In January 2018, Tecnotree repatriated net EUR 9.3 million of receivables from its customer in Latin America, out of which EUR 4.2 million were related to maintenance and support services for second and third quarters of 2018.
Tecnotree announced on 26 February 2018 that it will in the financial statements for 2017 write down the goodwill of approximately EUR 16.7 million in its consolidated balance sheet. The goodwill in the balance sheet was mainly related to the business transaction implemented in 2009, and a write-down of EUR 1.2 million was already made in 2012. The write-down is made now, because the business development in Middle East, Africa and Americas has not met with expectations. The delay of financial arrangements has also contributed to hindering the growth of business volumes. The write-down has been recorded as a one-time item having no impact on cash flow.
The company announced on 8 March 2018 that it has entered with Viking Acquisitions Corp. into a transaction agreement, under which Viking undertakes to make a voluntary public cash tender offer to purchase all of the issued and outstanding shares in Tecnotree that are not owned by Tecnotree or any of its subsidiaries. The price offered for each share validly tendered in the tender offer will be EUR 0.10 in cash. The tender offer values Tecnotree at approximately EUR 12.26 million, on a fully diluted basis. Shareholders representing approximately 41.45% of the shares in Tecnotree, have irrevocably undertaken to accept the tender offer. The tender offer is subject to e.g. necessary regulatory approvals and Viking gaining control of more 90% of shares and voting rights of Tecnotree.
On 8 March 2018 the company further announced that the Annual General Meeting of Tecnotree Corporation will be held on 30 May 2018 and the company’s financial report for January-March will be published on 28 May 2018.
The Board of Directors of Tecnotree published on 13 March 2018 its statement on the tender offer of Viking Acquisitions Corp and recommended unanimously that the shareholders of Tecnotree accept the tender offier.
The company announced on 16 March 2018 that the Financial Supervisory Authority has approved the tender offer document of Viking Acquisitions Corp. concerning the tender offer. The acceptance period under the tender 0ffer commenced on 19 March 2018 and expired on 13 April 2018. The acceptance period was extended and expire on 30 April 2018. The tender offer document is available on the company’s website and in internet at www.evli.com/tecnotree.