With unchanged offer, Nocom achieves 99.5% of the capital and votes in TurnIT – calls for mandatory redemption of remaining TurnIT shares

The extended application period for Nocom’s public offer to the stockholders in TurnIT AB expired on June 12, 2006. Nocom now holds approximately 99.5% of the share capital and votes in TurnIT and has called for mandatory redemption in order to acquire the remaining outstanding shares. “These operations were very successfully integrated already last year. Furthermore, the high rate of acceptance means that mandatory redemption will not have any major impact on Nocom’s finances,” says Stefan Ström, CEO of Nocom. “The acquisition of TurnIT has gone smoothly with nearly 100% acceptance of our offer, which has been unchanged throughout the offer period,” according to Stefan Skarin, Chairman of Nocom. “The formal acquisition process can now be completed, which is positive for all of Nocom’s stockholders.” Acceptance of the offer Nocom’s offer has been accepted by stockholders representing 1,863,976 class A shares and 178,455,739. class B shares in TurnIT, corresponding to approximately 99.3 percent of the share capital and around 99.4 percent of the votes. Including the 63,800,424 TurnIT shares subscribed for by Nocom in connection with the new share issues resolved on by TurnIT’s AGM on May 15, 2006, Nocom holds approximately 99.5 percent of both the share capital and votes in TurnIT. Notice of mandatory redemption Nocom now holds more than 90 percent of the shares in TurnIT, and has thus called for mandatory redemption of the outstanding shares in TurnIT. Mandatory redemption is a normal procedure in connection with public offers where the acquiring company has gained control over more than 90 percent of the shares in the target company (the acquired company). Reporting of payment Reporting of payment to the stockholders who accepted Nocom’s offer during the extended application period is expected to begin around June 20, 2006. Extension and slut date of offer The Board of Nocom had decided to give the remaining stockholders in TurnIT a final chance to accept the offer, and has therefore extended the application period until 3:00 p.m. on Thursday, June 22. No further extensions of the offer will be made thereafter.