Duyuru • Jan 23
Visma Danmark Holding A/S completed the acquisition of 96.49% stake in Penneo A/S (CPSE:PENNEO) from group of sellers. Visma Danmark Holding A/S entered into a binding agreement to acquire 96.49% stake in 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. As of December 19, 2024, the offer will commenced on December 20, 2024, and will close on January 21, 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. On January 8, 2025, Danish Competition and Consumer Authority has approved the transaction.
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. Danske Bank A/S is acting as financial advisor and fairness opinion provider Plesner Advokatpartnerselskab are acting as legal advisors to Penneo.
Visma Danmark Holding A/S completed the acquisition of 96.49% stake in Penneo A/S (CPSE:PENNEO) from group of sellers on January 21, 2025. The Offer has received preliminary acceptances representing 32.730282 million shares in Penneo. All conditions of the offer has fulfilled. Duyuru • 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. Duyuru • Sep 24
André Clement to Step Down as Chief Commercial Officer of Penneo A/S Penneo A/S announced that André Clement, Chief Commercial Officer (CCO) and co-founder of Penneo, is stepping down from his position to pursue new opportunities in the startup environment. André Clement will stay with Penneo until the end of 2024 to ensure a smooth transition and continuity of his responsibilities. New Risk • Aug 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (€42.9m market cap, or US$47.4m). Reported Earnings • Aug 29
Second quarter 2024 earnings released: kr.0.11 loss per share (vs kr.0.29 loss in 2Q 2023) Second quarter 2024 results: kr.0.11 loss per share (improved from kr.0.29 loss in 2Q 2023). Revenue: kr.24.0m (up 9.5% from 2Q 2023). Net loss: kr.3.73m (loss narrowed 60% from 2Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (€34.7m market cap, or US$38.6m). 