minority shareholders of its subsidiary Generic Mobile have reached a settlement agreement regarding the compulsory redemption of all outstanding minority shares. Under the agreement, Generic Sweden AB will gradually acquire the minority shareholders’ shares (corresponding to 8% of the total number of shares) for SEK 9.0 million during the period from June 2009 to September 2010, of which at least SEK 3.375 million will be paid in 2009.
The minority shareholders of Generic Mobile requested a mandatory redemption of the minority shares on January 30, 2008. The parties have agreed that the Parent Company has both the right and the obligation to redeem the Minority Shares, but have disagreed on the redemption amount to be applied. Generic’s board of directors has made an overall assessment concluding that the agreed-upon settlement is in the best interests of the company and its shareholders compared to pursuing arbitration.
For further information, please contact
Peter Jansson, President and CEO, email: peter.jansson@generic.se
Phone: 08-601 38 00
Stig-Arne Larsson, Chairman of the Board, email: stig-arne.larsson@telia.com
Phone: 070-513 32 00