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DMC – Transaktioner

DMC – Transaktioner

Brøndbyernes I.F. Fodbold A/S
Dansk Merchant Capital A/S acted as financial advisor to Brøndbyernes I.F. Fodbold A/S in connection with a pre-emptive rights issue.
November 2016


Brøndbyernes I.F. Fodbold A/S (CPSE:BIF) has successfully completed a pre-emptive rights issue with preferential rights for existing shareholders.

The rights issue resulted in gross proceeds of DKK 100 million and the new shares were admitted to trading and official listing on NASDAQ Copenhagen in November 2016.

The strengthening of Brøndby IF’s capital gave Brøndby IF the opportunity to redeem all of its interest bearing debt as well as the opportunity to improve facilities to the benefit of fans and sponsors.

Dansk Merchant Capital A/S acted as financial advisor to Brøndbyernes I.F. Fodbold A/S in connection with organizing the structure of the issue, structuring and completion of the rights issue, preparation of the prospectus and coordination of other advisers.

Serendex Pharmaceuticals A/S
Dansk Merchant Capital A/S acted as financial advisor to Serendex Pharmaceuticals A/S in connection with a pre-emptive rights issue.
January 2016


Serendex Pharmaceuticals A/S (OB:SENDEX) has successfully completed a pre-emptive rights issue with preferential rights for existing shareholders.

The rights issue resulted in gross proceeds of NOK 111.8 million and the new shares were admitted to trading and official listing at Oslo Axess in January 2016.

The completion of the rights issue was important in order to strengthen the company’s financial situation.

Dansk Merchant Capital A/S acted as financial advisor to Serendex Pharmaceuticals A/S in connection with the structuring and completion of the rights issue, preparation of the prospectus and the coordination of other advisers.

Østjydsk Bank A/S
Dansk Merchant Capital A/S acted as financial advisor to Østjydsk Bank A/S in connection with a pre-emptive rights issue.
December 2015


Østjydsk Bank A/S (CPSE:OJBA) has successfully completed a pre-emptive rights issue with preferential rights for existing shareholders.

The rights issue resulted in gross proceeds of DKK 83.4 million and the new shares were admitted to trading and official listing on NASDAQ Copenhagen in December 2015.

Since the inspection by the Danish Financial Service Authority in 2014, Østjydsk Bank A/S had been under Banking Recovery due to an insufficient capital base. The issue was a component in the bank’s recapitalisation plan, which in addition also consisted of new loss absorbing tier 1 for DKK 75 million. As a result of completing the recapitalisation plan, Østjydsk Bank A/S announced on 14 December 2015 that it was no longer under Banking Recovery.

Dansk Merchant Capital A/S acted as financial advisor to Østjydsk Bank A/S in connection with the structuring and completion of the rights issue, preparation of the prospectus and coordination of other advisers.

Kastrup Vinduer Holding ApS
Dansk Merchant Capital acted as financial advisor to the owner of Kastrup Vinduer on the sale of a majority sale (75%) to the Austrian window manufacturer IFN (Internationales Fensternetzwerk).
August 2015


Kastrup windows was established by Carsten Kastrup in 1995. In 2008, the ownership passed to his son Lasse Kastrup. Today, the company is a leading manufacturer and distributor of high quality windows and doors to the professional and private market in Denmark. The company has a unique market position and is recognised for its high quality of products, and the company’s fast delivery and flexibility.

The IFN group is a leading European window maker, with consolidated sales of more than EUR 433 million and 2,800 employees. Kastrup Vinduer will become part of the IFN family’s quality brands of Internorm, Topic, GIG, HSF, Actual Fenstertechnik and Schlotterer.

Dansk Merchant Capital acted as exclusive financial advisor to the owner of Kastrup Vinduer. Transaction value is not disclosed.

Techedge ApS
Financial advisor to the owners of TechEdge in connection with a minority sale of the company to WPP plc. Today WPP plc owns 49% of TechEdge.
June 2015


TechEdge operates in the highly advanced and specialized field of development and marketing of analysis and optimization software for electronic media measurement data. TechEdge has developed the fastest and most scalable calculation engine in the market. TechEdge is uniquely positioned as the company that offers bespoke solutions to TV stations and media agencies worldwide. For example TechEdge’s software is used to review TV audience patterns and to optimize advertising allocation by channel and time of day.
TechEdge was founded in 2000 by Andreas Velter (CEO) and Henrik Sahlholt (CTO). After the transaction the founders own 51% of TechEdge.
WPP plc is the world leader in marketing communications services, employing 179,000 people working in 3,000 offices in 111 countries.

Dansk Merchant Capital was financial advisor to the owners of Techedge ApS in connection with planning of the sales process, identification of potential buyers in Denmark and abroad, preparation of sales material and was responsible for the contact and dialogue with selected buyers in relation to negotiations, due diligence and closing. Transaction value is not disclosed.

Godt Smil Holding ApS
Financial advisor to the owners of Godt Smil Holding in connection with the sale of a minority interest in ten dental clinics, with a total of 60 dental chairs, to the private equity fund Maj Invest.
May 2014


Godt Smil is the leading dental chain in Denmark with ten clinics. Godt Smil offers high quality dental services at reasonable prices. The company has approximately 57,000 patients across Denmark as well as its own dental lab where it produces dental crowns to Godt Smil’s clinics.

Dansk Merchant Capital acted as financial advisor to the owners of Godt Smil Holding, assisting in planning the sales process, identifying potential buyers in Denmark and abroad, assisted by DMC’s global network Globalscope, preparation of sales material and was responsible for the contact and discussions with selected prospective buyers in relation to negotiations, due diligence and closing.

Brøndbyernes I. F. Fodbold A/S
Dansk Merchant Capital acted as financial advisor to Brøndbyernes I.F. Fodbold A/S in connection with the admission to trading and official listing of shares raising total proceeds of DKK 116 million.
November 2013


Brøndbyernes I.F. Fodbold A/S ( OMX:BIF ) has successfully completed a rights issue with pre-emptive rights for existing shareholders. The rights issue was fully subscribed with a total of 18,549,618 new shares, equivalent to total proceeds of DKK 51 million.

The new shares and shares with total proceeds of DKK 65 million, issued as a private placement on the same terms as the right issue, were listed on NASDAQ OMX Copenhagen in November 2013.

The purpose of the private placement and the rights issue was to strengthen the company’s liquidity and capital base and to accelerate the execution of the company’s strategy.

Dansk Merchant Capital A/S acted as financial advisor to Brøndbyernes I.F. Fodbold A/S in connection with the structuring and completion of the rights issue and listing of the shares, which gave the company total proceeds of DKK 116 million.

Merger of Aktieselskabet Lollands Bank and Vordingborg Bank A/S

Fairness Opinion in connection with the merger of Aktieselskabet Lollands Bank and Vordingborg Bank A/S
October 2013


In August 2013, the boards of Aktieselskabet Lollands Bank (in the following “Lollands Bank”) and Vordingborg Bank A/S (in the following “Vordingborg Bank”) announced that they had decided to submit a recommendation to merge the two banks to the general assemblies of the two banks.

In October 2013, the banks released an extended company announcement describing the proposed merger in detail. Prior to the release of this announcement, Dansk Merchant Capital had carried out a number of thorough financial analyses of information provided by the banks. Based on these analyses, Dansk Merchant Capital provided a Fairness Opinion to the boards of the two banks.

The management of the continuing bank assesses that the new bank has a size that provides a solid basis for maintaining a strong presence in the market area of the bank. Furthermore, the bank is the only local bank on the islands of Lolland and Falster. In addition the management believes that the continuing bank, compared to what the two banks had on an individual basis prior to the merger, has a strengthened business platform, an improved profitability, a stronger capital base and a sound liquidity position based on the costumer base in the continuing bank’s market area. As a result, the management believes, that the bank has become a more attractive financial partner for all clients in the region through the merger.

Østjydsk Bank A/S
Dansk Merchant Capital A/S acted as financial advisor to Østjydsk Bank A/S on a pre-emptive rights issue.
September 2013


Østjydsk Bank A/S (OMX: OJBA) has successfully completed a pre-emptive rights issue with pre-emptive rights for existing shareholders.

The rights issue raised gross proceeds of DKK 115 million. The new shares were listed for trading on NASDAQ OMX Copenhagen in September 2013.

The completion of the rights issue was a key point in Østjydsk Bank’s capital plan, which was drawn up in order to strengthen the bank’s capital adequacy and liquidity.

Dansk Merchant Capital A/S acted as financial advisor to Østjydsk Bank A/S in connection with the structuring and completion of the rights issue, preparation of the prospectus and coordination of other advisers.

Eurosko Danmark A.m.b.A.
Dansk Merchant Capital acted as financial advisor to the owners of Eurosko Danmark A.m.b.a. in connection with sale to a large Nordic player.
July 2013


Dansk Merchant Capital A/S and Matchpoint Virksomhedsmægler A/S teamed up to act as advisers to Eurosko Danmark A.m.b.a., a large Danish purchasing association to more than 100 Danish retail stores, in connection with a sale to a Nordic player.

After a number of relevant potential buyers had been identified, discussions were held with three serious prospective partners. It quickly became clear that the final buyer was the obvious complementing match in relation to geographic presence given its own retail locations and its ability to meet the buyer’s ambitions of accelerating growth in Denmark.

Dansk Merchant Capital A/S and Matchpoint Virksomhedsmægler A/S acted as financial advisers to Eurosko Danmark A.m.b.a. in connection with decisions on the sales process, identification of potential buyers, prioritisation of and contact to prospective buyers, preparation of presentation material and prospectus material to shareholders and together with the Board of Directors handled the dialogue with the selected buyer in relation to negotiations, due diligence and closing.

Brøndbyernes I. F. Fodbold A/S
Dansk Merchant Capital A/S advised Brøndbyernes I.F. Fodbold A/S on a pre-emptive rights issue.
May 2013


Brøndbyernes I.F. Fodbold A/S (OMX:BIF) has successfully completed a pre-emptive rights issue to existing shareholders with gross proceeds of DKK 108.4 million. The new shares were listed on NASDAQ OMX Copenhagen in May 2013.

The completion of the rights issue was an important step in Brøndby IF’s capital plan, which was intended to strengthen the company’s capital base.

Dansk Merchant Capital A/S acted as financial advisor to Brøndbyernes I.F. Fodbold A/S in the drafting of the capital plan and as well as structuring and completing the pre-emptive rights issue including the preparation of the prospectus.

X-Mile ApS
Dansk Merchant Capital A/S advised Baand Munk Holding on sale of X-Mile to a consortium.
March 2013


X-Mile is a well-established importer of packaging, design and layout products from the Far East to retailers in Denmark and abroad. X-Mile offers speciality products and concepts custom made for retailers.

The company’s founder disposed of a majority share to a consortium of investment companies.

Dansk Merchant Capital acted as financial advisor to X-Mile in connection with the structure of the sales process, identification of potential buyers, prioritisation of buyers, preparing of the sales promotion material and also managed discussions with selected buyers in relation to negotiations, due diligence and closing.

Vestjysk Bank A/S
Dansk Merchant Capital A/S advised Vestjysk Bank A/S on rights issue.
May 2012


Vestjysk Bank A/S (OMX: VJBA), a regional Danish bank, has successfully closed a pre-emptive rights offering. The new shares were listed on NASDAQ OMX Copenhagen A/S on 30 May 2012.

In the issue it was possible to subscribe new shares by utilising allocated and acquired subscription rights, as well as by placing orders for any unused subscription rights. There was a substantial demand for the shares, and investors whom has irrevocably committed to subscription of the remaining shares, was therefor only allocated 21 % of the shares committed to.

The rights issue was fully subscribed and raise proceeds of DKK 318.7 million with 30,644,439 new shares being issued.

The completion of the rights issue was a condition for the bank’s funding plan, aimed at strengthening the bank’s solvency and liquidity position. The funding plan is described in the prospectus published the 26th of April 2012.

Dansk Merchant Capital A/S acted as financial advisor to Vestjysk Bank A/S assisting in preparing the funding plan and structuring and completing the rights issue, including preparing the prospectus.

Vestjysk Bank A/S
Dansk Merchant Capital A/S advised Vestjysk Bank A/S on the merger with Aarhus Lokalbank, with Vestjysk Bank as the continuing bank.
March 2012


The merger was part of a funding plan intended to strengthen the merged bank’s capital base. The merger expanded Vestjysk Bank’s business platform in Eastern Jutland and created a stronger regional bank. With 642 FTE’s and 23 branches in Denmark, Vestjysk Bank gained a considerable presence in Jutland and became the 6th largest bank in Denmark.

With the merger and the funding plan the Board in Vestjysk Bank wanted to improve the funding situation of Vestjysk Bank and improve the bank’s basis for future successive redemptions of state guaranteed loans, in order to redeem all guarantees in 2016. The combined funding plan included: Voluntary conversion of state capital of DKK 297 million, preemptive rights issue of DKK 300 million, new subordinated loans of DKK 200 million and divestment of sector shares of DKK 175 million.

Dansk Merchant Capital advised Vestjysk Bank in identifying strategic alternatives, identification and prioritisation of potential partners, the valuation process and preparation of ad-hoc material for decision-making regarding internal and external stakeholders and the drawing up of company statements regarding the merger as well as in relation to approval from the Danish Financial Supervisory Authority (Finanstilsynet)

Dansk Merchant Capital A/S acted as financial advisor to Vestjysk Bank A/S.

Dangro Invest A/S
Dansk Merchant Capital A/S advised Dangro Invest A/S on the sale of selected Romania assets.
October 2011


Dansk Merchant Capital A/S acted as financial advisor to the board and management of Dangro Invest A/S on the completion of a structured sales process of selected Romanian assets.

The sale was part of a restructuring plan that included the issue of new shares.

Dansk Merchant Capital A/S advised Dangro Invest A/S on strategic alternatives, sales process, identification of potential buyers, prioritisation of buyers and also managed discussions with selected buyers in relation to negotiations, due diligence and closing.

Sparekassen Lolland A/S
Dansk Merchant Capital A/S advised Sparekassen Lolland A/S on rights issue.
July 2011


Sparekassen Lolland A/S has successfully completed a pre-emptive share offering to existing shareholders raising gross proceeds of DKK 139.2 million.

Sparekassen Lolland A/S will receive net proceeds of approximately DKK 124 million. With these proceeds, Spar Lolland’s solvency coverage will, all things being equal, estimated at March 31st, constitu approximately DKK 305 million, equivalent to a coverage ratio of approximately 30 % compared to the calculated individual solvency requirement of March 31st 2011.

Dangro Invest A/S
Dansk Merchant Capital A/S advised Dangro Invest A/S on rights issue.
July 2011


Dangro Invest A/S has successfully completed a rights issue raising gross proceeds of DKK 48.4 million.

Dansk Merchant Capital A/S acted as financial advisor to the Board and management of Dangro invest A/S on the issue of shares and convertible bonds with pre-emptive rights for existing shareholders. The issue was part of a major restructuring plan.

Dansk Merchant Capital A/S advised Dangro Invest A/S on the identification of strategic alternatives, assessment and considerations in relation to a long term ownership strategy.

DiBa Bank A/S
Dansk Merchant Capital A/S advised DiBa Bank A/S on the sale of DiBa Insurance A/S.
April 2011


As a part of DiBa Bank A/S’s revised strategy, the company decided to divest DiBa Insurance A/S.

Prior to the sales process, Diba Bank A/S had announced that it intended for a potential sale to create a platform for close co-operation with the buyer for the purpose of retaining employees and location in the vicinity of DIBA A/S. The sale to Købstædernes Forsikring met both of these requirements.

Dansk Merchant Capital advised DiBa Bank A/S on the sales process, preparation of investor material, investor presentations, negotiations with selected prospective buyers and documentation.

Aarhus Lokalbank A/S
Dansk Merchant Capital A/S advised Aarhus Lokalbank A/S on an offering of listed shares and hybrid core capital.
March 2011


Aarhus Lokalbank A/S successfully raised DKK 102 million from a listed share issue and DKK 75 million in hybrid core capital by converting its existing capital base respectively with Dansk Merchant Capital A/S acting as financial advisor to the Board and management.

The capital process was completed effectively within a very tight time frame and resulted in strengthening Aarhus Lokalbank A/S’s capital base ensuring the bank’s future operations.

Sparekassen Lolland A/S
Dansk Merchant Capital A/S advised Sparekassen Lolland A/S on the acquisition of Eik Bank Danmark A/S.
February 2011


Dansk Merchant Capital A/S advised Sparekassen Lolland A/S on the acquisition of Eik Bank Danmark A/S from Finansiel Stabilitet A/S.

Since 2011 Spar Lolland has worked strategically to expand its geographical reach and to widen its customer base – primarily within the personal customer segment.

After acquiring Finansbanken in Copenhagen in 2005, Sparekassen Lolland A/S has now acquired Eik Bank Danmark A/S’s personal customers business. Becoming one of Denmark’s largest financial institutions in the terms of number of customers and securing a strong professional and competent centre in Copenhagen.

Dansk Merchant Capital A/S advised Sparekassen Lolland A/S on strategic decisions in the acquisition process, preparation of valuation and future corporate strategy, completion of negotiations and submission of an offer to the seller, completion of final negotiations with the seller and transaction documents.

Groupe Chantelle SA
Dansk Merchant Capital A/S advised Groupe Chantelle SA on the acquisition of Femilet A/S.
December 2010


Groupe Chantelle SA is a well-reputed French based lingerie company with the leading brands Chantelle, Passionata, Darjeeling and Orcanta. The company has annual revenues of about DKK 2.5 billion, half of which is generated from France.
The company has 6200 employees representing Groupe Chantelle SA in 190 own stores in France, Italy and Germany.

With the acquisition of Femilet A/S, which is the company’s first strategic expansion by acquisition Groupe Chantelle SA is now firmly placed in Denmark with in the potential to expand further into Scandinavia.

The sale of Femilet A/S was completed as a structured sales process.

Dansk Merchant Capital A/S advised Groupe Chantelle SA throughout the entire process and was involved in the preparation of operational modeling of the working capital, a valuation of Femilet A/S, strategic support regarding tactics and negotiations, due diligence, modeling of key conditions and participation in the final negotiations.

TA Management A/S
Dansk Merchant Capital invested in and acted as financial advisor to TA Management A/S in connection with the establishment and structuring of TA Management A/S
June 2009


DMC establishes TA Management A/S together with a strong industrial people-centred network.

TA Management A/S is an investment company with expertise in company turnarounds. The company invests directly or indirectly in equity interests together with a network of highly experienced top executives for the purpose of restoring and securing assets.

The company’s mission is to be an attractive business partner to financial institutions and other financial creditors through active ownership of companies with commercial or financial challenges that require turnaround expertise and in which the parties are major creditors. TA Management A/S also aims to be an attractive business partner to owners of companies in similar situation for the purpose of restoring stability and progress.

In addition to active ownership, TA Management offers the product TA Diagnostics which quickly builds an overview of a company’s economic, financial and commercial state of health – and provides a conclusion with respect to a company’s chance of survival and under what conditions.

TA Management A/S has industry expertise in more than 20 industries and sectors via the TA Network, consisting of 50+ highly experienced top executives. TA Network’s experience base contributes in relation to TA Diagnostics as well as to turning around companies owned by TA Management A/S.

Electronic Musical Instruments Roland Scandinavia A/S Dansk Merchant Capital A/S advised Electronic Musical Instruments Roland Scandinavia A/S on the sale of their computer equipment division that offers large format scanners and 3D systems for a combined value of DKK 74 million.
January 2009


Roland Scandinavia A/S was established in 1981 in a joint venture between Roland’s founder Mr. Kakehashi and Roland’s former CEO Erik Gramkow. Since being established Roland Scandinavia has developed with impressive speed and is today among the leading distributors in the market.

Roland Scandinavia A/S has 56 employees, 36 of whom are based at the head office in Copenhagen. The remaining employees work at local sales offices in Stockholm, Helsinki or Oslo.

Roland Scandinavia A/S is the representative of Roland, Cakewalk, Rodgers, Edirol, BOSS and Roland Systems Group exclusively in all four Nordic countries, the Baltic countries and Russia.

Dansk Merchant Capital A/S acted as financial advisor to management in the transaction.

E-STAR PropertyDansk Merchant Capital A/S advised E-STAR Property AS on the USD 41.5 million financing of a property investment in Moscow.
July 2008


Dansk Merchant Capital A/S has successfully advised E-STAR Property on the USD 41.5 million financing of their first property investment in Moscow.

E-STAR Property AS (E-STAR) is a Norwegian property investment company that was established and listed on Oslo stock exchange’s OTC list in 2007 with shareholders’ equity of approx. USD 89 million. E-STAR’s objective is to generate high returns to investors on a medium and long term horizon by investing in non-residential properties in Russia. The company’s focus is on prime office buildings with existing long-term tenancy agreements placed in attractive areas in Moscow and St. Petersburg.

To date, E-STAR has invested USD 63 million in an office building in Moscow and has signed a conditional sale agreement for a complex of office buildings in St. Petersburg. The Company has also initiated negotiations for the acquisition of another non-residential property complex in Moscow, which would bring the combined investment to USD 150 million. The company is always open to consider attractive investment properties.

Dansk Merchant Capital A/S acted as strategic and financial advisor to the management on raising capital from Nordic and international banks.

Dicentia
Dansk Merchant Capital A/S advised Dicentia A/S on convertible bonds issue.
July 2008


Dansk Merchant Capital A/S advised Dicentia A/S on developing the company’s business case and accessing the financial markets in order to replace part of the company’s short term debt with long term debt and improve the company’s cash resources.

Whilst advised by Dansk Merchant Capital A/S, Dicentia A/S has strategically refocused the business by entering into an outsourcing agreement with DVD Norden A/S on production in Sakskøbing, Denmark, and a takeover of production equipment from ODS’s factory in Dassow for the purpose of manufacturing eco-friendly DVDs from material that reduces energy consumption by about 50%.

On DMC’s recommendation, Dicentia completed an issue of convertible bonds on 1st of July 2008 that was listed on OMX the Nordic Stock Exchange Copenhagen.

Nordic Corporate Investments A/S
Dansk Merchant Capital A/S invested in and advised Nordic Corporate Investments on establishment and structuring of Nordic Corporate Investment A/S.
March 2008


Dansk Merchant Capital A/S, Sparekassen Lolland A/S and other Danish institutional investors have established the first Nordic leveraged finance investment company Nordic Corporate Investment A/S (NCI).

NCI’s strategy is to build a loan portfolio based on senior and subordinated debt issued in connection with takeovers of Nordic companies by equity funds. NCI will be the first Nordic investment company offering investors the opportunity to invest in a Nordic portfolio consisting of variable interest-bearing debt securities issued by and with security in solid Nordic companies. NCI expects to invest up to DKK 2 billion over a relatively short period of time. NCI has entered into a management agreement with NMC Management A/S, a management company wholly owned by DMC. NCI and NMC will work closely together with Nordic and international banks, equity funds and the portfolio companies being invested in.

NCI was established with a total Capital base of approximately DKK 500 million. The capital base will be expanded. At the end of May 2008, NCI made four investments in ISS, Unifeeder, Icopal and Nycomed.

Basico Consulting A/S
Dansk Merchant Capital A/S takes a minority interest in Basico Consulting A/S and gains board representation.
January 2008


Dansk Merchant Capital A/S has invested in Basico Consulting A/S which delivers project management and interim financial services to Danish companies. Dansk Merchant Capital invests in Basico with capital and boardmembers, with the intention to help accelerate Basico’s expansion both in Denmark and abroad. Basico had revenues of more than DKK 40 million in 2007.

Dansk Merchant Capital aims to support Basico’s development and to help retain the company’s key employees. The Company targets revenue of DKK 100 million within the next few years.

StepRE Hamburg A/S
Dansk Merchant Capital acted as strategic and financial advisor to StepRE on the establishment of StepRE Hamburg A/S.
December 2007


StepRE Germany in cooperation with Alm. Brand Bank and Dansk Merchant Capital established the investment company StepRE Hamburg A/S, whose strategy will be to invest in apartment complexes in Hamburg for the purpose of reselling apartments to tenants and market participants.
StepRE Hamburg owns some 800 apartments – covering a total of 53,000 square meters with a book value of about DKK 440 million and has entered into a transaction with StepRE Germany for the purpose of expanding the property portfolio to around 2,000 apartments/179,000 square meters in 2008.
StepRE Hamburg has also entered into a sales and management agreement with StepRE Germany’s subsidiary Danziger & Weibezah which has more than 15 years of experience within acquisitions, breakup and resale of apartment complexes. They will be in charge of the disposals and the daily administration of the portfolio on behalf of StepRE Hamburg.

Dansk Merchant Capital acted as financial and strategic advisor to StepRE Germany and its four founding shareholders in connection with the company’s establishment and it is expected that an additional two or three shareholders will join the company during 2008.