November 27, 2017 / 7:25 AM / 21 days ago

BRIEF-Option Appoints Guy Coen As CEO and Makes Capital Increase

Nov 27 (Reuters) - OPTION NV:

* APPOINTS GUY COEN AS CEO EFFECTIVE IMMEDIATELY‍​

* ACQUIRE 100% OF THE SHARES OF CRESCENT NV‍​

* TO CONTRIBUTE OVER 80 PERCENT OF REMAINING DEBT INTO CAPITAL OF COMPANY; NEGOTIATIONS ONGOING FOR REMAINING 20%‍​

* TO PROVIDE BRIDGE FUNDING OF EUR 1.6 MILLION TO REPAY SHORT-TERM NON-FINANCIAL DEBT

* THE SHORT-TERM NON-FINANCIAL DEBT OBLIGATIONS OF COMPANY WILL ALSO BE CONTRIBUTED INTO CAPITAL

* TO START NEW COMPANY (NEWCO) TO PROVIDE INTEGRATED IOT SOLUTIONS FOR INDUSTRIAL AND PUBLIC SECTOR CUSTOMERS‍​

* FOLLOWING THE AGREEMENT WITH SHAREHOLDERS, A MINIMUM OF EUR 8.1 MILLION TO BE CONTRIBUTED INTO CAPITAL Source text: bit.ly/2i8xf7z Further company coverage: (Gdynia Newsroom)

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