NENT listing planned for Q1; New board directors
September 11, 2018
Following the completion of Kinnevik AB’s distribution of its entire shareholding in MTG to its shareholders in August, MTG will now continue its work towards the previously announced split and distribution of all the shares in Nordic Entertainment Group (NENT Group; comprising MTG Nordic Entertainment, MTG Studios and Splay Networks) to MTG’s shareholders, and the listing of these shares on Nasdaq Stockholm.
The process is subject to, inter alia, the approval of an Extraordinary General Meeting of MTG’s shareholders, which will be held in Q1 2019 and would result in the listing of NENT Group’s shares in March 2019. As previously announced, MTG and NENT Group have operated as separate companies with separate brands since 1 July.
Anders Borg, Henrik Clausen and Kristina Schauman have also been appointed as new NENT Group Board Directors. The members of the Board of NENT Group now comprise David Chance (Chairman of the Board), Simon Duffy (Chairman of the Audit Committee), Nathalie Tydeman (Chairman of the Remuneration Committee), Anders Borg, Henrik Clausen and Kristina Schauman.
Borg was Sweden’s Minister of Finance from 2006 to 2014 and is a member of the Board of Directors of Stena International. He has served on the Boards of a number of companies in the telecommunication, fintech and public administration sectors.
Clausen has been President & CEO of Bang & Olufsen since 2016, prior to which he was EVP of Strategy & Digital for Telenor Group from 2014 to 2015.
Schauman is a partner and owner of advisory firm Calea AB, and was a Board member of state-owned Apoteket AB from 2009 to 2018, including a period as acting CEO and CFO during 2010 and 2011.
David Chance, Chairman of the MTG Board of Directors, commented: “We have continued our work to split MTG into two companies during the summer and have welcomed a number of new shareholders as a result of the Kinnevik distribution. The split and listing are intended to provide shareholders with enhanced value and two different and attractive stories. We have also now appointed three new highly experienced Board Directors with wide ranging experience across a variety of businesses and sectors in the Nordic region, who will add further to the work and competence of the NENT Group Board. The appointment of such high caliber new Board members clearly reflects the quality and potential of NENT Group. Subject to EGM approval, we now expect NENT Group to be listed in the first quarter of next year.”