Ferronordic Machines - Ownership Changes
Lars Corneliusson, CEO and President, and Erik Eberhardson, Head of Business Development, respectively have divested 786,968 and 1,269,103 ordinary shares in Ferronordic Machines AB. The divestments were made in order to settle certain financial commitments to the company’s initial investors, and to reallocate the ownership of shares among the executive management. The terms of the transactions are not public.
Out of the sold shares, 1,479,450 shares were transferred to the company’s initial investors and 576,621 shares were transferred to other members of the executive management. Following the transactions, Lars Corneliusson and Erik Eberhardson control 13.7% and 13.2% of the of the votes, respectively. Collectively the members of the company’s executive management and board of directors control 42.8% of the votes.
Following the said transactions, the ownership of the company’s ten largest shareholders is as follows:
The transactions are not expected to result in any changes of the company’s strategy, operations or current dividend policy.
About Ferronordic Machines
Ferronordic Machines is the authorized dealer of Volvo Construction Equipment and Terex Trucks in Russia. The company began its operations in June 2010 and has expanded rapidly across Russia and is today well established in all federal districts with almost 70 outlets and approximately 700 employees. In addition to distributing and providing aftermarket support to Volvo Construction Equipment machines, the company has also been appointed aftermarket dealer for Volvo and Renault Trucks as well as dealer for Volvo Penta in certain parts of Russia. The company has also signed up some other high quality brands such as Logset and several attachment manufacturers. The vision of Ferronordic Machines is to be regarded as the leading service- and sales company in the CIS markets. The preference shares of Ferronordic Machines are listed on NASDAQ OMX First North Premier. The company has appointed Avanza Bank AB as its Certified Advisor."
Ferronordic Machines discloses the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Act. The information was submitted for publication on 22 December 2015, 07:30 CET
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