Scandinavian Biogas rights issue over-subscribed
Scandinavian Biogas Fuels International AB (publ) (the "Company") has completed a rights issue of shares which was decided upon, with support of authorization, by of the Board of Directors on 12 April 2017 (the “Rights Issue”). The Rights Issue was 100 per cent subscribed, corresponding to approximately SEK 23.4 million. Major shareholders who have given loans of SEK 16 million in total to the Company have requested, and the Board of directors has granted such request, to set-off their loans under the Rights Issue, corresponding to approximately 70 per cent of the Rights Issue.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, WHETHER DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH ACTION IS WHOLLY OR PARTIALLY SUBJECT TO LEGAL RESTRICTIONS.
85 per cent of the Rights Issue was subscribed for on the basis of subscription rights, and the remainder, 15 per cent, without subscription rights. Almost 7.1 million shares were subscribed for, which means an over-subscription of circa 1.1 million shares.
By completion of the Rights Issue, the number of shares in the Company increases with 6,006,177 shares to 107,098,839 shares and the Company’s share capital increases with approximately SEK 1,201,236 to approximately SEK 21,419,769.
Allocation of shares subscribed for without subscription rights under the Rights Issue has taken place according to the principles indicated in the investment memorandum dated 18 April 2017. Notice of allocation will be given in the form of a transaction note sent to each subscriber who has been allocated shares. Allocated shares must be settled by no later than the date indicated on the transaction note.
Together with the directed share issue, registered on April 25, 2017, the company will, with the Rights Issue, receive a gross amount of MSEK 66.3 in equity.
- “We are very pleased with the outcome of the two share issues and consider it a good starting point for the planned listing of the share on a relevant marketplace. The funds will be used to strengthen the Group's liquidity and for remaining investments, particularly the facility in Södertörn. " says CEO Matti Vikkula
For more information, please contact:
CEO Scandinavian Biogas
+46 70-597 99 38
The Company in brief:
Scandinavian Biogas is today one of the largest private producers of biogas as a vehicle fuel. The Company also operates a manufacturing plant for pre-treatment of food waste and industrial organic waste, as well as a plant for the production of raw biogas in South Korea.
This information is information that Scandinavian Biogas Fuels International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:00 CET on 17 May 2017.
The Rights Issue is not directed to persons resident in the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction where participation would require a prospectus, registration or other measures than those required by Swedish law.
This press release may consequently not be published or distributed, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland Singapore, South Africa or any other jurisdiction where such action wholly or partially violates applicable laws or regulations. The information in this press release may not be forwarded, reproduced or disclosed in ways that conflict with such laws or regulations. Failure to comply with this instruction may result in violation of the US Securities Act of 1933 or applicable laws in other jurisdictions.