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Change of ownership at Proffice

Change of ownership at Proffice

Christer Hgglund, Chairman of the Board of Proffice, is selling part of his holding of Proffice shares to the venture capital company, CapMan, according to a disclosure of substantial holding of shares.

The block of shares is equivalent to 2 000 000 Class A shares and 1 000 000 Class B shares, this being 20.1% *) of the voting rights and 4.3% of the share capital.

After the sale, Christer Hgglund holds 11.1% of the capital and 24.6% of the votes.

Proffice has experienced fantastic development, and I am proud of the fine company that it is today, with very strong, involved management and personnel, said Christer Hgglund.

The company is now on the verge of the next stage of its development, and I have made the assessment that this is an appropriate time to share the main ownership responsibility for the company, which I have had since 1989, with an owner who can provide further involvement and competence. I have therefore chosen to sell some of my shares to CapMan, who I have found to be serious, professional owners. Even after the sale, I will be the second largest owner of Proffice in terms of capital, and I look forward with interest to being involved in taking the company up to its next level, explained Christer Hgglund.

Proffice has a very good potential for continued growth. The company is a leader in its markets, and is, due to its size, strong management and specialist focus, in a good position to benefit from increased penetration in the area temporary staffing. We look forward to being able to participate in the development of Proffice in cooperation with the companys board, management and other major owners, said Joakim Rubin, Senior Partner of CapMan.

Proffice offers solutions within the area of temporary staffing, recruitment and outplacement in the Nordic Area. Proffice was founded in 1960, and has about 12 000 employees in about 100 units in Sweden, Norway, Denmark and Finland. The Groups turnover amounted to SEK 4.3 billion in 2008. Proffice AB is listed on Nasdaq OMX Nordic Exchange in Stockholm.

CapMan Public Market Fund invests in listed Nordic Midcap companies. The fund has as its aim to apply CapMans value-creating methods to its portfolio companies, and strives to achieve long-term growth of value through active ownership. Up to now, the fund has announced investments in Europes leading kitchen company, Nobia AB, and in Intrum Justitia AB, Europes leading company for services within the area of credit management. Both companies are listed on Nasdaq OMX Nordic Exchange in Stockholm

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