With this commitment, Knud Højgaards Fond will ensure a sound basis for putting MT Højgaard A/S’s operations back on a healthy footing.
Anders Heine Jensen, President and CEO of MT Højgaard A/S, says:
- The loan commitment by Knud Højgaards Fond has been critical to the restoration of a sound capital base. Our capital base has now been restored to the level it was at before the unexpected arbitration award in the MgO board case, eliminating the uncertainty related to our capital position.
- I am delighted that we can now look forward and focus our efforts on servicing our customers, suppliers and business partners and delivering quality on our projects.
As a consequence of the capital increase, the previously announced agreements between Knud Højgaards Fond and MT Højgaard A/S on subordinated loan capital of DKK 250 million and DKK 400 million respectively will be reduced, so that what remains going forward is a right to draw down subordinated loan capital totalling DKK 250 million to cover any liabilities as a result of the arbitration award in the MgO board case from September 2018.