Seabased scraps SHAS deal

Business & Finance

The previously announced share purchase by Seabased Holding AS (SHAS) in Seabased AB from Leijon Engineering AB, granting it 50,25% of the voting rights, has been cancelled.

Non-performance on promised investments from Norwegian-based SHAS into Seabased AB put the financial situation of Seabased AB under a considerable strain, according to Seabased.

To remind, SHAS committed to invest $10 million in Seabased AB during 2016, out of which $6 million has been designated for the first half year.

Lengthy delays and changes to the payment installment plan to Leijon Engineering AB further contributed to the decision to cancel the deal, Seabased informed.

Mats Leijon, CEO of Seabased, said: “I am disappointed it didn’t work out with SHAS, but very pleased with the process now in place to bring fresh capital directly into Seabased AB.”

Namely, a group of investors in Seabased AB are working with the company to bring fresh capital directly into Seabased AB in the short term, and to turn the capital-raising project over to a well-matched investment bank as soon as possible.

The need for new capital coincides with expansion of Seabased AB into new export markets, the company stated.

The shares representing a controlling interest (50,25 % of the voting rights) in Seabased AB, Sweden, are returned to Leijon Engineering AB.