B&B TOOLS proceeds with the preparation for a separate listing of the Momentum Group operating segment on Nasdaq Stockholm
Source: Nasdaq GlobeNewswire / 28 Oct 2016 02:00:28 America/New_York
The Board of Directors of B&B TOOLS AB (publ) has decided to commence the preparation for a separate listing of the present Momentum Group operating segment on Nasdaq Stockholm. The separate listing will be conducted through distribution of the shares in this business to the shareholders of B&B TOOLS. The aim is to implement the listing during 2017.
The Board of B&B TOOLS AB has assigned the Group management the task of continuing the implementation of the division of the Group’s operations into two independent companies as announced earlier.
“As independent listed companies, Momentum Group and Bergman & Beving can further strengthen their growth and profitability, as well as create new opportunities for interesting acquisitions,” says Anders Börjesson, Chairman of the Board of B&B TOOLS. “A separate listing will also more clearly highlight the values created in each of the companies.”
As a result of the decision to prepare for a separate listing, a Board of Directors has been appointed for Momentum Group AB, comprising Charlotte Hansson, Stefan Hedelius, Johan Sjö, Gunilla Spongh and Fredrik Börjesson as Chairman.
In conjunction with this, an internal subsidiary Board of Directors has also been appointed for the Bergman & Beving operating segment, comprising Chairman Anders Börjesson, Roger Bergqvist, Henrik Hedelius, Malin Nordesjö, Louise Undén and Jörgen Wigh.
It is also the Board’s intention to propose to the same General Meeting of Shareholders of B&B TOOLS that will be tasked with resolving on the distribution of the shares in Momentum Group to the shareholders, that the company’s current name be changed from B&B TOOLS AB to Bergman & Beving AB.
Stockholm, 28 October 2016
B&B TOOLS AB (publ)
For further information, please contact:
Ulf Lilius, President and CEO, B&B TOOLS AB, Tel: +46 10 454 77 00
Mats Karlqvist, Head of Investor Relations, B&B TOOLS AB, Tel: +46 70 660 31 32
The information was submitted for publication on 28 October 2016 at 08:00 a.m. CET.