Drammen, Norway, 11 September 2023 - Hyon AS (HYON) ("Company") announces that
its Board of Directors (the "Board") has received indication of interest from
third parties regarding potential transactions, whereby the Company is proposed
combined with privately held business operations.
Reference is made to the Company's announcement on 30 August 2023 regarding
close of its strategic review process and the Board's proposal to dissolve the
Company. Following the announcement and notice of an extraordinary general
meeting to resolve the dissolution, the Board of Directors has received
indications of interest for potential transactions from third parties. Based on
the indications the Board believes that it may be possible to reach agreement on
a transaction that is more beneficial to its shareholders than a solvent
dissolution.
The potential transactions are indicated to be structured as a reverse take over
with issuance of new shares by the Company, and a post transaction shareholder
structure providing for a minority holding for current shareholders of Hyon.
Through the proposed transactions, Hyon's core business will be changed to
markets unrelated to its current business, and its current business and
technology are expected to be discontinued and potentially realised to maximise
shareholders' value. Valuation of Hyon remains subject to further discussion but
is indicated inter alia to be based on access to capital markets and a trading
platform on Euronext Growth Oslo.
The Board is in ongoing discussions with the interested parties and expect to
conclude on any continued process in due course prior to the extraordinary
general meeting scheduled for 15 September 2023. Subject to development in
discussions and the receipt of firm interest, the Board may withdraw its
proposal to dissolve the Company.
The Company remains in a position where it has available cash to cover its
operations to year-end 2023. Pursuing an alternative to the dissolution will
result in added cost and increased risk of insolvency should a successful
transaction not be feasible.
For further inquiries, please contact: Jørn Kristian Lindtvedt CEO
(jorn.lindtvedt@hyon.energy), or Otto Søberg Chairman of the Board
(Otto.Soeberg@outlook.com.
Inside information
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Jørn Kristian Lindtvedt, CEO at the time stated in
this announcement on behalf of the Company.
Forward-looking statements
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement.
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.
This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.