NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITHIN OR TO
INSIDE INFORMATION: The board of directors of
Summary of the Directed Share Issue
The board of directors of
- The Directed Share Issue encompasses a total of 4,660,988 new shares.
-
The subscription price in the Directed Share Issue was set at
51 SEK per share and was determined through an accelerated book building procedure carried out by Carnegie and SEB. -
Through the Directed Share Issue, the Company will receive proceeds of approximately
SEK 238 million before deduction of costs related to the Directed Share Issue. -
The Directed Share Issue entails a dilution of approximately 9.1 percent of the number of shares and votes in the Company. Through the Directed Share Issue, the number of shares outstanding and votes increases by 4,660,988 from 46,609,888 to 51,270,876. The share capital increases by
SEK 466,098.80 fromSEK 4,660,988.80 toSEK 5,127,087.60 . - The Directed Share Issue was directed to selected Swedish and international institutional investors.
The Company intends to use the proceeds from the Directed Share Issue to the following:
- Based on, and to benefit of, the agreement for steerable beams on
IS -37 andIS -39 with IntelSat:- accelerate marketing of the global reach offering and invest in a stronger network of selling agents
-
finance pilot projects, field tests and new application products to pave the way for future recurring orders on
Ovzon 3
-
Strengthen the Company's financial position and increase financial flexibility, especially in light of the above initiatives and the short-term financial impact of the rescheduling of the launch of
Ovzon 3
The board of directors' assessment, based on the accelerated book building process executed by Carnegie and SEB, is that the Directed Share Issue, including the subscription price, was carried out at market terms. The reason for the deviation from the shareholder's preferential rights was to allow the Company to raise capital in a time and cost-effective manner and with favourable conditions raise capital for the Company's continued expansion, in line with the description of use of proceeds as set out above, as well as to diversify the shareholder base with Swedish and international investors.
In connection with the Directed Share Issue, the Company has undertaken, subject to customary exceptions, not to issue additional shares for a period of 180 calendar days after the settlement date in the Directed Share Issue. In addition, all members of the Company's management and board of directors have agreed not to sell any shares in the Company for a period of 180 calendar days after the settlement date in the Directed Share Issue, subject to customary exceptions.
Advisers
Carnegie and SEB are Joint Bookrunners and
Responsible parties
This press release constitutes inside information that
For further information, please contact:
Per Norén, CEO
pno@ovzon.com
+1 206 931 7232
jbr@ovzon.com
+46 703 69 33 00
IMPORTANT INFORMATION
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Directed Share Issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Joint Bookrunners. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The Joint Bookrunners are acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.
This announcement does not constitute a recommendation concerning any investor's option with respect to the Directed Share Issue. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this announcement and publicly available information. The price and value of securities can go down as well as up. Past performance is not a guide to future performance.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in
This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the
In the
Forward-looking statements
This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is not required by law or Nasdaq Stockholm's rule book for issuers.
Information to distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "EU Target Market Assessment"). Solely for the purposes of each manufacturer's product approval process in the
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II or
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.
https://news.cision.com/ovzon-ab/r/ovzon-has-completed-a-directed-share-issue-and-thereby-raises-approximately-sek-238-million,c3419277
https://mb.cision.com/Main/16962/3419277/1471377.pdf
(c) 2021 Cision. All rights reserved., source