New Wave Group has entered into an agreement with Royal Scandinavia A/S, implying that the Share Transfer Agreement, which the parties entered into on 31 May 2005 regarding the acquisition of 51 percent of the shares in Orrefors Kosta Boda Holding AB with subsidiaries, is changed and amended in the way that the acquisition include all shares in Orrefors Kosta Boda Holding AB.
The purchase sum for all shares in Orrefors Kosta Boda Holding AB amounts to approximately 24.5 MSEK and the shares have been considered to have been taken into possession on 1 June 2005.
The guarantee given by Royal Scandinavia A/S that the Orrefors Kosta Boda group of companies shall not make a loss during the period 1 June – 31 December 2005, has in the new agreement been removed and cancelled, meaning that there no longer exist such a guarantee from the seller.
The aquisition has been consolidated result wise into the New Wave Group of companies from 1 June 2005, inclusive.
Royal Scandinavia A/S will remain with a loan of 90 MSEK to Orrefors Kosta Boda up to 31 December 2007, inclusive, which is subordinated the company's bank debts. Also New Wave Group has granted Orrefors Kosta Boda a loan on the same amount. Besides this, the Orrefors Kosta Boda group of companies is financed through bank loans.
The action-plan for effectiveness and rationalizations of the Orrefors Kosta Boda group of companies, which has been decided earlier, goes according to plan.
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