Pursuant to the proposal that had been presented by Cyber Security 1 AB (publ), 556135–4811 (the “Company”), the Stockholm District Court has today adopted a compulsory composition agreement (Sw; offentligt ackord) with a 75 percent write down of the Company’s subordinated debt and decided to end the ongoing company reconstruction proceedings.

As indicated in press releases on 11 May 2021 and 12 May 2021, the Company had filed for composition hearings (Sw; ackordförhandling) with the Stockholm District Court pursuant to the ongoing company reconstruction, with a proposal on a compulsory composition agreement entailing a 75 percent write-down of the Company’s subordinated debt (Sw; oprioriterade fordringar) relating to the time period before the commencement of the reconstruction in May 2020. The compulsory court hearing took place today on 7 June 2021, at 15:00 CET.

At the court hearing, the subordinated creditors of the Company voted in favour of the Company’s composition proposal to write down the relevant subordinated debt of the Company with 75 percent. Pursuant to the adopted composition proposal, the remaining 25 percent of the relevant debt shall be paid no later than 12 months from the date when the compulsory composition agreement gains legal effect.

The basis for the court’s decision to end the company reconstruction proceedings is that the purpose of the company reconstruction proceedings shall be deemed fulfilled upon the adoption of the composition proposal.

The court decision to adopt the compulsory composition agreement and to end the company reconstruction proceedings gains legal effect three weeks from today´s date, subject to appeal. The compulsory composition agreement has equal legal effect for all subordinated creditors, irrespective if such creditor participated in and/or voted at the court hearing.

The total amount subject to the compulsory composition agreement is 190,194,181.25 SEK. The write-down amount will be 14,176,378 EUR* and a total of 4,725,454 EUR* is to be paid within one year as dividend to the creditors.

Commenting on the outcome, Chair of CYBER1 Johan Bolsenbroek stated: “The CYBER1 Board is very pleased with the outcome of the composition agreements. This confirmation allows the company to now move forward from a refocussed position and with a structure that has the appropriate corporate governance in place. I provide my thanks for the patience that our key stakeholders and creditors have afforded to the company, during the last twelve months we have been in reconstruction. We look forward to building on the positive start in 2021 and updating you on our future plans on growing the business.”
* Based on 1 SEK=0.0993817 EUR, values in SEK decided by the Court were 142 645 635,94 SEK and 47 548 545,31 SEK respectively.