Tessin Nordic

Tessin Nordic AB (publ) executes listing in Nasdaq First North Growth Market through reverse takeover

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Tessin’s majority owners have closed an agreement with Effnetplattformen AB on the sale of Tessin Nordic AB (publ) and simultaneous distribution of Effnetplattformen’s current operations to shareholders.

Jonas Björkman, CEO Tessin
Jonas Björkman, CEO Tessin

Stockholm, Sweden– Tessin Nordic AB (publ) – is announcing that it intends to execute a listing on Nasdaq First North Growth market through a reverse takeover. This will be accomplished through an agreement between Effnetplattformen (Nasdaq: EFFP) and the majority shareholders in Tessin, including the two largest, Stronghold Invest AB and NFT Ventures 1 KB. All current and additional shareholders will also be invited to join the reverse takeover on the same terms as the majority shareholders.

The takeover of Tessin by Effnetplattformen, with a simultaneous change of name and transfer of business, is conditional upon Nasdaq Stockholm’s approval of Tessin for continued listing, following a relisting process.

“The transaction with Effnetplattformen offers a package solution. In addition to the market listing, significant expansion of the shareholder base and a capital injection of SEK 10 million, Tessin will generate substantial interest in the company through the transaction”, says Jonas Björkman, CEO and co-founder of Tessin Nordic AB.

“Effnetplattformen has a strong history of several successful reverse takeovers in the real estate sector, where they previously identified growth rockets like SBB – Samhällsbyggnadsbolaget, Sagax and Stendörren.”

Tessin has been preparing the company for a traditional listing process since the autumn of 2020 but has in recent months identified greater advantages to a listing via reverse takeover.

Some of the key arguments in favour of the decision by Tessin’s major shareholders and the board of directors to list the company through a reverse takeover are that the listing process is cost and time efficient and that the addition of some 3,500 shareholders in Effnetplattformen will assure good liquidity and provide a solid base for future capital raises.

Effnetplattformen – an experienced and reputable partner

The management of Effnetplattformen has successfully executed previous listing processes for SBB – Samhällsbyggnadsbolaget, Sagax and Stendörren through reverse takeovers. Going forward, Tessin will be able to benefit from Effnetplattformen’s significant networks in the finance and real estate sectors.

“Through the listing process, Tessin will achieve its goal of operating in a listed environment considerably faster, enabling us to create value for our current shareholders and the shareholders in Effnetplattformen that will be joining us. The objective of operating in a listed environment is to create the conditions for organic and acquired growth”, says Jonas Björkman.

“The market for alternative loan financing to property developers in Sweden and Europe is growing at speed and the goal is for Tessin to build further on our leading position in the Nordics to become a market leader in Europe.”

Key information

All current and future shareholders will be invited to participate the reverse takeover on the same terms as majority shareholders. Further information about the listing process, facts and the conditions applicable to all shareholders in Tessin is available in a press release from Effnetplattformen, which has been published online (in Swedish).

Preliminary timetable

March 2021

Company description and application for relisting of Tessin submitted to Nasdaq Stockholm

April 2021

Notice of extraordinary general meeting of shareholders in Effnetplattformen

May 2021

Extraordinary general meeting of shareholders in Effnetplattformen

May 2021

Distribution of Effnetplattformen Holding

May 2021

Subscription and allotment of consideration shares to the sellers and cash issue to Effnetplattformen Holding

May/June 2021

Subscription period for consideration shares to other shareholders in Tessin

June 2021

Allotment of consideration shares to other shareholders in Tessin

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Jonas Björkman, CEO Tessin
Jonas Björkman, CEO Tessin
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About Tessin Nordic

Tessin Nordic
Tessin Nordic
Olof Palmes gata 31
111 22 Stockholm

08-410 560 70https://tessin.com/sv/

Tessin Nordic AB (publ)

Tessin was founded in 2014 and is now a leading Nordic digital investment platform in the property financing segment in terms of brokered capital. At the end of 2020, Tessin had almost 55,000 registered members on the platform. The business is based on a proprietary digital platform that links property developers seeking loan financing with investors seeking exposure to a high-return asset class with balanced risk and secured by collateral, primarily property mortgages.

At present, Tessin primarily offers construction and bridge loans to small and medium-sized property companies and property developers. The loans are funded through the Tessin platform by a syndicate of private, professional and institutional investors who are given the opportunity to invest in secured real estate loans with attractive yields. Tessin currently operates in Sweden and Finland. Since its founding, the company has brokered above SEK 2.8 billion in financing to more than 260 different real estate projects. This has contributed making the building of around 5,000 residential units, as well as numerous commercial spaces and public buildings, a reality. Since the beginning, the equivalent of around SEK 1.8 billion has been repaid to platform members and the average annual return has been around 8.4 percent.

Financial information about Tessin is available in the 2020 year-end report (in Swedish).

Effnetplattformen AB (publ)

Effnetplattformen AB (publ) is traded on Nasdaq First North Growth Market (symbol EFFP). Effnetplattformen AB (publ) is the parent company of a group operating in advanced digital communications. The principal business of the parent company is to develop this technology company and to invest in and run listed companies based on the parent company’s listing platform, investment capacity and expertise in order to create added value for our shareholders. The group currently has one subsidiary, Effnet AB. For further information about Effnetplattformen AB, visit www.effnetplattformen.se.

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Latest releases from Tessin Nordic

Ilija Batljan and founders of Sinch invest in Tessin ahead of the imminent listing on NASDAQ First North7.4.2021 09:00:00 CEST | Press release

Stockholm, Sweden. Tessin Nordic AB (publ) is announcing that Ilija Batljan Invest AB and Cantaloupe AB (Sinch founders Björn Zethraeus, Kristian Männik, Robert Gerstmann and Henrik Sandell) have opted to invest in Tessin ahead of the imminent IPO. Ilija Batljan Invest will own about five percent and Cantaloupe will own about six percent. In conjunction, NFT Ventures will increase its current stake by about six percent to become Tessin’s largest shareholder, with an interest of about 28 percent. The seller is Stronghold Invest AB, which will be Tessin’s second-largest shareholder after the transactions, with an interest of about 11 percent.

Ilija Batljan och Sinch-grundare investerar i Tessin inför den kommande noteringen på NASDAQ First North7.4.2021 09:00:00 CEST | Pressmeddelande

Stockholm, Sverige – Tessin Nordic AB (publ.) – meddelar att Ilija Batljan Invest AB samt Cantaloupe AB (Sinch-grundarna Björn Zethraeus, Kristian Männik, Robert Gerstmann och Henrik Sandell) väljer att investera i Tessin inför den kommande noteringen. Ilija Batljan Invest kommer att äga ca fem procent och Cantloupe kommer att äga ca sex procent. Samtidigt stärker NFT Ventures sitt nuvarande ägande med ca sex procent och blir därmed Tessins största ägare med ca 28 procent. Säljare är Stronghold Invest AB som efter transaktionerna blir Tessins näst störste ägare med cirka 11 procent.

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