Lauritz.com Group A/S – Bond Written Procedure and Potential sale - Seite 2

After a Carve-out Sale, the remaining activities of Lauritz.com A/S would continue with Lauritz.com Group A/S as the parent company. It is expected that a Carve-out Sale would result in the Equity of the Lauritz.com Group becoming negative by approximately DKK 40m as the sale would generate an accounting loss.

The remaining activities would be expected to have an EBITDA of DKK 0-8m in 2021, as the activities sold in a Carve-out Sale is expected to have an EBITDA of DKK 20-32m in 2021.

Process

A Notice of Written Procedure will be sent to Lauritz.com A/S' bondholders later today, requesting the bondholders to approve terms of a Full Sale and a Carve-out Sale pertaining to the bond terms.

Approval by the bondholders is a condition for the completion of both the Full Sale and the Carve-out Sale. Both a Full Sale and a Carve-Out Sale would require that at least 2/3 of the voting bond debt vote in favor of the proposal. A group of bondholders representing a substantial portion (but less than 50%) of the total bond debt has confirmed that they will vote in favor of the proposal.

The record date for being eligible to vote in the written procedure is 14 April 2021 and the deadline for voting is 3.00 p.m. (CEST) 28 April 2021.

The decision of whether the Full Sale or the Carve-out Sale will be completed will be made by the group of bondholders referred to above, Lauritz.com A/S, majority owners Bengt Sundström and Mette Sundstrøm in the second half of April 2021 based on the terms of the available final deals.

It is expected that either a Full Sale or a Carve-Out sale will be signed prior to the end of April 2021 and that the relevant deal will be closed prior to the end of May 2021.

Founder and chairman, Bengt Sundström states:

“It is with pleasure that we can announce to be very close to a deal that will ensure a good future for Lauritz.com.

It is no secret that the process has been long and tedious but now within a short period of time with great certainty we will conclude one of two deals.

As negotiations stand currently, we as majority shareholder and the management team prefer the full sale since that will keep the whole group as one entity. This solution would consolidate our present strong market position as the largest auction house in the Nordics to be further developed, supported by a new solid financial foundation.

This, I’m sure will be the beginning of a new growth chapter in Lauritz, continuing the high steady growth of 20% that we have executed over the last 9 months with the same positive trends looking forward.”

Best regards
Lauritz.com Group A/S
Bengt Sundström
Chairman

For press enquiries, please contact: Mette Jessen
E-mail [e-mail]

Certified Adviser: Erik Penser Bank AB
Telephone number: [phone]
E-mail: [e-mail]

Market place: Nasdaq First North Growth Market Premier Stockholm

This information is information that Lauritz.com Group A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 01.20 CEST on 09 April 2021.

Attachment

• Company announcement 2021 nr 4 - Lauritz com Group - Bond Written Procedure and Potential sale