Viking Internet PLC
28 December 2000
VIKING INTERNET PLC
For immediate release
Viking Internet PLC ('Viking') announces that it has entered into an agreement
with Drax Holding AB ('Drax'), a company traded on the junior SBI market of
the Stockholm Stock Exchange, under which Viking will sell materially the
whole of its assets to Drax for a consideration of £2,500,000 to be satisfied
by the allotment to Viking of 70,532,000 ordinary shares in Drax.
On 28 December 2000 the Drax shares were quoted at a mid price of Swedish
kroner 0.925 per share, which increases the value of the consideration to
approximately £4.6 million. The shares represent approximately 17% of the
issued share capital of Drax following the issue, and Viking will be the
largest shareholder in Drax. Drax carries on business as an operational
venture capital company.
In addition to transferring the bulk of its investment portfolio to Drax, the
consideration provided by Viking includes cash of £700,000.
In due course Viking intends to reduce its holding in Drax by selling Drax
shares, and it will seek other investment opportunities as and when cash is
Dated: 28 December 2000
Contacts: Erik Wachtmeister (Chairman) 0046 708 26 06 00
Brian Moritz (Grant Thornton - nominated adviser) 020 7728 2367