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Correction to Boreo Plcs 9th IPO

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BOREO PLC Stock Exchange Press Release, August 10, 2022 at 4:00 p.m. EET

Correction to Boreo Plcs stock market announcement dated August 9, 2022 at 9:30 p.m. EET Boreo divests its Russian business

The stock market release has been corrected with respect to the total transaction value as follows:

  • New format: The total value of the transaction is approximately 2.2 million euros. Part of the purchase price is paid with 8,000 shares of Boreo worth 312,960 based on the 30-day volume-weighted average price (VWAP) ending on 29.7.2022 on Nasdaq Helsinki. The remaining part of approximately 1.9 million euros consists of deferred payments.
  • Previous format: the total value of the transaction is not disclosed. The Buyer pays part of the purchase price with 8,000 shares of Boreo.

The corrected stock market press release of August 9, 2022 in its entirety is as follows:

Boreo today sold its 90% stake in the electronic components distribution business in Russia (YE Russia) to companies controlled by Mr. Yrj Pnni, current Managing Director and 10% shareholder of YE Russia (Buyer) .

Following the Ukrainian crisis, we started in March to explore options for business activities in Russia. The now-executed transaction provides us with a solution to exit Russia completely and for YE Russia’s operations and people a more sustainable long-term solution, said Kari Nerg, CEO of Boreo.

The transaction was executed on August 9, 2022. The total transaction value is approximately €2.2 million. Part of the purchase price is paid with 8,000 Boreo shares worth 312,960 based on the 30-day volume-weighted average price (VWAP) ending on 29.7.2022 on Nasdaq Helsinki. The remaining part of approximately 1.9 million euros consists of deferred payments. A separate stock exchange announcement on the purchase of shares will be published on August 9, 2022.

In its H1 2022 interim report published tomorrow August 10, Boreo reports YE Russia in discontinued operations in accordance with IFRS5. Following the finalized transaction, Boreo will recognize in its results for the second quarter of 2022 an impairment of approximately 5.9 million euros. The impact of the impairment of Boreos’ equity is around 8.7 million euros. The impairment has no impact on Boreo’s operating EBIT from continuing operations or on the outlook for other Boreo companies.

Vantaa, August 10, 2022

Boreo Plc
Kari Nerg
CEO

Distribution:
NASDAQ Helsinki Ltd
Main media
www.boreo.com

For more information:
CEO Kari Nerg
+358 44341 8514

CFO I am reunited
+358 40 5563546

Boreo in a nutshell
Boreo is a Nasdaq Helsinki-listed company that creates value by owning, acquiring and growing small and medium-sized businesses in Northern Europe. Boreo’s business activities are organized into three business segments: Electronics, Technical Trading and Heavy Machinery.

Boreos’ main objective is to create long-term shareholder value. It aims to achieve this goal through an acquisition-driven strategy, creating optimal conditions for its business to increase sales and improve profitability, and being a premier home for its businesses and people.

The Group’s net revenue from continuing operations in 2021 was 122 million and it employs more than 300 people in seven countries. Boreos head office is located in Vantaa.

Sources

1/ https://Google.com/

2/ https://www.globenewswire.com/news-release/2022/08/10/2495825/0/en/Correction-to-Boreo-Plc-s-stock-exchange-release-on-9-August-2022-at-21-30-EET-Boreo-divests-its-operations-in-Russia.html

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