Recent Insider Transactions Derivative • Feb 06
CEO & Member of Executive Board exercised options to buy kr.7.2m worth of stock. On the 4th of February, Christian Stendevad exercised 556.56k options at around kr.10.24, then sold 117.68k of them at kr.16.50 each and kept the remainder. Since March 2024, Christian's direct individual holding has decreased from 21.55k shares to 0. Company insiders have collectively bought kr.1.6m more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jan 29
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr.551.2m market cap, or US$76.8m). Announcement • Nov 29
Visma Danmark Holding A/S entered into a binding agreement to acquire Penneo A/S (CPSE:PENNEO) from group of sellers for approximately DKK 560 million. Visma Danmark Holding A/S entered into a binding agreement to acquire Penneo A/S (CPSE:PENNEO) from group of sellers for approximately DKK 560 million on November 29, 2024. Visma Danmark Holding and Penneo have today entered into a binding agreement pursuant to which Visma will make an all-cash voluntary recommended public takeover offer to acquire all of the shares (excluding treasury shares) in Penneo at a price of DKK 16.5 per share. Visma has sufficient capital to finance the Offer and its purchase of the Penneo shares by cash payment backed by a parent guarantee provided by Visma AS. Visma has received irrevocable undertakings to accept the Offer at the Offer Price subject to certain customary conditions, from the following shareholders in Penneo i.e., The irrevocable undertakings represent jointly approximately 43.0 % of the voting rights and share capital in Penneo, Irrevocable undertakings provided by Viking Venture 29 AS and the founders will remain in force regardless of any competing offers being made, Furthermore, ATP, whose ownership amounts to 3,374,000 shares, corresponding to approx. 9.9 % of the voting rights and share capital in Penneo, has confirmed its intention to accept the Offer absent any superior competing offer. Consequently, shareholders representing a total of 17,999,724 shares, corresponding to approx. 52.9 % of the voting rights and share capital in Penneo, have either entered into irrevocable undertakings or confirmed their intention to accept the Offer. The offer period is initially expected to expire four (4) weeks after publication of the offer document but can be extended including in order to allow time for satisfaction of the regulatory conditions. No later than three (3) business days after expiry of the offer period (as may be extended), Visma will publish the final result of the Offer. Completion of the Offer is expected to occur around January 31, 2025. The board of directors of Penneo has unanimously resolved and today confirmed in the Agreement entered into with Visma that it will recommend the shareholders of Penneo to accept the Offer. The Offer will be made subject to a number of customary conditions, as well as a requirement that the total number of tendered shares in the Offer will amount to more than 90.0 % of the voting rights and share capital of Penneo and that necessary approvals by relevant regulatory authorities are obtained.
Visma has appointed ABG Sundal Collier Denmark, filial af ABG Sundal Collier ASA, Norge as financial advisor as well as Accura Advokatpartnerselskab as legal advisor in connection with the Offer. 
