Bure secures its financial position

he board of directors of Bure together with Sjätte AP-fonden, the company´s largest shareholder, and principal lenders have reached a solution which gives Bure long-term scope for action and enables continued development of existing portfolio companies. Through this solution, an acute liquidity crisis and the immediate risk for destruction of asset values have been removed. The initiatives are:

A new long-term credit agreement with a credit limit of Skr 1,200m, which will run until end-December 2006, has been concluded with Handelsbanken, Nordea and Danske Bank. In addition, an agreement for short-term financing has been made for the period until the issue payment as described below has been received.

A new share issue totalling Skr 750m of a combination of shares and subordinated debentures with preferential rights for the company´s shareholders. The issue is subject to the approval by the Annual General Meeting on 21 May 2003. The issue price will be Skr 0.75 per share. Skr 600m of the issue is guaranteed by Sjätte AP-fonden, Handelsbanken, Nordea and Danske Bank. With the aim of increasing the prerequisites for a fully-subscribed issue, the guarantee commitment is not affected by the first Skr 150m subscribed by owners other than Sjätte AP-fonden. The financing solution enables a new and focused business orientation aimed at creating and realising values in the company portfolio. It also enables divestment of non-strategic assets without being pressed for time which creates conditions for protecting shareholder values. The board of directors has also decided to make additional write-downs and provisions of Skr 822m in the parent company and of Skr 628m in the group in the 2002 accounts with the aim of better reflecting the actual values of the assets.

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