Digitalist Group structures its financing, arrangement regarding Yangi AB
Digitalist Group Plc Inside information 24 March 2022 at 12:00
Loan Agreement with Turret Oy Ab
In connection with the arrangement mentioned below Digitalist Group Plc (“Digitalist Group” or “Company”) has agreed with Turret Oy Ab on a loan amounting to EUR 500,000. The loan was granted on market terms, and it will fall due on 30 April 2023.
Turret Oy Ab is the largest shareholder of Digitalist Group.
Arrangement regarding Yangi AB
Digitalist Group has agreed to implement the following arrangement (“Arrangement”) regarding Swedish Yangi AB.
In the Arrangement:
- Based on an option previously granted to it, Digitalist Group's Swedish subsidiary Grow AB subscribes for a total of 11,111 shares in Swedish Yangi AB for a total subscription price of SEK 5,000,000; and
- To increase financial flexibility, Grow AB then sells a total of 7,778 Yangi AB’s shares to Turret Oy Ab for a total purchase price of SEK 6,300,000.
About Yangi AB
Yangi AB was established as a spin off company from The Loop Factory AB in January 2022, where the sustainable packaging technology has been developed as a project since 2014 with public and private funding. Grow AB’s Future Lab team has been a close strategic partner in the Yangi project since 2020 in developing the strategy, commercial concepts, and market collaborations.
Yangi Dry Forming Technology is an emerging technology to replace thermoformed rigid plastics in packaging at scale and offers brands a renewable & recyclable alternative at a low cost per unit and with a dramatic reduction of CO2 compared to plastics and other paper-based technologies, due to its low use of water and fast cycle times. The possibilities to free form and tailor Yangi to many high value and high volume applications and segments makes it very attractive from a commercial perspective.
Yangi has received recognition from NGOs and GOs such as; The Ellen MacArthur Foundation, the Horizon 2020 EIC Accelerator, Dieline Plastic Free Innovation Award, the Solar Impulse Foundation and the Swedish Energy Agency. Yangi is now ready for industrial scaling and are opening up for orders for the first systems in prioritised categories.
Digitalist Group estimates that the Arrangement will not affect its earlier guidance for the year 2022, according to which, in 2022, turnover and EBITDA are expected to improve in comparison with 2021.
According to company law legislation relating to related party transactions Digitalist Group’s board members Paul Ehrnrooth and Peter Eriksson have not participated in the decision making of arrangement.
Digitalist Group Plc
Board of Directors
For further information, please contact:
Digitalist Group Plc
CEO Magnus Leijonborg, tel. +46 76 315 8422, [email protected]
CFO Mervi Södö, tel. +358 40 136 5959, [email protected]
Distribution:
Nasdaq Helsinki Ltd
Main media
https://digitalist.global
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