Japanese Company Bought All Shares of Excitor, DME Developer, for 1USD

I’m not sure why this information is not disclosed in English. Here is just for your information.

The Acquisition Announcement of Excitor A/S by Soliton K.K. (only in Japanese) (as of Nov 28, 2014)

This announcement says that Soliton System K.K., IT company in Japan listed on JASDAQ, acquired 100% shares of Excitor A/S in Denmark, from Verdane Capital.

Before this acquisition, Excitor A/S stocks holders were as follows.

[Stock holders before acquisition]
Soliton K.K. 11.1%
Verdane NVP II SPV K/S 71.5%
Verdane NVP Speed SPV K/S 9.0%
Investteam Holding Aps 3.1%
Verdane NVP II Associates SPV K/S 2.2%
Verdane NVP I SPV K/S 1.5%
Others 1.6%

After this acquisition, Soliton System K.K. holds 100$ shares of Excitor A/S, i.e. 17,979,861 common stocks.

The acquisition price of Excitor A/S common stocks is 1.00USD (17,979,861 common stocks).
The advisory fee paid by Soliton System K.K. is 1,500,000JPY.

So the estimation price of Excitor A/S per common stock nearly equals to zero.

Based on the disclosure of Soliton System K.K., the consolidated financial status of Excitor A/S at the end of Dec 2013 as follows.

[Excitor A/S consolidated financial status at the end of Dec 2013]
(Unit: million DKK)
Net assets: (24.5)
Total assets: 16.3
Total revenues: 43.1
Gross loss: (7.9)
Loss from operations: (12.3)
Net loss: (11.3)

The entire bank debt of Excitor A/S, 1.2 millions GBP, will be assumed by Soliton System K.K.

*) On Dec 12 2014, Excitor A/S disclosed this news on their web site (Soliton Systems KK Acquires Excitor A/S for Secure Enterprise Mobility Expansion Worldwide). But they naturally said no words about being acquired only for one dolloar. And Verdane Capital still doesn’t disclose this exit.