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Trig Social Media AB: TRIG SOCIAL MEDIA AB ACQUIRES TORGUN AB AND INITIATES RESTRUCTURING
Nacka Strand April 7th 2017 (pta034/07.04.2017/15:45) – Stockholm based Trig Social Media AB (ISIN SE0006027546 | WKN A116BG | Symbol TRIG ) has acquired the Swedish real estate company Torgun AB for 10.5 million Euros.
Torgun AB owns land for development in two different regions (Orebro and Torebo) of Sweden and holds options for two further real estate projects in Sweden. The four projects between them are anticipated to generate a net profit of 30 million Euros over the course of the next three years.
The acquisition of Torgun AB is to be paid for in company shares that will be issued in five ratchets. The board and senior management of Trig Social Media AB regard the acquisition as an exciting opportunity to broaden the group’s assets and solidify its balance sheet following on from the recent acquisitions of Pimboo and Fantrac Global Ltd. They believe that such an acquisition can generate funding for the expansion of other parts of the group, as three of the projects are already at the stage where much of the pre-development work has been completed. The fourth site includes plans for a large scale server frame that the company plans to keep as an asset within its business.
Trig Social Media AB director Wayne Lochner said: “We are delighted with this latest acquisition and believe it can only strengthen the company as we look to expand on the successes currently being experienced within the group.”
In order to safeguard shareholders value and to allow the acquisition to be completed, the management has initiated a restructuring of the company, Trig Social Media AB, as it seeks to integrate the new companies into the organization. The restructuring ensures the final payment of outstanding debt to creditors while allowing the company to stabilize financially and take these strong recent acquisitions forward.
AboutTrig Social Media AB
Trig Social Media AB is a group of technology companies focussed on the monetisation of e-platforms, social media and e-merchandising. Pimboo is based in Estonia and the Ukraine and utilises the skills of some of the best and experienced e-commerce specialists in Europe to allow users to both create and monetise their e-platforms around the globe. Fantrac Global is based in London and is the social media division that allows any celebrity, team or franchise from the world of entertainment, music and sport to monetise their existing social media following, through unique relationships with major brands like Mastercard, Amazon and Dentsu Aegis Corporation and creating new and unique ways for them to interact with their fans.
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The directors of TRIG accept responsibility for the information contained in this announcement relating to TRIG. To the best of the knowledge and belief of the directors of TRIG (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not affect the import of such information.