Intrum Justitia's Norwegian Subsidiary Regains Collection License

Swedish-account receivables management giant Intrum Justitia said that Norwegian authorities had reversed their November 2007 decision to revoke the license of its Norwegian division. Intrum said it had strengthened control and administrative security at the division, and ordered an external audit of its production system.

Michael Wolf, Intrum president and CEO, said in a statement that the company can put the revocation behind it and move forward with new Norwegian division Managing Director Reidun Korsnes.

Intrum also announced last week that a stock purchase plan for a group of 20 senior employees has entered its exercise phase. The group can purchase shares of the firm for $9.09 per share, or 54.60 Swedish Kronor per share, from July 1, 2008 through May 30, 2009. Intrum Justitia shares were trading for $17.71,or 106.50 Swedish Kronor, last week.

Intrum reported that due to its long running employee stock option and ownership plan, the share capital of the firm increased in June by 260,000 shares. The share capital increase was registered by the Swedish Companies Registration Office on June 18, June 23 and June 27, 2008. The total number of shares and voting rights in the company is now 79,391,451.

Further information on the employee Stock Option Program is available in Intrum Justitia’s Annual Report 2007 on page 64, note 32, and in the latest Interim Report dated April 23, 2008. Intrum reported 2007 revenues of approximately $532.5 million. It has 3,100 employees in 24 markets. Intrum Justitia AB is listed on the Nordic Exchange, Mid Cap list.