Aker, Ferd and Charles Street agree to invest NOK 150 million in Cxense ASA

Oslo, Norway – 24 May 2016 – Cxense ASA (OSE: CXENSE) today announced that funds managed by Aker ASA (“Aker”), Ferd AS (“Ferd”) and Charles Street International Holding Ltd (“Charles Street”) have agreed to acquire 1,250,000 new shares (the “New Shares”) in Cxense ASA (“Cxense” or the “Company) at a subscription price of NOK 120 per share, totalling NOK 150 million in a directed share issue.  

“We are pleased to secure funding from three leading investors with strong track record. The new capital strengthens the Cxense balance sheet and enable us to faster pursue organic and acquired growth opportunities within the personalization software market”, said Ståle Bjørnstad, CEO of Cxense.  

The issuance of shares is subject to the approval of an extraordinary general meeting (the “EGM”) in Cxense, which will be called for as soon as practicable. Such EGM is expected to be on or about 20 June 2016. The funds from the transaction will be used for working capital and general corporate purposes, as well as providing the Company with financial flexibility to pursue various strategic alternatives.

In order to be able to complete the directed share issue, the Board will propose to the EGM that existing shareholders’ pre-emptive rights to subscribe the new shares are set aside.

The Board believes that this is in the best interest of the Company and the shareholders as it secures financing of both working capital requirements and provides the necessary balance sheet strength for the Company to make the most out of its strategic alternatives. The Board is of the opinion that the directed share issue will allow the Company to raise capital more quickly and, at a lower discount compared to a rights issue.

Further, the Board will propose that the EGM also authorise the Board to carry out a subsequent offering to existing eligible shareholders of up to NOK 25 million. Such shareholders are expected to be granted non-transferable subscription rights to subscribe for and, upon subscription, be allocated new shares. The subscription price in such subsequent offering will be NOK 120.00 per share, being the same as in the directed share issue.

The new shares to be issued will be placed on a separate ISIN pending approval of a listing prospectus by the Financial Supervisory Authority of Norway (the “NFSA”), and will not be listed or tradable on Oslo Axess until such listing prospectus has been approved by the NFSA and published by the Company.

The board will separately distribute notice of an EGM for the approval of the directed share issue and the subsequent offering. 

Arctic Securities AS acted as financial advisor to the Company in connection with the Private Placement.

About Cxense:

Cxense (pronounced “see-sense”) enables the world’s leading media, e-commerce and consumer brands to take control of their audience data to deliver more engaging and personalized user experiences. Businesses using Cxense’s advanced real-time analytics, data management (DMP), advertising, search and personalization technology gain more engaged users, increased digital revenue and higher sales conversions. Cxense is headquartered in Oslo, Norway, with offices worldwide.

Customers include the Wall Street Journal, USA Today (Gannett), Grupo Clarin, El Pais, Bonnier, Naspers, The Weather Channel, Ebay, The Golf Channel, PGA, NBA, NFL, ABC News, FOX Sports, Singapore Press Holdings, South China Morning Post, AEON, DMM, Rakuten and many more. For more information: www.cxense.com, Twitter: @Cxense. Cxense is listed on the Oslo Stock Exchange with the ticker ‘CXENSE.’

Investor Relations Contact:

Jørgen Loeng, Chief Financial Officer

Email: jorgen.loeng@cxense.com

Mobile: +47 906 60 062

___

This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Copies of this publication are not being, and may not be, distributed or sent into the United States.

This information is subject of the disclosure requirements acc. to §5-12 (Norwegian Securities Trading Act).

Subscribe