SimCorp

2M Invest A/S has sold 100,000 shares in SimCorp, corresponding to 2% of SimCorp’s total share capital. Following the sale, 2M Invest holds 565,200 shares in SimCorp. Proceeds from the sale are reported as being DKr 31m, representing a total gain of DKr 28m. The total proceeds from the sale will be used to reduce 2M Invest’s bank debt, including reducing the guarantee for the firm’s portfolio company, Catenas. The sale has been made as part of the company’s strategy not to hold shares in listed companies, unless 2M Invest is still in a position to add considerable business development.

In addition, following a petition for a restructuring of the company presented in December 2001, the board of directors of the Swedish listed company Dial Nxt Group AB (DNG), has filed a petition for bankruptcy to the Stockholm Stock Exchange and will undergo liquidation. In the summer of 2001, 2M Invest invested DKr 13.7m in the company in order to turn it around. 2M Invest also provided guarantees for DNG totalling DKr 6m. The total commitment will be written off in 2M Invest’s accounts for 2001, which are expected to show a loss of DKr 120m.

Although part of DNG’s operations generated a profit in September and November 2001, fourth-quarter growth was slower than expected and as a result the debt could not be settled as previously anticipated. 2M Invest therefore decided not to reinvest.

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