Enviro has received MSEK 17.6 in additional milestone compensation of which half in shares in the joint venture company
Scandinavian Enviro Systems (Enviro) has received MSEK 17.6 in compensation from the joint venture company after achieving a second milestone linked to the construction of the plant in Uddevalla. Half of the compensation consists of cash and the other half of shares in the joint venture company.
“The compensation is linked to progress at the site but also to completed procurement of critical equipment”, says Fredrik Emilson, CEO.
The compensation is received after achievement of the second of several prefined milestones linked to the construction of the site in Uddevalla. As previously communicated, Enviro will continuously receive compensations linked to the achievement of certain predefined milestones. As Enviro also previously announced, the company will communicate individual transactions linked to these compensations.
The compensations linked to the milestones will consist of half cash and half shares in the joint venture company until a certain share compensation cap is reached. Once the cap is reached, the compensation will continue in cash only.
Enviro’s stake in the joint venture company will fluctuate in pace with the capitalization process for the joint venture. As Enviro previously communicated, current ownership in the joint venture will be communicated with the frequency that follows from current accounting requirements, however at least once a year in connection with the year-end report.
Enviro has an option that gives the company the right to buy into the joint venture company for an ownership stake that ultimately corresponds to approximately 30 percent. Enviro intends to exercise this option in full.
For further information, please contact:
Fredrik Emilson, CEO Enviro, +46 (0)706-05 67 83,
[email protected]
Alf Blomqvist, Chairman of the Board Enviro, +46 (0)733-14 97 00,
[email protected]
Scandinavian Enviro Systems AB
Frihamnen 16B, SE-417 70 Gothenburg
[email protected]
envirosystems.se