29 February 2024 - Reference is made to the stock exchange announcement dated 6
July 2022 regarding the completion of the divestment of 100 percent of the
shares in Simplifai for which ININ Group received a cash amount of NOK 86.3
million and a vendor note of NOK 50 million.
In relation to an ongoing financing process in Simplifai Invest AS, ININ Group
has entered into an agreement with the senior management of Simplifai to divest
the vendor note in return for 3.75 million shares in ININ Group. ININ Group
could possibly also benefit from a share of potential profit received for
disposal of shares in Simplifai prior to 30 June 2027, limited up to maximum NOK
20 million.
The divesture of Simplifai was a result of a strategic reorientation of ININ
Group and the vendor note entails that ININ Group continues to have an exposure
towards Simplifai. Many market segments and value chains are currently
experiencing significant disruption due to AI, and this may affect Simplifai. It
is the board's view that ININ Group is better served by reducing its exposure in
Simplifai and has therefore, over a period of time, sought to find a solution
that will eliminate this exposure.
The senior management in Simplifai, Bård Hammernes Myrstad, Ho Kwan Leung, Imran
Rajjak Tamboli and Daniel Abrahamsen Kohn, are indirect shareholders in ININ
Group and this transaction has therefore been entered into in compliance with
the Norwegian private limited companies act section 3-8. The board's declaration
and the auditor's confirmation that the transaction is in the best interest of
ININ Group and has been entered into on market terms will be sent to all
shareholders and registered with the Norwegian Register of Business Enterprises.
The transaction is expected to be completed in the near future. Following
completion, ININ Group AS will hold approximately 9,13 million ININ Group
shares.
(ENDS)
For further information, please contact:
Øivind Horpestad, CEO of ININ Group, Tel: +47 910 00 626
About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with
investments in companies within infrastructure and industry services niches in
the Nordics. The group creates value by identifying investment opportunities
within profitable niches with potential for development, consolidation, and
growth, working in collaboration with the platform companies to deliver
sustainable growth and superior profitability. For more information, please
visit: www.inin.no