DUELL CORPORATION: NOTIFICATION OF HOLDINGS PURSUANT TO DUELL’S ARTICLES OF ASSOCIATION

Duell Corporation: Notification of holdings pursuant to Duell’s articles of association

Duell Corporation (“Duell“ or the “Company”) has today, on December 3, 2021, received a notification in accordance with Section 12 of Duell’s articles of association from Sponsor Partners Oy (“Sponsor“), according to which Sponsor’s total position through indirect holdings of shares and votes and through financial instruments fell below the threshold of 15 percent and its indirect holding through financial instruments fell below the threshold of 5 percent on December 3, 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 existing shares in the Company to Carnegie on November 26, 2021. Carnegie has exercised the over-allotment option described in the Company’s prospectus, dated November 12, 2021, in full. Carnegie has purchased 1,973,524 shares in the Company from Sponsor Fund pursuant to the over-allotment option. As a result, Sponsor’s indirect holding through financial instruments has decreased to zero, i.e., below the threshold of 5 percent, and the total position through indirect holdings of shares and votes and through financial instruments has fallen below the threshold of 15 percent.

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	0	10.13
Position of previous notification (if applicable)	10.13	7.75	17.88

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

 

Further enquiries

Jarkko Ämmälä, CEO, Duell Corporation

Tel. +358 50 056 5149

jarkko.ammala@duell.eu

 

Riitta Niemelä, CFO, 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.