As previously communicated, AB Novestra continues its consolidation and focus on its strategic holdings by disposing of or winding-up non-strategic assets. Up to now this year, holdings in Comintell Holding AB and Target Investment AB have been disposed of and a decision has been taken to wind up 34 Networks AB.
The total effect of all the write-offs and write-downs will be charged to Novestra’s interim financial statement as of March 31, 2002 by a write-down corresponding to approx. SEK 1 per share.
After these transactions, cash/cash equivalents and strategic holdings together constitute 98% of book values. All of these holdings either show positive cash flow or are fully financed.
Simultaneously, the company has initiated the second phase of its consolidation whereby, during the upcoming year, Novestra will increase its ownership in the strategic holdings. This process began during the first quarter i.a. by increasing ownerships in Strax Holdings, Inc. and Netsurvey AB.
“Possibly, by the end of this year, we will have reached over 50% ownership in one or several of our portfolio companies and we aim at continuing this consolidation process during next year,” says Nils Bengtsson, Novestra’s Executive Vice President and CFO.
For further information please contact Nils Bengtsson, AB Novestra, Tel. +46 8 545 017 50.
About AB Novestra
Novestra is an independent venture capital investment company with focus on investments in growth companies providing enabling network technologies and services for the communications industry. Novestra’s portfolio of companies includes B2 Bredband AB, Continuum Group Ltd, myPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc. Novestra’s shares are listed on the O-List of Stockholmsbörsen.
For information regarding AB Novestra, please see www.novestra.com .