Finnish investment company, Menire has sold its holding in e-learning company, Moving Skills AB to Bonnier Media AB. The transaction is part of a technical restructuring, whereby Moving Skills’ business activities will be transferred to a new company with a healthy balance sheet and better profitability abilities.
Menire suffered a e1.77 million capital loss on the sale of the shares. Prior to the transaction, Menire held 14.1 per cent in Moving Skills and now aims to increase its relative ownership in the new company by converting outstanding loans into shares.
Menire Corporation has invested SEK15 million as equity and SEK4 million as loans in Moving Skills. There were three investment rounds that took place in December 1999, June 2000 and August 2000. UK-based Emerging Technologies Ltd and Norwegian Kunskapf Norge also participated in the funding rounds.
Timo Pirskanen of Menire anticipates that upon completion of the loan conversion into shares, Menire will have a holding of over 20 per cent of company shares.