NYAB is preparing move to Sweden – Jan Öhman as new Chairman of the Board
28.09.23NYAB is proceeding with a re-domiciliation of the company from Finland to Sweden, a de-listing from Nasdaq First North Growth Market Finland and a listing of its shares on Nasdaq First North Premier Growth Market Sweden. Following the re-domiciliation and transfer of listing, NYAB is expected to increase its access to the capital markets, improve the liquidity of its shares, strengthen the awareness of the company and gain commercial benefits. NYAB expects to publish a formal cross-border conversion plan before the end of 2023.
NYAB’s Board of Directors has, after a feasibility analysis initiated earlier this year, concluded that a domicile change to Sweden would be beneficial for the company and its shareholders, and has decided to proceed with the domicile change process where the company’s registered office and head office are planned to be located in Luleå. The majority of the company’s business operations are conducted in Sweden and a Swedish listing is expected to be beneficial for the company from a commercial perspective. In addition, a majority of the company’s shares are held by shareholders domiciled in Sweden, which further supports the listing transfer to Sweden.
“NYAB has over the years demonstrated a high and profitable growth. We strongly believe that NYAB’s entrepreneurial culture and close collaboration with our customers has and will continue to be a key success factor going forward. I want to emphasize that Finland will remain a very important market for our operations and home to talented employees and important customers, to which we owe a great deal of our achievements. However, a re-domiciliation to Sweden and a listing on First North Premier in Sweden would bring us closer to our largest customers and geographical markets and support our strategy to continue to grow profitably” says Johan Larsson, CEO at NYAB.
Jan Öhman as new Chairman of the Board
On 27 September 2023, NYAB Plc’s Board of Directors appointed Jan Öhman, previously Vice Chairman, as new Chairman of the Board. Öhman succeeds Markku Kankaala, who continues to serve as Vice Chairman of the Board.
“I am excited to announce that today, on my recommendation, a unanimous Board of Directors has appointed Jan Öhman as Chairman of the Board of NYAB. Jan’s extensive experience from the administration of companies listed in Sweden and his long history of leadership makes him the ideal person to lead the Board of Directors in NYAB’s next phase. Today’s announcement regarding the initiation of the company’s re-domiciliation to Sweden and the aim for a listing at Nasdaq First North Premier in Stockholm marks a good time to hand over the Chair to Jan and develop the company together with the management even stronger with his competencies. At the same time, I am glad to continue my cooperation with Jan as Vice Chairman”, says Markku Kankaala, new Vice Chairman of the Board at NYAB.
Jan Öhman, who was elected member of NYAB’s Board of Directors in April 2023, has an extensive experience from the administration of listed companies. Most recently he was the CFO of Nasdaq Stockholm main listed Industrivärden AB between 2019-2023. Öhman is independent of the company and its major shareholders.
“NYAB has a demonstrated history of high growth and profitability. As Chairman I look forward to further develop the company together with the Board and management as it enters its next phase. During his tenure as Chairman of the Board, Markku successfully oversaw the merger between NYAB and Skarta, amongst other things. Now, I am truly excited to continue working closely with Markku, the rest of the Board and company management, to develop the company further and create value for its stakeholders.” says Jan Öhman, appointed new Chairman of the Board.
The cross-border conversion and subsequent listing transfer are contingent on, among other things, final resolutions by NYAB’s Board of Directors regarding the formal cross-border conversion plan, resolutions by an Extraordinary General Meeting in NYAB Plc, and applicable regulatory approvals and processes. The EGM is expected to be held in the first quarter of 2024. The cross-border conversion and the listing transfer are expected to be completed during the first half of 2024.
