NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, NEW ZEALAND, AUSTRALIA, JAPAN, HONG KONG, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Duell Corporation: Notification of holdings pursuant to Duell’s articles of association
Duell Corporation (“Duell“ or the “Company”) has today, on November 26, 2021, received a notification in accordance with Section 12 of Duell’s articles of association Sponsor Partners Oy (“Sponsor“), according to which Sponsor’s indirect holding of the shares in and votes of the Company decreased to 10.13 percent and Sponsor’s indirect holding through financial instruments increased above the threshold of 5 percent on November 26, 2021.
The change was due to a share lending agreement entered into by Sponsor Fund IV Ky (“Sponsor Fund“), a partnership ultimately controlled by Sponsor, and Carnegie Investment Bank AB, Finland branch (“Carnegie“) in connection with the initial public offering of the Company, according to which Sponsor Fund has lent 1,973,524 shares in the Company to Carnegie on November 26, 2021. The share lending does not affect the total holdings of Sponsor through shareholding and financial instruments (the share lending), which amount to 4,552,371 shares including the lent shares. Sponsor Fund has granted an over-allotment option described in the Company’s listing prospectus dated November 12, 2021 based on which Carnegie has a right to purchase a maximum of 1,973,524 shares from Sponsor Fund.
Total positions of Sponsor in the Company according to the notification:
% of shares and voting rights
% of shares and voting rights through financial instruments
Total of both in %
Resulting situation on the date which threshold was crossed or reached
10.13
7.75
17.88
Position of previous notification (if applicable)
–
–
–
Notified details of the resulting situation on the date on which the threshold was crossed:
A: Shares and voting rights
Number of shares and voting rights
% of shares and voting rights
Class/type of shares
Direct ownership
Indirect ownership
Direct ownership
Indirect ownership
FI4000513072
–
2,578,847
–
10.13
SUBTOTAL A
2,578,847
10.13
B: Financial instruments
Type of financial instrument
Expiration date
Exercise / Conversion Period
Physical or cash settlement
Number of shares and voting rights
% of shares and voting rights
Share lending in connection with the initial public offering
December 28, 2021
–
Physical
1,973,524
7.75
SUBTOTAL B
1,973,524
7.75
Further enquiries
Jarkko Ämmälä, CEO, Duell Corporation
Tel. +358 50 056 5149
jarkko.ammala@duell.eu
Riitta Niemelä, talousjohtaja, Duell Corporation
Tel. + 358 50 575 8295.
riitta.niemela@duell.eu
Certified Adviser:
Oaklins Merasco Oy
Tel. +358 9 612 9670
Duell in brief
Duell is a leading powersports aftermarket distributor in the Nordics with a rapidly growing presence in the rest of Europe. Duell’s offering covers motorcycle, all-terrain vehicle (“ATV”), snowmobile, bicycle and marine products, including technical and spare parts and personal equipment (for example clothing and accessories), to dealers across several markets in Europe. Duell offers a broad assortment of products across all of its sales channels for four seasons through its six product categories comprising Onroad motorcycle (“Onroad MC”) products, Offroad motorcycle (“Offroad MC”) products, ATV products, Snowmobile products, Bicycle products and Marine products. Onroad MC and Offroad MC are Duell’s largest product categories, which in aggregate accounted for the majority of Duell’s net sales for the financial year ended August 31, 2021.
Duell’s goal is to distribute the world’s best‑known, quality powersport brands at competitive prices and in a timely manner. Duell is able to offer its brand portfolio of more than 290 brands consisting of approximately 150,000 stock keeping units to dealers enabling a one‑stop‑shop approach and, in turn, provide brand owners a reach of almost 7,500 dealers. In addition to its organic growth, Duell’s current position in the European market for powersports spare parts and personal equipment within the onroad motorcycle, offroad motorcycle, ATV, snowmobile and bicycle market segments has strengthened through M&A, and Duell aims to actively participate in the consolidation of the fragmented European market.
