East Capital Explorer AB (OM:ECEX), along with the founders of AS Starman agreed to acquire unknown majority stake in AS Starman a consortium led by Bancroft II, L.P., managed by The Bancroft Group, LP for €29 million on May 3, 2013. As a part of the transaction, East Capital Explorer AB will acquire 51% stake in AS Starman for €24 million and the founders of As Starman, Peeter Kern and Indrek Kuivallik, will increase their current equity stakes in Starman by investing ... an additional €5 million on the same terms as East Capital Explorer. Pursuant to the transaction, AS Starman will be treated as a subsidiary of East Capital Explorer. The transaction will be financed partly with an acquisition loan from SEB and Swedbank. For 2012, AS Starman reported revenues of €28 million and EBITDA of €13 million. The transaction is subject to approval from the Estonian competition authorities and is expected to be completed during the second quarter of 2013. CMS Cameron McKenna acted as a legal advisor to The Bancroft Group, LP and Raidla Lejins & Norcous acted as a legal advisor in the deal. William Wells and John Brimacombe of N M Rothschild & Sons Limited acted as financial advisors for AS Starman. Marina Tolmatshova and Elo Tamm of LAWIN acted as legal advisors for East Capital Explorer.
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The shareholders of East Capital Explorer AB (OM:ECEX) authorized a share repurchase program at its Annual General Meeting on April 24, 2013. Under the program, East Capital will repurchase its own shares such that it’s holding of own shares after the purchase amounts to a maximum of 10% of all the shares in the company. The repurchases will be made at a price within the registered price interval from time to time, which means the spread between the highest bid price ... and lowest ask price prevailing from time to time on the exchange.. The repurchases will be made on the OMX Nordic Exchange in Stockholm. The repurchases may also be performed in accordance with an offer directed to all shareholders with a cash consideration not below the market price at the time of the offer and with a maximum upward deviation of 20%. The purpose of this mandate to repurchase shares in the company is to enable the board of directors to adjust the capital structure and thereby generate a higher value for the shareholders. The authorization may be utilized on one or more occasions, however not longer than until the next Annual General Meeting in 2014. As of March 26, 2013, the company has 31,424,309 shares.
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