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Provider: Reuters Investment Profile
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Agasti Holding ASA Resigns from Acquiring Wunderlich Investment Company, Inc. and Continues with Original Strategy

Friday, 21 Jun 2013 02:30am EDT 

Agasti Holding ASA announced that its Board has decided to abort the planned process of buying a majority shareholding in Wunderlich Investment Company, Inc. and to continue the Company's original strategy. Central to the strategy are three business areas Wealth Management, Capital Markets and Investment Management. A part of the strategy is also existing strategic alliance with the Wunderlich system in the United States to ensure the development of Agasti's institutional platform, in particular within Energy, Oilfield Services and Real Estate. The decision is based on discussions with a group of shareholders who did not agree with strategic choice to buy a majority stake in Wunderlich. The Board finds it appropriate to withdraw the proposal for the acquisition of Wunderlich. The shareholder group which expressed disagreement withdraws any ongoing legal proceedings and notice of any action, including any claims for an investigation and has agreed to stand behind Agasti's strategy. Based on conversations with the subscribers in private placement on June 13, 2013 totaling NOK 29.7 million, these subscribers, the shareholder group and Agasti agreed to instead strengthen the capital base by NOK 42 million. This is guaranteed by Tenold Gruppen AS, IKM Industi-Invest AS and Ludvig Lorentzen AS, Sissener AS, Perestroika AS og Mons Holding AS.