EQT clarifies reference points with respect to lock-up-revision and Partners’ share sale
Pursuant to continued public reporting regarding the process preceding EQT AB’s lock-up revision and Partners’ share sale on 7 September 2021, EQT AB has today published the following clarification.
On 31 August 2021, the board of directors of EQT AB made a conditional decision with respect to the lock-up revision. This was not a definitive decision, as the preconditions for implementing the revision were not at hand on that date. The decision of the board of directors entailed an authorisation to the CFO to determine if and when the revision should be implemented. The decision was also conditional upon the execution of Partners’ share sale.
Based on the authorization from the board of directors on 31 August 2021, the CFO resolved to implement the lock-up-revision on 7 September 2021. This was preceded by Partners, following completion of confidential pre-soundings with potential investors, entering into new lock-up and reinvestment undertakings. Before that, it was not clear whether the revision would be achievable. The revision of the lock-up structure and the planned share sale were announced shortly thereafter, at 6.10 pm CEST.
The information relating to the lock-up revision and Partners’ share sale (taken as a whole) was deemed to constitute inside information as of 16 August 2021 when the pre-soundings were initiated and ceased to be inside information through the announcement on 7 September 2021.
Partners’ share sales were executed late at night on 7 September 2021, i.e. after the announcement of the information and hence after the information had ceased to be inside information.
EQT AB is still of the view that the handling of the information has been correct, and the company has retained assistance from leading external expertise in this area throughout the process relating to the lock-up revision and Partners’ share sale.
For further information regarding the revision of the lock-up structure and the background of the revision, see press release from 7 September 2021.