Finansinspektionen denies CoinShares’ application regarding Ownership Suitability Assessment relating to proposed acquisition of Peak AM Securities AB
July 1, 2021 | SAINT HELIER, Jersey | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today received confirmation that the Swedish Finansinspektionen (“FI”) has denied the Company’s application regarding the ownership suitability assessment in relation to the direct acquisition of 100 percent of the votes and capital in Peak AM Securities AB (“Peak”).
In its announcement, FI concluded that the Company had not satisfied all of the conditions for granting a permit in accordance with Chapter 24, Section 1 of the Securities Market Act (2007: 528). CoinShares will review the FI’s decision in detail with the assistance of their external advisers and will, following that review, decide how to proceed. The Peak sale and purchase agreement is conditional upon the FI’s approval and contains a EUR250,000 break fee payable to the vendor if the deal does not complete.
Jean-Marie Mognetti, CEO, commented:
“We have taken note of the Swedish Finansinpektionen’s findings. This decision will not change our long-term growth and expansion strategy nor will it impact on the Group's financial performance. Despite an ever-changing regulatory landscape, we shall continue to pursue and maintain positive relationships with our regulators around the world. Whilst enthusiasm for and commitment to the digital asset sector remain CoinShare’s bedrock, such a decision is a timely reminder that we are still at the very beginning of the journey of this new ecosystem.”
Further updates will be provided to the market in due course.
CoinShares is Europe's largest digital asset investment firm, managing billions of dollars of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.
For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | [email protected]
Investor Relations – Jay Morakis | +1 646 859 5951 | [email protected]
Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | [email protected]
This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 7:00am BST on 01 July 2021.