Nocom AB's merger offer for TurnIT AB executed and declared effective
Stockholders of 576,018 series A and 129,480,090 series B shares in TurnIT AB (publ), representing approximately 81.5% of the capital and 76.7% of voting rights before dilution, have currently accepted the merger offer previously announced by Nocom AB. Similarly, at that time, holders of 768,024 series A or B 2004/2005 TurnIT warrants and 155,057,028 series B 2004/2005 TurnIT warrants, representing approximately 79.1% of all such warrants issued, have accepted the Nocom offer. In all, after full dilution, a total of approximately 80.2% of the capital and 78.4% of the voting rights in TurnIT AB have accepted the Nocom offer. Nocom also currently owns 100 series B TurnIT shares representing 0% of the capital and 0% of the voting rights in TurnIT AB, all of which were purchased separate from the current offer. The public merger offer by Nocom AB has been accepted to the extent that the company will become owner of shares representing more than 80.2% of the capital and 76.7% of the voting rights of TurnIT AB. This considers both before and after full exercise of all warrants issued. The Board of Directors for Nocom have therefore resolved to execute the offer and declare the offer effective, though all previously stated conditions have not been fully met. Notification of the consideration paid to those who have accepted the offer is expected to be able to start on or near March 18, 2005. Since Nocom plans to execute its offer to the extent it is accepted, the requirements for ownership diversity in TurnIT set by the Stockholm Stock Exchange will not be met, raising the issue of whether the shares should be delisted. The acceptance period, currently extended from the original deadline, is further extended to allow all remaining stock and warrant holders in TurnIT AB the opportunity to give notice of their acceptance of the offer. Notification should be made by 3 o’clock p.m. on March 18, 2005. Notification of consideration paid to those who accept the offer during this extension is expected to be able to start on or near March 23, 2005. For further information please contact: Stefan Skarin CEO, Nocom Cell phone: 0708 – 65 10 05 E-mail: firstname.lastname@example.org Stefan Ström CFO, Nocom Cell phone: 0708 – 65 10 68 E-mail: email@example.com Prospectus, information brochure and application form can be requested free of cost from Kaupthing Bank, phone 020–45 64 40, or from Nocom, phone 018–65 55 00.