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SSBV-Rovsing A/S Completes Merger of Product Lines with Satellite Holdings BV


Thursday, 6 Dec 2012 07:17am EST 

SSBV-Rovsing A/S announced that it has completed the merger of product lines with Satellite Holdings BV (SSBV).SSBV has the option to cancel the transaction if SSBV-Rovsing has not strengthened its capital base with a minimum of EUR 10 million by March 31, 2013. The purchase price amounts to EUR 3 million (DKK 22.35 million), originally divided into an interest-free convertible loan of EUR 2.5 million and cash payments of EUR 0.5 million over a three-year period, which could be converted into shares in SSBV-Rovsing. In connection with the completion of the transaction, it was agreed that the purchase price of EUR 3.0 million is paid in the form of an interest-free, convertible loan. According to the loan agreement, SSBV can exercise its right to convert the SSBV loan of EUR 3.0 million to shares in SSBV-Rovsing at a price of EUR 0.50 minus the discount, which is expected to be granted to existing shareholders in connection with the planned rights issue. Following the conversion of the loan, SSBV is expected to become the largest shareholder in SSBV-Rovsing with an estimated stake of up to 29% of the total share capital. 

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