RSSThe Swedish Road Administration (Transportstyrelsen) has extended the contract, announced on 27 October, 2010, appointing Q-Free to service and maintain the congestion charging infrastructure in Stockholm which was delivered by Q-Free in 2006.The contract extension, valued at around US$2.9 million, is for one year, starting on 1 January, 2012.
“This contract continues our active participation in the Stockholm project, which is one of the world`s most advanced and efficient congestion charging schemes,” said Øyvind Isaksen,310 Q-Free’s CEO.
Meanwhile, the company has issued a statement following last week’s purchase of additional shares by Kapsch TrafficCom which raised its holding in Q-Free from 18.46 per cent to 20 per cent. The original share purchase was undertaken in 2009.
According to the Q-Free statement: “In 2009, the Board viewed the share purchase as an unfriendly approach from259 Kapsch, and the Board sees no reason to change their view in relation to the share purchase conducted 29 September 2011. Kapsch has not approached the Board and disclosed their strategic intentions and rationale behind the ownership. Neither the Board nor the management of Q-Free has been contacted prior to the share purchase.
“Q-Free has in the last years invested significantly in a new competitive product portfolio and won several international tenders. In addition, Q-Free has established a global organisation. It is the opinion of the Board that this will enable a positive operational and financial development of Q-Free going forward.
“The Board is of the opinion that the current share price does not reflect the underlying value of the business, and is of the opinion that Q-Free will continue to create strong returns to shareholders as an independent company. Reference is made to Q-Free's Q2 2011 report for further information related to the company's development and projects the company is working with.
“Q-Free has engaged Arctic Securities ASA as financial advisor and Wikborg Rein as legal advisor.”
“This contract continues our active participation in the Stockholm project, which is one of the world`s most advanced and efficient congestion charging schemes,” said Øyvind Isaksen,
Meanwhile, the company has issued a statement following last week’s purchase of additional shares by Kapsch TrafficCom which raised its holding in Q-Free from 18.46 per cent to 20 per cent. The original share purchase was undertaken in 2009.
According to the Q-Free statement: “In 2009, the Board viewed the share purchase as an unfriendly approach from
“Q-Free has in the last years invested significantly in a new competitive product portfolio and won several international tenders. In addition, Q-Free has established a global organisation. It is the opinion of the Board that this will enable a positive operational and financial development of Q-Free going forward.
“The Board is of the opinion that the current share price does not reflect the underlying value of the business, and is of the opinion that Q-Free will continue to create strong returns to shareholders as an independent company. Reference is made to Q-Free's Q2 2011 report for further information related to the company's development and projects the company is working with.
“Q-Free has engaged Arctic Securities ASA as financial advisor and Wikborg Rein as legal advisor.”
