Sale of Roblon Lighting
Roblon A/S has today entered into an agreement regarding the sale of the company’s Roblon Lighting business segment. According to the agreement, local investors (Dennis Vestergaard Thomsen and Brian Sørensen) will acquire Roblon Lighting on 30 April 2017.
Roblon addressed the company’s future strategy in a company announcement released in September 2016. One of the things made clear in this announcement was that the Roblon Lighting business segment was no longer regarded as a core activity, which is why the business segment was put up for sale.
As part of the deal, the buyer of Roblon Lighting acquires all business activities associated with Roblon Lighting, its intangible assets and property, plant and equipment as well as inventories. Roblon Lighting has a staff of 17, all of whom will be retained by the buyer as part of the sale agreement.
The total sale price provisionally amounts to DKK 12.6 million, which includes normalised inventories of DKK 5.5 million. Inventories will be calculated on the closing date, and adjustments in relation to the normalised amount made. Under the agreement, Roblon will finance DKK 2.6 million of the sale price over 24 months.
The buyer wants to maintain management, production, sales and administration in Frederikshavn. In light of this, Roblon has entered into an agreement with the buyer regarding the lease of separate production areas as well as offices in Roblon’s headquarters in Frederikshavn.
The net proceeds from the sale of Roblon Lighting will, after payment of transaction costs, give rise to positive pre-tax earnings for 2016/17 of approximately DKK 4 million, which will be included under the profit/loss for discontinuing operations.
Revenue of around DKK 240 million and profit before tax of around DKK 15 million are still expected in the financial year 2016/17 for continuing operations.