Saga Pure: Contemplating establishment and subsequent listing of new investment company

09 Nov 2022 12:40 CET

(Oslo, 9 November 2022) Saga Pure ASA (Saga Pure, OSE: SAGA) today announces the
intention to establish a new industrial investment company focused on distressed
assets, with the ambition of a separate listing on Euronext Growth in the first
quarter of 2023. The new company will have NOK 500 million in equity in form of
cash.

Highlights

· Saga Pure ASA has since its inception in the fourth quarter of 2020 realized
net gains of NOK 490 million, contributing to a cash position of NOK 780 million
as per primo November 2022.
· The Board of Directors considers the company to be overcapitalized and
proposes to the extraordinary general meeting (EGM) to establish a new
investment company to invest in distressed assets.
· The new company is expected to list on Euronext Growth in the first quarter
of 2023 and will have NOK 500 million in equity in form of cash.
· Saga Pure ASA will, in addition to its current investments, retain NOK 280
million in cash as per primo November 2022 and is well capitalized. Saga Pure's
strategy will remain unchanged.

Saga Pure has since its inception in the fourth quarter of 2020 realized net
gains of NOK 490 million, contributing to a cash position of NOK 780 million as
per primo November 2022. The Board of Directors considers the company to be
overcapitalized and proposes to the extraordinary general meeting (EGM) to
establish a new investment company. The new company will invest in distressed
assets and will be led by Håkon R. Fure.

"Saga Pure has built a strong track-record of investing in green technologies,
leveraging on the competence of our Board and investment team, access to deal
flow, and capital discipline. We have during the past year also seen
increasingly volatile capital markets, which we expect to continue, and see
several investment opportunities within distressed assets. To capitalize on
these opportunities, the Board of Directors has proposed to establish a new
investment company with a broader investment mandate," says Bjørn Simonsen,
Chief Executive Officer of Saga Pure.

The new company is expected to list on Euronext Growth in the first quarter of
2023. The new company will have NOK 500 million in equity in form of cash from
Saga Pure. Following the demerger, Saga Pure will retain NOK 280 million in
cash, in addition to its current key ownership positions in Heimdall Power,
Horisont Energi, Hyon and IC Technology. Saga Pure will remain well capitalized
and will continue to look for investments within green technologies.

"The strategy of Saga Pure remains unchanged. We have a portfolio of companies
with great potential, a solid balance sheet and will continue to develop current
and future investments. The demerger exemplifies our disciplined capital
allocation, our focus on return on equity and will provide our investors with
access to a broader investment universe," Simonsen concludes.

All shareholders in Saga Pure will pro rata receive shares in the new company,
which will be tradable following the listing on Euronext Growth, expected in the
first quarter of 2023. The transaction is subject to approvals by the EGM of
Saga Pure, to be summoned in the near future.

The new company will be led by Håkon R. Fure. Fure brings experience from DNB
Markets Equity Research and Magni Partners, as well as from the boards of Avida
Finans, Mybank, Storebrand and Yara International.

Saga Pure will host a company update on 10 November at 12:00 CET, where the
above-mentioned demerger will be outlined. The presentation of the financial
results for the third quarter 2022 and the Board of Directors' report will be
published on 10 November at 07:00 CET.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within
renewable energy, hydrogen, circular economy and CO\2\-reduction.

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 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Espen Lundaas, CFO, Saga Pure ASA, on 9 November
2022 at 12.40CET.

More information:
Access the news on Oslo Bors NewsWeb site

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