FFG’s Investee Abelco Signs Deal to Sell QuickBit shares for A$8.7 Million Cash

Abelco invested in QuickBit AB in 2017 at a cost of SEK5 million.

May 12, 2020 —

Fatfish Blockchain Limited (“Fatfish”, “FFG” or the “Company”) wishes to announce that its 50.1% Swedish listed investee company, Abelco Investment Group AB (“Abelco”), has signed a binding termsheet (the “Termsheet”) to dispose of its entire shareholding in QuickBit AB to Bullet Capital AG for SEK55 million (approximately A$8.67 million) in cash.

Salient Terms

The transaction valued each QuickBit AB share at SEK14, a 30% premium over the closing price of SEK10.80 on 5 May 2020. Abelco is to sell its total shareholding in Quickbit AB, approximately 3.92 million ordinary shares of Quickbit AB under the Termsheet.

Furthermore, under the Termsheet, Abelco may receive an additional payment of up to SEK3.9 million (approximately A$615,000) if the volume-weighted average price of QuickBit AB shares until the end of August exceeds SEK14.
Abelco expects to sign a definitive agreement, close the transaction and receive full payment within 45 days. Founded in 2016, Bullet Capital AG makes investment in the Fintech sector globally.

Outlook and Rationale

Abelco invested in QuickBit AB in 2017 at a cost of SEK5 million. Taking into consideration the QuickBit AB shares sold earlier, Abelco has made a return of 1,220% on invested capital on this disposal. Abelco continues to hold options in QuickBit AB after the transaction. The management of Abelco thinks the transaction will bring significant capital into the company and allows the company to pursue its other strategic interests.

This announcement has been authorised by the Board of Directors of FFG.

For more details, please contact:
[email protected] or visit www.fatfish.co

Contact Info:
Name: Media Team
Email: Send Email
Organization: Fatfish Blockchain Limited
Website: http://www.fatfish.co

Release ID: 88957077