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Regulatory ACQ Bure

Interim report January – June 2022

January – June 2022

  • Cash and cash equivalents amounted to SEK 3,435.6M (3,455.1) on 30 June 2022.
  • Operating profit was SEK -4.9M (-2.6).
  • Profit after tax was SEK -4.9M (-2.6).
  • Earnings per share was SEK -0.14 (-0.14).

April – June 2022

  • Operating profit was SEK -2.4M (-2.0).
  • Profit after tax was SEK -2.4M (-2.0).
  • Earnings per share was SEK -0,07 (-0.06).
  • Nasdaq Stockholm has approved ACQ’s request to invest cash and cash equivalents in treasury bills and government bonds until such time a company acquisition is carried out.

CEO comment
Stock markets continued their negative trend throughout the second quarter. The SIX Return Index fell by more than 16 per cent in the period, and it lost 28 per cent of its value in the first six months of the year. Most sectors have been revalued, mainly due to surging inflation driving up interest rates, which may ultimately depress economic growth. Conditions therefore remain challenging and the future difficult to analyse, but we judge that it also creates business opportunities for ACQ. The search for a target company continues.

When ACQ was established 18 months ago, the base rate was negative and interest-bearing instruments generated negative returns. Due to the situation at the time, ACQ Bure’s placement of cash and cash equivalents in a deposit account has not generated any interest. In the wake of rapidly rising inflation in recent months, however, Sweden’s central bank, the Riksbank, has announced several base rate hikes at the same time as it has reduced the pace of bond purchases. This has resulted in the yield on Swedish government securities increasing rapidly in recent months.

ACQ Bure therefore applied for and has been granted an exemption by Nasdaq Stockholm from the rule that funds deposited by SPACs must be held in blocked bank accounts. The company has also received approval that these funds may be invested in government interest-bearing instruments. We believe that a reallocation of ACQ’s deposited funds is in the interest of all shareholders. However, it is absolutely crucial that such a relocation does not affect ACQ’s ability or flexibility to carry out potential business transactions.

Henrik Blomquist