Recreate ASA introduces cost reducing measures

21 Nov 2022 15:15 CET

Porsgrunn, 21 November 2022: As communicated in the third quarter report,
Recreate ASA has made an internal review aiming to reduce costs and optimise
operations. On this basis, the Group has identified initiatives which will
contribute to a reduction in personnel costs in the range of 50 per cent
compared with the current level.

The initiatives include salary reductions, temporary layoffs and staff
reductions. The planned cost improvements are expected to have full impact as
from 1 March 2023.

As communicated in an announcement made 11 November 2022, the Group is currently
experiencing uncertainty in the financial markets and corresponding funding
possibilities, which has resulted in a challenging liquidity position. Recreate
is also considering a potential share issue to be launched within the coming
weeks, for the purpose of rising capital towards running operational commitments
and to strengthen its liquidity going forward.

For further information, please contact:

Emil Eriksrød, CEO
emil.eriksrod@recreate.no
+47 415 22 463

Eirik Engaas, CFO
eirik.engaas@recreate.no
+47 934 99 340

Recreate ASA is a full-service real estate company focused on the development,
ownership and management of centrally located and sustainable commercial
properties. Visit the company's website at recreate.no.

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