Reference is made to the stock exchange announcements published by XXL ASA (“XXL” or the “Company”, OSE ticker code “XXL”) on 7 January and 18 May 2020 regarding establishment and implementation of a long term management investment program through XXL Management Invest AS (“XMI”).
XXL has today entered into an agreement with Phoenix Ace AS, a company owned by Managing Director of XXL Norway, André Sørensen, pursuant to which the Company will acquire Phoenix Ace AS’ 1,239 shares in XMI, corresponding to an indirect ownership in XXL Sport & Villmark AS of 0.13%, for a price of NOK 1,959.6 per XMI share. The price has been calculated in accordance with the XMI Shareholders’ Agreement, based on the volume weighted average XXL share price during the period from and including 26 October 2020 up to and including 6 November 2020 of NOK 22.82.
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André Sørensen has resigned from his position as the Managing Director of XXL Norway on the basis of personal reasons connected with illness in his close family, and the share trade referred to above is a result of such resignation. In order to ensure a smooth transition, Chief of Staff, Tolle O. R. Grøterud will temporarily act in André Sørensen’s role in close cooperation and dialogue with him until a permanent successor is in place. “We would like to thank André for his efforts and dedication during his tenure at XXL, and we wish him all the best for the future. The process to find his successor will be started immediately and I am confident that we will find a great replacement for André", says Pål Wibe, CEO of XXL ASA.
Following the transaction, XXL will own 96.65% of the shares in XXL Sport & Villmark AS directly and 0.13% indirectly through XMI. André Sørensen will hold 20,000 shares in XXL ASA and no shares in XMI.
This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.
For further queries, please contact:
Press contact Norway:
Marte Ramuz Eriksen
Tel: + 47 952 21 425
E-mail: presse@xxl.no
Investor Relations:
Tolle O. R. Grøterud
Tel: +47 90 27 29 59
E-mail:ir@xxlasa.com
About XXL ASA
XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL’s concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.
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