Skano Group
Skano Group AS acquires Finnish sales organization

DGAP-News: Skano Group /

30.06.2014 / 16:38

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Pärnu, 2014-06-30 16:38 CEST (GLOBE NEWSWIRE) -- Skano Group AS (hereinafter
referred to as Skano) has decided to acquire one hundred percent of the shares
of Suomen Tuulileijona Oy (hereinafter referred to as STOY).  STOY is the
wholesaler of Skano fiberboard products on the Finnish market since 2013. 
Skano's goal with this acquisition is to secure its position on the Finnish
market. Skano does not foresee significant growth in the Finnish sales volume
with the acquisition of STOY. 

The contract for this transaction was signed on June 30 and the transaction
will be finalized this year during the month of July.  The counterparty to the
agreement is Suomen Kuitulevy Oy, who currently owns one hundred percent of the
shares of STOY.  The purchase price will be based on the results of a legal and
financial due diligence and the financial situation as of 30.06.2014 that will
be clarified during the month of July.  The initial estimated transaction value
is approximately 60 000 euros.  The payment terms are 10 business days once the
financial position of STOY is clarified. 

With the ownership transaction the management board of STOY will change and the
new members of the management board shall be Martin Kalle, Gregory Devine Grace
and Anu Krimm.  STOY has no supervisory board.  Skano is aware that STOY is not
involved in any lawsuits nor does it have any arbitration proceedings or claims
against it.  Currently Skano and STOY have a valid fiberboard wholesale
contract. 

This announced transaction does not constitute a related party transaction, and
Skano management or supervisory board members do not have any personal
interest. 


         Martin Kalle
         CEO
         +372 4478 331
         martin.kalle@skano.com
         www.skano.com
News Source: NASDAQ OMX


End of Corporate News

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30.06.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English       
Company:     Skano Group   
 
 
             Estonia       
ISIN:        EE3100092503  
 
 
End of News    DGAP News-Service  
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275933 30.06.2014