Oslo, June 12, 2017
As previously communicated, the biopharmaceutical division engaged a team of international industry experts to propose an updated development plan and strategic partnership assessment. The team has been in dialogue with several potential partners and the response has been positive. However, it has not been possible to conclude a strategic partnership on acceptable terms.
As the current agreement with the team of industry experts expired at the end of May, various alternatives have been considered by management including engaging advisors to explore market opportunities or winding down the activities. Based on this review, it has been decided to wind down the activities. All employees have been informed and steps are being taken to stop all further activities and secure documentation related to the intellectual property rights. The book value of the intangible assets of NOK 120 million will be expensed in addition to a restructuring provision of NOK 5 million in Q2 2017.
After this restructuring, Solon Eiendom will be a pure residential real estate developer.
For further information, please contact:
Andreas Martinussen, Chief Executive Officer, Solon Eiendom ASA
Tel: +47 400 00 405, email: firstname.lastname@example.org
Scott Danielsen, Chief Financial Officer, Solon Eiendom ASA
Tel: +47 952 55 620, email: email@example.com
About Solon Eiendom
Solon Eiendom is a Norwegian residential real estate development company focusing on the Oslo and Akershus region. Solon Eiendom was established in 2006 by founder Simen Thorsen and investor Tore Aksel Voldberg.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.