Adcore creates new property corporation and secures funding for its consulting business

2002-05-16

Adcore’s consulting business, Adcore Consulting, to change corporate name to Connecta AB

– Connecta to transfer to shareholders (through the Swedish legal precedent known as Lex Asea) and will initially apply for a listing on alternative marketplace Nya Marknaden

– Connecta to receive satisfactory working capital

– Business to focus on IT and management consulting with high profitability potential

Adcore AB becomes a property company and changes name to Klövern AB

– Klövern to acquire a property holding from Wihlborgs for SEK 1,256 m

– Klövern intends to position itself on the real estate market, actively acquiring, developing and divesting high-yielding properties

– Klövern is to implement a guaranteed preferential rights issue of some SEK 253 m

Press conference at 12 pm today

A press conference relating to these transactions will be held at the Stockholm Concert Hall, Aulin-salen, Kungsgatan 43, at 12:00 today. Adcore’s CEO Ole Oftedal and Stefan Dahlbo (proposed as Klövern AB’s Chairman) will be present at the event to respond to questions.

The full Press Release is available to download from the enclosed link.