The assessment is that several divestments must be carried out to ensure liquidity twelve months from the signing of the company's annual report, which was published on Friday. At the same time, the assessment is made that the possibility of taking up new financing or the possibility of a new issue "is not likely" within the same time frame.


Furthermore, the investment company warns that a minor write-down of the company's assets would erase the entire value of the company.

"The undistributed net debt amounts to SEK 1,475 million, whereby a minor adjustment to the value of the group's distributed net assets would mean that the net debt is greater than distributed net assets," writes Fastator.


The value of Fastator's primary net assets sums up to SEK 1,543 million, according to the annual report. Fastator also has other assets amounting to SEK 699 million, which mainly consists of a claim of SEK 677 million that was obtained in connection with the sale of approximately 28 percent of the holding in the subsidiary Företagsparken.


However, Fastator's board and management make the assessment that there are sufficient net assets within the group to cover the company's net liabilities, it is stated.

"Furthermore, the assessment is made that the transaction market will recover in 2024/2025 as the key interest rate and inflation are expected to decrease."


A recovery in the transaction market is deemed to facilitate divestments of Fastator's net assets – something that is required to cover the parent company's expected negative quarterly cash flow of approximately SEK 30 million.


In the annual report's auditor's report, made by PWC, the tone is just as gloomy.

"As can be seen from the annual report, the parent company as of the balance sheet date does not meet its bond conditions and there is thus a reason for termination," states the auditor and continues:

"Furthermore, the bond loan with a nominal amount of SEK 500 million in the subsidiary Point Properties Portfolio 1 AB is due for payment on March 22, 2024. Negotiations with bondholders regarding a long-term financial solution are ongoing. The outcome of such a negotiation is by its nature extremely uncertain and could cause write-downs of assets."


Fastator's share fell by almost 40 percent on Friday and has lost 88 percent in a year.