The boards in CashGuard AB (publ), quoted on OMX Nordic Exchange Stockholm and PSI Group ASA, quoted on Oslo Børs, entered last night into an agreement on accomplishing a cross-border merger according to the new rules in the Swedish Companies’ Act enabling this since 15 February 2008. The exchange relation has been agreed to be 53 per cent for CashGuard and 47 per cent for PSI. The largest shareholders in the respective companies support the merger, which is proposed to be completed with PSI as the acquiring company.
Through the merger a new company is created with a leading sales and market position combined with state of the art technology in retail business and safe cash handling. The new company will have its primary quotation in Norway and will apply for a secondary quotation in Sweden in immediate connection with the implementation of the merger.
The merger is conditional on approval by the shareholders' meetings of both companies, which are estimated to be held in the beginning of June, on approval by relevant competition authorities and by a secondary quotation in Sweden. The merger is expected to be completed before the end of August 2008.
Setterwalls is Swedish legal counsel to CashGuard and Schjødt is Norwegian legal counsel. Setterwalls' team consists i.a.of Jan Jensen (in charge), Maria Norrman, Anders Grefberg and Jamie Stanbury (corporate) and Karl-Johan Grundström and Linnea Back (tax).