SameSystem’s future has been decided, pending successful due diligence, and offers our shareholders the opportunity to sell their shares.
Copenhagen, 15th of January 2025
Dear SameSystem shareholder,
At the extraordinary general meeting on November 5, 2023, we decided to delist from Nasdaq Copenhagen, completed on January 18, 2024. The purpose was to maximise SameSystem’s value, which, in our assessment, could no longer be realised on Nasdaq Copenhagen due to low liquidity in our shares, disappointing company performance, and general macroeconomic factors such as higher interest rates and inflation. The delisting allowed us to explore new potential acquisitions, mergers, or sales opportunities.
Following the delisting, we have been negotiating with several different buyers, and SameSystem is now ready for the next step and can offer our shareholders the opportunity to sell their shares.
The majority shareholders, representing 86.4% of the total shares, have signed an SPA, committing to selling a majority of shares to EC-IT, which was concluded to be the most desirable offer, subject to successful due diligence over the coming weeks. After the expected closing, EC-IT will be the majority shareholder, while the Founder, Henrik Ritlov, and his sons, Tobias and Lucas Ritlov, will roll over a majority of their shares and keep a management role. The Board fully supports this opportunity and recommends that the remaining shareholders use it to sell their shares.
As announced in relation to the delisting from Nasdaq Copenhagen on the 18th of January 2024, all shareholders in SameSystem A/S will be presented with the opportunity to sell their shares at the same price as the major shareholders selling to ECIT, allowing all to capitalise on the investment. The sales price is expected to be approximately 2.20 per share before the deduction of transaction costs, and the closing date is expected to be the 29th of January 2025. As part of the transaction, current CEO Carsten Fensholt and the current Board of Directors will resign their positions as per the closing date.
We strongly believe it is in the interest of all shareholders to participate in this transaction, which will provide an expected sales price more than 50% higher than the closing price on Nasdaq in January 2024, before the deduction of transaction costs.
As a shareholder, you will receive an offer to sell your shares directly from your bank, where your investment depot contains the SameSystem shares. Once you have accepted this offer, your shares will be sold automatically on the transaction date, subject to successful due diligence over the coming weeks.
The below constitutes the transaction terms if you choose to accept the sales of your shares.
The terms follow in Danish and then in English:
Dansk (Handelsvilkår):
Følgende “Handelsvilkår” er vilkår samt betingelser for salg af aktier i Selskabet til:
ECIT Napoleon TopCo ApS
CVR-nr. 45272265
c/o ECIT Services A/S
Hørkær 12A
DK-2730 Herlev
(herefter ”Køber”)
Ved accept af det sendte tilbudsdokument accepteres følgende vilkår samt betingelser at regulere handlen om salg af aktier i:
SameSystem A/S
CVR-nr. 31487927
Rentemestervej 2A
2400 København NV
(herefter ”Selskabet”)
1 GENSTAND
1.1 Sælger (dvs. aktieejer) overdrager til Køber samtlige af sine aktier i Selskabet (herefter ”Aktierne”).
2 BETINGELSER
2.1 Disse Handelsvilkår indgås i forbindelse med en aktieoverdragelsesaftale, hvor visse majoritetsaktionærer sælger sine aktier til Køber (benævnt ”Projekt Napoleon”).
2.2 Disse Handelsvilkår indgås separat fra majoritetsaktionærernes aftale med Køber, idet Sælger ikke skal underlægges nævnte aftales betingelser, herunder f.eks. ikke skal afgive garantier. Sælger afgiver således ingen garantier til Køber vedrørende Aktierne, om Selskabet eller dets forhold.
2.3 Aktierne overdrages fra Sælger til Køber betinget af Closing (dvs. gennemførelse) af aftalen mellem majoritetsaktionærerne og Køber. Per denne dato (Closing) overtager Køber den fulde ejendomsret og adkomst til Aktierne samt alle de til Aktierne knyttede rettigheder, herunder de forvaltningsmæssige rettigheder samt retten til at oppebære eventuelt udbytte hidrørende regnskabsåret 2023/2024 samt alle følgende regnskabsår. Closing forventes at finde sted den 29. januar 2025 eller senest den 28. februar 2025.
2.4 Såfremt der ikke sker Closing af aftalen mellem majoritetsaktionærerne og Køber, annulleres handelen automatisk, og hverken Køber eller Sælger kan gøre krav mod hinanden som følge heraf.
4 SÆLGERS FORPLIGTELSER
4.1 Sælger skal give besked til sin depotbank, hvori Aktierne er placeret, om accept af tilbudsdokumentet samt disse Handelsvilkår. Denne accept er tillige godkendelse af, at Aktierne på instruks af afviklingsagenten (Nordea), skal flyttes til Købers depot.
5 LOVVALG OG VÆRNETING
5.1 Disse Handelsvilkår er underlagt materiel dansk ret (ekskl. lovvalgsregler). Enhver tvist, der måtte opstå i forbindelse med disse Handelsvilkår, herunder tvister vedrørende Handelsvilkårenes eksistens, gyldighed, fortolkning og opfyldelse samt lignende forhold, skal afgøres ved Københavns Byret (første instans) som værneting.
6 ACCEPT
6.1 Disse Handelsvilkår accepteres ved Sælgers besked til sin depotbank.
English (Transaction Terms):
The following “Transaction Terms” constitutes the terms and conditions for the sale of shares in the Company to:
ECIT Napoleon TopCo ApS
CVR-nr. 45272265
c/o ECIT Services A/S
Hørkær 12A
DK-2730 Herlev
(hereinafter referred to as the “Buyer”)
By accepting the submitted offer document, the following terms and conditions are agreed upon to govern the transaction for the sale of shares in:
SameSystem A/S
CVR-nr. 31487927
Rentemestervej 2A
2400 Copenhagen NV
(hereinafter referred to as the “Company”)
1 OBJECT
1.1 The Seller (i.e., the shareholder) transfers to the Buyer all of their shares in the Company (hereinafter referred to as the “Shares”).
2 CONDITIONS
2.1 These Transaction Terms are issued in connection with a share transfer agreement where certain majority shareholders sell their shares to the Buyer (referred to as “Project Napoleon”).
2.2 These Transaction Terms are separate from the agreement between the majority shareholders and the Buyer, meaning that the Seller is not subject to the terms of that agreement, including, for example, the provision of warranties. The Seller, therefore, provides no warranties to the Buyer regarding the Shares, the Company, or its circumstances.
2.3 The Shares are transferred from the Seller to the Buyer contingent upon the Closing (i.e., completion) of the agreement between the majority shareholders and the Buyer. As of the Closing Date, the Buyer acquires full ownership and title to the Shares, along with all rights associated with the Shares, including administrative rights and the right to receive any dividends pertaining to the fiscal year 2023/2024 and all subsequent fiscal years. Closing is expected to take place on January 29, 2025, or no later than February 28, 2025.
2.4 If the agreement between the majority shareholders and the Buyer does not Close, the transaction is automatically annulled, and neither the Buyer nor the Seller can make any claims against each other as a result.
4 SELLER’S OBLIGATIONS
4.1 The Seller must notify their depositary bank, where the Shares are held, of their acceptance of the offer document and these Transaction Terms. This acceptance also constitutes an authorization for the Shares to be transferred to the Buyer’s deposit account at the instruction of the settlement agent (Nordea).
5 GOVERNING LAW AND JURISDICTION
5.1 These Transaction Terms are governed by substantive Danish law (excluding conflict-of-law rules). Any dispute arising in connection with these Transaction Terms, including disputes concerning the terms existence, validity, interpretation, and performance, shall be resolved by the Copenhagen City Court (first instance) as the agreed venue.
6 ACCEPTANCE
6.1 These Transaction Terms are accepted when the Seller notifies their depositary bank.
