Founder Björn Örås sells all his shares…

…probably wants to preserve his legacy

Danir has solid experience within the industry

Price in the transaction SEK 5.87, ~13% premium
Björn Örås founded Ekonompoolen, later rebranded to Poolia, in 1989. Now, having reached the age of 70, he has decided to sell his holding in Poolia to Danir Resources in a SEK 130m transaction. As a result, Danir will hold roughly 46% of the total available shares and ~72% of the votes. The transaction was communicated 26 July and represents a 13% premium towards the previous closing price. We speculate that Mr. Örås wanted to preserve the legacy of Poolia and sell it to a new long-term owner with industry experience, as there was no genuine willingness within his family to take control of the company. Danir Resources is owned by Sigma founder Dan Olofson, former Proffice (Randstad) CEO Lars Kry and current Danir Resources CEO Martin Hansson.

Danir has no intention to further increase its holding
The transaction will also lead to a mandatory bid to the remaining shareholders for the whole company, but Danir has indicated that it has no intention to further increase its holding, even though it could happen anyway if the remaining shareholders chose to accept the mandatory bid to be presented within four weeks of the original transaction. Based on this, we see a low probability of a raised bid.

Additional focus on top-line growth, but no quick fixes
At this point we do not change our estimates, but we believe that Danir will want to place additional focus on top-line growth in the long term. Danir will not, however, make any big changes to the way Poolia is run at the moment. Danir has declared that it thinks Poolia is doing a good job at present, and this likely means that current CEO Jan Bengtsson will keep his position. It also likely means that Danir will influence Poolia through active ownership within the board of directors and focus on long-term change
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