June 2004

Financial advisor to Columbus in the sale of shares and voting majority to Consolidated Holdings

ATRIUM acted as financial advisor to the board in Columbus in connection with the sale of 40 % of the share capital and voting majority through a voting agreement to Consolidated Holdings.

Columbus provides integrated business systems and services to medium-sized businesses primarily based on Microsoft Business Solutions’ standard software, Microsoft Dynamics.

ATRIUM assisted the Board in finding one or more investors willing to recapitalize and/ or acquire the company.

ATRIUM screened the interest of industrial and financial investors, both internationally and in Denmark. The Board and the two largest shareholders chose to sell to Consolidated Holdings, as they could maintain maximum upside combined with an immediate reinforcement of the company’s financial position.

In connection with the purchase, Consolidated Holdings issued a subordinated loan of DKK 34 m and agreed to a full underwriting agreement for an upcoming rights issue of DKK 76 m in spring 2005.