Significant Decisions Made at Dovre Group's Recent Meeting

Dovre Group's Extraordinary General Meeting Highlights

Dovre Group Plc announced the outcomes of its recent Extraordinary General Meeting, where important decisions were made that will shape the future of the company.

Approval of Key Business Transactions

During the meeting, shareholders approved the proposal from the Board of Directors regarding significant business transactions. This included a major decision to divest Dovre’s Project Personnel and Norwegian consulting operations.

Details of the Sale

A conditional agreement has been reached with Swedish company NYAB AB for Dovre to sell its Project Personnel business and Norwegian Consulting business for a total estimated cash consideration of EUR 34 million. This transaction is expected to close around the beginning of the following year.

Financial Overview and Valuation Insights

The mentioned purchase price is based on a preliminary enterprise value derived from projected earnings before interest and taxes (EBIT) for 2024. It is important to note that the payment structure will allocate 80% of the cash value upon closing, with the remaining 20% held in escrow to ensure compliance with any final adjustments to the purchase.

Impact on Dovre's Structure

Following the sale, Dovre’s operational focus will shift, necessitating amendments to the company's Articles of Association, which will reflect the absence of project personnel activities.

Amendments to Articles of Association

The Board proposed changing the Articles of Association to refine the scope of business activities. The amendments will highlight Dovre’s commitment to offering management consulting, project management, and professional services in various sectors, including energy and infrastructure.

Future Business Directions

Dovre Group aims to enhance its service offerings in energy and renewable sectors while also developing software products related to project management, showcasing a strong commitment to innovation and sustainability.

Access to Meeting Minutes

The minutes from the Extraordinary General Meeting will be accessible on Dovre Group's official website, ensuring transparency and continued communication with stakeholders.

Corporate Leadership Contact Information

For more details and inquiries, stakeholders are encouraged to reach out to Dovre Group's Vice Chairman, Ilari Koskelo, at +358 40 510 8408 or via email for further assistance.

The Legacy and Commitment of Dovre Group Plc

Dovre Group Plc is recognized as a global leader in project management services, boasting a significant reach with operations in multiple countries. With reported net sales of EUR 196.7 million and a steady operating result, the company continues to invest in sustainable practices and contribute to environmental well-being.

Frequently Asked Questions

What major decision was taken at the Extraordinary General Meeting?

The meeting approved the sale of Dovre's Project Personnel and Norwegian consulting businesses to NYAB AB for EUR 34 million.

What will happen to Dovre's operational focus post-sale?

After the sale, Dovre will no longer engage in project personnel activities, leading to significant shifts in its operational strategy.

How is the purchase price of the businesses determined?

The purchase price is based on the projected EBIT for 2024 and includes an adjustment mechanism for final payment based on actual financial performance.

Where can I find the minutes of the meeting?

The minutes will be published on Dovre Group’s official website within a specified period after the meeting.

Who can I contact for more information about Dovre Group?

For further inquiries, you may contact Ilari Koskelo, Vice Chairman of the Board, via phone or email.

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