RaySearch and C-RAD sign collaboration agreement
The focus of the collaboration is to investigate how the C-RAD surface scanning technologies can be utilized during treatment planning in RaySearch’s treatment planning system RayStation®*. Today, the surfaces from the C-RAD surface guided radiation therapy system, Catalyst+, are used during imaging and treatment. Making the Catalyst+ surfaces available in RayStation has many potential applications. One such application is to extend a cone beam CT image that has a limited field-of-view by using information from the surface scanning. This will lead to more complete representation of the patient's anatomy, which in turn results in a more dependable basis for clinical decisions. As a first outcome of the announced collaboration, the above-described application will be demonstrated at the ongoing trade show ESTRO, with a continuation to explore other applications of the companies' respective products.
Cecilia de Leeuw, CEO and President, C-RAD, says: “We are thrilled about the collaboration with RaySearch, where we will enhance and find new innovative solutions in our common fight against cancer.
Johan Löf, founder and CEO, RaySearch, says: “I look forward to collaborating with C-RAD, which is also located close to us in Sweden. The additional information about the patient’s anatomy provided by surface scanning from Catalyst+ has the potential to greatly improve different steps in the radiation therapy treatment planning process in RayStation."
Nathalie Boulas Nilsson will succeed Johanna Rastad in the role of President, CEO and Country Manager for Humana Sweden. Nathalie has extensive experience from various roles in the healthcare and social care industry, most recently in the roles of CEO of Norlandia Care and CEO of Frösunda, companies that have operations in areas such as personal assistance, disability/LSS, schools and elderly care. Prior to that, she has held roles such as Country Manager for Norlandia Health and Care Group and Chief Operating Officer for Tema Cancer at Karolinska University Hospital, as well as CEO of the real estate company Locum AB. Nathalie has almost 20 years of experience in the healthcare and care industry.
Nathalie Boulas Nilsson holds a master's degree from the Stockholm School of Economics.
- I am pleased to be able to present Nathalie Boulas Nilsson as the new President and CEO. Nathalie is an experienced and strong leader and has extensive experience from the care industry, but also from other industries. Her leadership will continue to strengthen Humana's position as a leading player in Nordic care and contribute to a better everyday life for our customers, says Anders Nyberg, Chairman of the Board at Humana.
- I look forward to continuing Humana's good work to ensure that people's everyday lives are better and that we as a company will continue to contribute to positive development and impact in society, says Nathalie Boulas Nilsson, incoming President and CEO.
For more information, please contact:
Ewelina Pettersson, Head of Investor Relations, 073 074 79 12, ewelina.pettersson@humana.se
The food industry is facing massive challenges, such as population growth, climate change and increased regulations. On top of this, the food production value chain is highly inefficient.
To help food producers tackle these challenges, Munters is building a comprehensive portfolio of IoT, sensors and controllers. Last year, InoBram was acquired, and the year before, investments were made in BarnTools and FarmSee. The investment in AgriWebb is a further commitment to support a more responsible and efficient food production value chain.
“AgriWebb’s cloud-based solution for livestock management complements our portfolio of digital solutions well,” says Pia Brantgärde Linder, President of business area FoodTech at Munters. ”It supports our vision to monitor and optimize the entire value chain to improve sustainability and animal welfare.”
AgriWebb gives meat packers and retailers alike access to critical data for reducing emissions in the supply chain. The software provides features such as farm mapping, grazing management, and inventory tracking. It can even be used by aqua farming and greenhouses, positioning it as a compressive solution for many segments.
Australian AgriWebb currently manages over 23 million head of livestock across more than 150 million acres in 18 countries, mainly in Australia, UK, United States and Brazil.
For more information:
Ann-Sofi Jönsson, Vice President, Investor Relations and Group Risk ManagementE-mail: ann-sofi.jonsson@munters.com Phone: +46 (0)730 251 005
Line Dovärn, Director, Investor RelationsE-mail: line.dovarn@munters.com Phone:+46 (0)73 048 844
Media:
Eva Carlsson, Director External CommunicationsE-mail:eva.carlsson@munters.com Phone: +46 (0)70 88 33 500
Eroxon® was launched in Norway in February 2024 and has been very well received by Norwegian consumers. After only two weeks in the market, it was the bestseller at an online pharmacy. Strong sales resulted in Eroxon® ranking third on Navamedic’s most sold products in the Consumer Health segment in the first quarter of 2024.
"Eroxon® is a fast, safe and easily available product developed to help men improve not only their sexual health but also their quality of life. We hope for a similar response in Sweden as in the UK and Norway. Over time, we see greater growth potential in Sweden because Eroxon® will be the only non-prescription treatment for erectile dysfunction in the market," says Jack Spira, Medical Director at Navamedic.
Four out of ten men in Sweden have experienced erectile dysfunction at some point, according to a new survey conducted on behalf of Navamedic. Medication is the most common measure, but the vast majority do not seek any help at all[1].
Eroxon® offers a range of features which distinguishes it from other treatments of erectile dysfunction. First and foremost, it is an effective and fast-acting gel which typically helps men get an erection within ten minutes. It has a very good safety profile due to local effect with no systemic absorption. Eroxon® is approved as a treatment for erectile dysfunction in the EU and the US.
[1] Survey conducted in Sweden by Novus 28 March – 11 April 2024.
To help build on the excitement in Malmö this week, the SAS in-house marketing team has partnered with award winning Swedish AI artist Stephanie Löwenstein to develop bold images showcasing virtual SAS passengers displayed on SAS’ online channels, on the streets of Copenhagen and Malmö, as well as at key airports across Scandinavia.
"We are delighted to launch this special campaign, marking our inaugural venture into AI-generated advertising, as travelers from across Europe set their sights on Sweden and Malmö," says Paul Verhagen, EVP & Chief Commercial Officer at SAS. "As the leading carrier in the region, we look forward to welcoming visitors onboard and sharing the beauty and charm of our corner of the world."
This particular week, SAS has over 1800 flights to Malmö and Copenhagen, offering seamless connectivity, and a warm Scandinavian welcome to all passengers with the message “We bring Europe to Malmö” displayed to arriving passengers with AI generated images tailored for this musical extravaganza.
With a commitment to safety, reliability, and hospitality, SAS invites travelers to celebrate this week with excited music goers from across Europe, and to enjoy the magic of Sweden and Malmö throughout this summer season.
SAS is serving around 24 million passengers traveling to, from, and within the region across 135 destinations along 285 routes.
Book your journey with SAS and experience the essence of Scandinavian hospitality firsthand at flysas.com .
"It is thanks to the fact that sustainability is integrated into our business model and by actively working to improve the sustainability performance of our property portfolio that we have already achieved our goal of 70 percent sustainable financing. It is positive for society, SLP, our shareholders and our tenants," says Tommy Åstrand, CEO of SLP.
SLP's financing consists solely of secured bank financing with Nordic banks. The sustainable banking agreements are based on parts of SLP's property portfolio being environmentally certified according to certain standards or having low energy use. In addition to a lower climate footprint, the sustainable bank loans mean a lower financing cost of up to 10 basis points compared to traditional bank loans.
SLP's sustainability framework is revised every two years, thus new objectives will be adopted from 2025.
For further information, please contact:Tommy Åstrand, CEO of SLP, telephone: +46 705 455 997
About SLP – Swedish Logistic PropertySwedish Logistic Property - SLP – is a Swedish property company that acquires, develops, and manages logistic properties with sustainability in focus. Value growth is created through development of the properties which are located in Sweden’s most important logistic hubs. The property portfolio comprises a lettable area of approx. 980,000 sqm. SLP is a partner that takes responsibility and through this creates value for both tenants as well as for the company and its shareholders. SLP’s share of series B is listed at Nasdaq Stockholm Mid Cap. For further information about SLP: slproperty.se
Fazer Aito Barista is designed especially to be used with coffee and in specialty coffees. The product is also suitable for cooking and baking.
The product development team at Fazer has renewed the recipe listening carefully to consumers’ wishes. The new taste has received a warm welcome: In a consumer test[1)] conducted by Fazer the new product got excellent feedback. In a blind test, the consumers rated the renewed product as having a more pleasant and natural taste than before, and it was also considered to be more suitable for use with coffee. The intensity of the taste of oats is well balanced and according to most participants, the sweetness is on a suitable level. The mouthfeel is quite soft and rich, and the aftertaste is good.
More plant-based, without compromise
Fazer Aito's goal is to inspire people to include plant-based food in their diet.
"We want to make products that taste so good that switching to plant-based is easy and doesn't feel like a compromise. Taste and quality have always been Fazer's top priorities," says Briza Kronhamn, Marketing Manager responsible for Fazer Aito products.
The face of the campaign starting today is ice hockey player Eetu Selänne, who is making his debut in the advertising world. The extensive campaign will be visible during the spring and summer on television, cinemas, digital channels, and stores.
"We encourage everyone to try plant-based products and trust their own taste. Eetu represents a new generation, he is a young athlete and a great example of someone who has decided to add plant-based to his diet, continues Kronhamn.
"I am very excited about this cooperation because Fazer is my favourite brand in Finland. Even though I'm careful about my diet as an athlete, I still boldly try new things. I myself have started to switch to plant-based products from Barista Oat Drink”, says Eetu Selänne.
"I drink coffee every day and it matters what kind of oat drink you choose with coffee. Ice latte is my favourite, and the soft taste of Fazer Aito Barista works really well in it," Eetu continues.
Fazer increases the number of plant-based products in its assortment
The use of plant-based products has become increasingly popular in recent years. Although plant-based products are still chosen for environmental and health reasons, the main reasons for choosing plant-based products[2)] are the desire to try new things and good taste. Fazer is also committed to increasing the number of plant-based products in its range. Currently, 45% of Fazer's entire selection is plant-based.
"Choosing a plant-based diet is one of the most environmentally impactful actions that anyone can take as individuals. Plant-based products are no longer a marginal phenomenon but have found their place in shopping baskets of consumers of all ages. Making just a few plant-based meals a week is important, also from your own well-being perspective," says Anniina Niemistö, Vice President, Communications and Sustainability at Fazer Lifestyle Foods.
Fazer Aito offers a wide range of delicious and high-quality plant-based drinks, cooking products and gurts. They are made from Nordic oats in Koria, Finland and Tingsryd, Sweden.
[1)] Foodwest, Barista oat drinks, September 2023, n=104[2)] Fazer Shopper Study 2023, Nepa Insight, n=1012 (Finland) and 1013 (Sweden)
Images for editorial use: https://fast.fazer.com/l/9sjhRnK7cH5cCampaign film: https://youtu.be/NX1md5kVfgM
Additional information:
Anniina Niemistö, VP, Communications and Sustainability, Fazer Lifestyle Foods, +358 40 674 4672, anniina.niemisto@fazer.com
Fazer serves the media by phone Mon–Fri from 8 am to 4 pm, tel. +358 40 6682 998 and at media@fazer.com
The repurchases form part of the repurchase program of a maximum of 2,154,000 own ordinary shares for a total maximum amount of SEK 1,000,000,000 that EQT announced on 22 April 2024. The repurchase program, which runs between 23 April 2024 and 24 May 2024, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052.
EQT ordinary shares have been repurchased as follows:
Date: Aggregated daily Weighted average Total daily volume (number of share price per day transaction value shares): (SEK): (SEK):29 April 95,659 299.2308 28,624,119.10202430 April 59,252 300.3904 17,798,731.9820242 May 2024 89,365 296.0365 26,455,301.823 May 2024 93,968 302.9461 28,467,239.12Total 338,244 299.6221 101,345,392.03accumulatedoverweek18/2024Total 736,778 297.2848 219,032,875.57accumulatedduring therepurchaseprogram
All acquisitions have been carried out on Nasdaq Stockholm by Skandinaviska Enskilda Banken AB on behalf of EQT.
Following the above acquisitions and as of 3 May 2024, the number of shares in EQT, including EQT’s holding of own shares is set out in the table below.
[][] Ordinary shares Class C shares[1] TotalNumber of issued 1,245,048,412 881,555 1,245,929,967sharesNumber of shares 61,211,607 - 61,211,607owned by EQTAB[2]Number of 1,183,836,805 881,555 1,184,718,360outstandingshares
1) Carry one tenth (1/10) of a vote.2) EQT AB shares owned by EQT AB are not entitled to dividends or carry votes at shareholders’ meetings.
A full breakdown of the transactions is attached to this announcement.
ContactOlof Svensson, Head of Shareholder Relations, +46 72 989 09 15 EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
FORTUM CORPORATION PRESS RELEASE 7.5.2024Fortum will build a hydrogen production pilot plant in Loviisa. The plant will be located in the Källa area near Fortum’s Loviisa nuclear power plant on a plot owned by the company. The construction of the Kalla test center will begin in the summer of 2024, and the plant is scheduled to be commissioned in late 2025.
Hydrogen will be produced by electrolysers, by using electricity to split water into hydrogen and oxygen, with a capacity of around two megawatts from the main grid and using local household water in Loviisa. A filling station will be built in connection with the plant for the delivery of hydrogen to industrial customers. The Kalla test center is funded entirely from Fortum’s research and development funds, and the design work is mostly carried out by in-house designers. The Kalla test center is expected to be in operation for around two years between 2025 and 2028. The total R&D cost of the pilot project is around EUR 17 million. According to Fortum’s strategy, the company will stepwise explore hydrogen through small-scale projects in the Nordics. “Testing hydrogen production at the Kalla test center on a megawatt scale will provide valuable information not only in terms of the design and operation of potential larger plants, but also of the business opportunities provided by green hydrogen and hydrogen derivatives. The pilot project is the first step towards possible future projects and investments. In addition to the test center, we also have other hydrogen-related studies underway that involve customers and partners from various industries,” notes Satu Sipola, vice president of Power-to-X at Fortum.Hydrogen produced using clean electricity can replace fossil fuels and raw materials in many industries, such as the manufacture of steel or fertilisers. Thanks to its chemical properties, hydrogen is versatile and can be used for a variety of purposes: it can serve as an energy carrier, replace fossil carbon in steel and iron production, and serve as a sustainable fuel.“Fortum has a strong position in clean energy production, and we strive to find solutions to help our industrial customers decarbonise their operations. We work to drive the development of clean hydrogen in the Nordic countries, and we engage in active research cooperation with companies in the forest, steel and chemical industries and the transport sector, for example,” shares Sipola.
Fortum CorporationCommunications
Further information:Fortum NewsDesk, newsdesk@fortum.com, +358 40 198 2843
Read more about Fortum and hydrogen: https://www.fortum.com/services/hydrogen
Fortum Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
Metso is celebrating the milestone delivery of its 100[th] truck body; the delivery went to Boliden’s Kevitsa mine in the Sodankylä region in Finland. Truck bodies belong to Metso’s portfolio of comprehensive payload management solutions. This portfolio enables Metso to assist its mining and aggregates customers in optimizing their loading and hauling capability, minimizing the environmental impact, and maximizing utilization of the loaders and haul truck bodies.
Metso’s range of payload management solutions was considerably expanded with the 2023 acquisition of Häggblom, a privately owned Finnish engineering and manufacturing company. The new comprehensive portfolio includes a range of truck bodies and buckets, each suitable for different operations and business objectives, ground engaging tools (GET), as well as long-lasting rubber and metallic truck bed liners, high-resistant wear parts, services and repairs.
“This expanded portfolio equips us with more mature capability to comprehensively address the holistic loading and hauling needs of customers and to support their sustainability and safety targets. This strategic shift allows us to take on the responsibility of managing customer assets and prioritizing service delivery over mere product transactions,” says Justin Ryan, Vice President, Material Transportation business line, Metso.
The global rollout is being phased in. In the first phase, the comprehensive loading and hauling offering is available to customers in the Nordics and Europe, with Central and South America to follow soon after. In the second phase, global coverage to all markets is expected.
“The delivery of the 100[th] truck body is a significant milestone and shows that our customers trust us for their loading and hauling needs. As Metso is now able to provide complete solutions for all site conditions, we look forward to taking the next step as a value provider in payload management,” says Jukka Karhula, Director, Loading and Hauling Solutions, Metso.
Information of the expanded Loading and Hauling Solutions offering is available on our website .
Further information, please contact:
Jukka Karhula, Director, Loading and Hauling Solutions, Metso, Tel. +358 20 765 8201, email: jukka.karhula(at)metso.com
Helena Marjaranta, Vice President, Communications and Brand, Metso, Tel. +358 20 484 3212, email: helena.marjaranta(at)metso.com
Metso is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. We improve our customers’ energy and water efficiency, increase their productivity, and reduce environmental risks with our product and service expertise. We are the partner for positive change.
Headquartered in Espoo, Finland, Metso employs over 17,000 people in close to 50 countries and sales for 2023 were about EUR 5.4 billion. The company is listed on the Nasdaq Helsinki. metso.com, x.com/metsoofficial
The Rights Issue
The Rights Issue comprises of an offer to current Brain+ shareholders as well as to non-shareholder investors to subscribe for units in Brain+. A unit is a bundle of shares and warrants. The offer consists of 10,161,031 units, each of which includes eleven (11) new shares in Brain+ and nine (9) warrants of series TO 4, exercisable in September 2024. The subscription price is DKK 0.88 per unit which corresponds to a subscription price per new share of DKK 0.08. Considering that the offered subscription price per new share is below the current DKK 0.10 nominal value per share in Brain+, please see information in this announcement’s chapter 7. “Share capital” about a proposed reduction in the Company’s share capital and a corresponding adjustment of the nominal value per share from currently DKK 0.10 to DKK 0.08.
Upon full subscription, the Rights Issue will provide Brain+ with approximately DKK 8.94 million in gross proceeds and approximately DKK 7.09 million in cash net of transaction related costs. Brain+ has obtained subscription commitments of approximately DKK 2.65 million and two tranches of guarantee commitments of a total of approximately DKK 2.73 million, which ensures a combined minimum subscription of DKK 5.38 million (60.2 percent) in the Rights Issue.
The purpose of the Rights Issue is to provide Brain+’ with working capital to deliver on its UK focused business plan including the following milestones: a) certify the CST-Assistant v2.0 as an EU Class 1 MDR medical software, including UK- compliance, b) launch the CST-Assistant v2.0 in the UK and in Denmark, c) close the first contracts with the UK National Health Services (NHS) by end 2024, d) continue market penetration in Denmark, e) scale sales and market penetration in the U K, and f) achieve break-even of UK operations by end 2025 as a key step towards projected full corporate cashflow break-even by end 2026.
Summary of the Rights Issue
·All existing shareholders in Brain+ will receive one (1) Unit Right for each share held on the record date, the 10 June 2024. For nine (9) Unit Rights the holder will be entitled to subscribe for one (1) unit.
·One (1) unit consists of eleven (11) new shares in Brain+ and nine (9) warrants of series TO 4. So, subscription for one unit means subscription for eleven (11) new Brain+ shares and nine (9) warrants of series TO 4.
·The subscription price is DKK 0.88 per unit, corresponding to a subscription price of DKK 0.08 per share. Warrants are issued free of charge.
·The subscription period is scheduled to commence on 11 June 2024 at 9:00 a.m. CEST (Central European Summer Time = local Danish and Swedish time) and will close on 24 June 2024 CEST (the “Subscription Period”).
·The Rights Issue comprises a maximum of 10,161,031 units, corresponding to a total of 111,771,341 new shares and 91,449,279 warrants of series TO 4. If fully subscribed, Brain+ will receive approximately DKK 8.94 million in gross proceeds before issue related costs of approximately DKK 1.85 million. DKK 0.36 million of the issue related costs are compensation to guarantors of the issue and DKK 1.49 million relates to other costs. After repayment of the loan of DKK 2.00 million to be received by Brain+ prior to the Rights Issue including associated loan costs, maximum net proceeds to Brain+ from the Rights Issue amounts to DKK 5.01 million. The warrants of series TO 4 can, if the Rights Issue is fully subscribed, and all warrants of series TO 4 subsequently is exercised for subscription at the highest exercise price of DKK 0.10, provide the Company with up to approximately DKK 9.14 million in additional gross proceeds before deduction of warrant exercise related costs of approximately DKK 0.74 million (if warrants of series TO 4 are fully exercised).
·Each (1) warrant of series TO 4 will entitle the holder to subscribe for one (1) new share during the exercise period from 16 September to 27 September 2024. The exercise price of the TO 4 warrant may not be lower than DKK 0.08 and not higher than DKK 0.10 per share. The final exercise price will, within the interval above, be determined to 70 percent of the volume-weighted average share price (“VWAP”) of Brain+ shares during 20 consecutive trading days ending on 12 September 2024. Brain+ will inform the market on the final exercise price via a company announcement on 13 September 2024. Warrants of series TO 4 are to be admitted to trading on Nasdaq First North Growth Market Denmark following completion of the Rights Issue, with first day of trading expectedly on 11 July 2024. The last day of trading of warrants of series TO 4 will be 25 September 2024.
·Total maximum gross proceeds from the Rights Issue thus amounts to approximately DKK 18.09 million (if both steps of the transaction are fully subscribed), which will provide total net cash proceeds to Brain+ of DKK 15.21 million (including loan associated costs). Maximum net proceeds can secure funding for Brain+ current business plan until April 2026.
·Brain+ has received written subscription commitments from members of the board and management as well as larger shareholders of approximately DKK 2.65 million. Additionally, Brain+ has received bottom-up guarantee commitments from external investors of DKK 2.37 million and a top-down guarantee commitments from members of the board and management of approximately DKK 0.36 million. Hence, the Rights Issue is via pre-commitments secured to approximately DKK 5.38 million, corresponding to approximately 60.2 percent. Neither the guarantee nor the subscription commitments are secured by bank guarantees, escrow funds, pledges, or similar, thus there is a risk that the commitments, in whole or in part, may not be fulfilled.
·The decision of the Board of Directors in Brain+ to carry out the Rights Issue is subject to approval at the AGM. The AGM is planned to be held on 22 May 2024 and notice to convene the meeting will be published through a separate company announcement.
Information memorandum Before the subscription period in the Rights Issue commences, Brain+ will publish an information memorandum containing a summary of the Company and its business activities and outlook as well as relevant information of the Rights Issue.
Questions related to the Rights Issue In case of any question about Brain+, the Rights Issue or the financial instruments, please reach out to either Brain+ CEO, Kim Baden-Kristensen (email: kim@brain-plus.com, mobile: +45 31 39 33 17) or Brain+ CFO, Hanne Vissing Leth (email: hanne@brain-plus.com, mobile: +45 53 88 99 02).
Questions can also be addressed to Brain+’ financial advisor, Sedermera Corporate Finance, or the issuing agent, Nordic Issuing, using the contact details at the bottom of this company announcement.
TABLE OF CONTENTS OF THIS ANNOUNCEMENT
1.Certain definitions related to the rights issue
2.Background and purpose
3.Risk factors
4.Timeline
5.Detailed terms and conditions
6.Subscription and guarantee commitments
7.Share capital
8.Terms and conditions of the securities
9.Legal rights and obligations
1.CERTAIN DEFINITIONS RELATED TO THE RIGHTS ISSUE
+------------------------------------------------------------------------------+|“Rights Issue” refers specifically to the Rights Issue of Units with ||subscription period between 11 June 2024 – 24 June 2024, as a result of which ||new shares and warrants of series TO 4 are issued. |+------------------------------------------------------------------------------+|“Unit” refers to a bundle of eleven (11) new shares in Brain+ and nine (9) ||warrants of series TO 4, which are offered in the Rights Issue. |+------------------------------------------------------------------------------+|“Temporary Unit” refers to an interim financial instrument representing paid ||-for units that will be registered on the subscribers’ in VP Securities in a ||temporary ISIN during the period up until the Rights Issue is finalized. Upon ||registration of the Rights Issue at Erhvervsstyrelsen (the Danish Business ||Authority), the Temporary Unit will automatically be exchanged for shares and ||warrants in the Company and delivered to the subscribers’ accounts. The ||Temporary Unit will not be admitted to trading on Nasdaq First North Growth ||Market. |+------------------------------------------------------------------------------+|“Unit Right” refers to the financial instrument representing the pre-emptive ||right associated with current shareholdings. Upon subscription in the Rights ||Issue, nine (9) Unit Rights will give the holder the right to subscribe for ||one Unit with guaranteed allocation. |+------------------------------------------------------------------------------+|“Guarantor” refers to an investor who have provided a guarantee (also commonly||referred to as a “underwriting”) commitment in the Rights Issue. By submitting||a guarantee commitment, the guarantor commits to subscribe for a certain ||number of Units in the Rights Issue if subscription from existing shareholders||and other investors does not reach a pre-determined amount. |+------------------------------------------------------------------------------+
2.BACKGROUND AND PURPOSE
Brain+ in brief Brain+ is a health tech company, committed to help people with dementia live better lives by treating cognitive decline, which is the most devastating consequence of dementia. The Company’s aim is to become the preferred provider of certified health tech solutions for better dementia management, servicing several million people affected by dementia by 2030.
To reach this target, Brain+ has to date developed three health technologies to support dementia management. Two of these are for the treatment of cognitive decline: software-facilitated Cognitive Stimulation Therapy (“CST”) and; Computerized Cognitive Training (“CCT”), and one is a software-based cognitive test, Starry Night for the detection of early indications of dementia and assessment of cognitive function. Based on these health technologies, Brain+ has so far built a pipeline of three health tech dementia products, which are at different stages of development. The most mature product, the CST-Assistant, is a software solution, which can support therapists and scale the delivery of group-based Cognitive Stimulation Therapy (CST) to people with mild to moderate dementia. A version 1.0 of the CST-Assistant has been made commercially available in Denmark and Germany for proof of demand and early revenues, user feedback and data collection. This input has guided the development of a significantly upgraded version 2.0. which is in late regulatory phase for expected launch in Denmark and the UK in Q2 2024 and Q3 2024, respectively. The two upcoming products in the pipeline, the CST-Home Care to extend the benefits of CST to a home setting, and a CST/CCT combination product to offer cognitive training to people with Mild Cognitive Impairment (MCI), will be further developed towards market launch in the coming years. Brain+’ UK focused business and commercialization plan for 2024-2026 is however so far based only on the launch and scaling of the CST-Assistant mainly in the UK market.
CST-Assistant Brain+’ most mature product, the CST-Assistant (formerly referred to as CST-Therapist Companion), is a software solution that offers CST therapists a readily accessible, customizable, and validated high-quality CST software solution to support CST delivery. A CST dementia therapy program involves 14 sessions of theme structured group therapy sessions to run twice a week over 7 weeks. CST is today’s leading non-drug dementia therapy, as it has been shown to improve cognitive function, quality of life and communication abilities of people with mild to moderate dementia. CST is becoming a recognized global standard, based on consistent health outcomes and a strong evidence base over two decades of research and policy support from international dementia interest organizations. The CST-Assistant solves major pain points for CST therapists and health systems because it enables a more consistent and scalable implementation of CST to benefit more people with dementia, while saving valuable time for CST-therapists. The product has been developed in close collaboration with leading dementia Key Opinion Leaders (KOLs), the UK inventors of the CST method and leading CST educators and therapists.
A v1.0 of the CST-Assistant has been commercially available in Denmark since late 2022, which has led to six (6) initial sales contracts with four (4) Danish municipalities, and a DKK 3.5 million grant to support and scale the implementation of the CST-Assistant into an additional six (6) municipalities and three (3) elderly care and dementia non-profit organizations. The v1.0 has also been available on a smaller scale in Germany since Q2 2023 fostering a collaboration with the German CST KOLs on the integration of the product into the German CST education and an agreement with one of Germany’s largest dementia charity and care organizations on pilot use.
A significantly upgraded v2.0 of the product is in late-stage regulatory phase and targeted for EU and UK medical software certification in Q2 2024 with subsequent commercial release planned in Denmark in Q2 and in the UK in Q3 2023, and first UK sales in Q4 2024.
Purpose of the Rights Issue Since mid-2023, Brain+ has streamlined its business activities on several fronts and progressed its product pipeline, while tightly managing costs and optimizing the allocation of organizational resources to extend its financial runway. On the commercial side, the Company started to shift its business focus to the UK, which has been evidenced to represents the most health tech ready, CST mature and attractive market for the company’s dementia products, in order to scale sales the fastest and show proof-of-business for the Company’s solutions for better dementia management.
The Company in early 2024 sharpened and focused its business plan further and defined targeted milestones to accelerate the time to its major objectives of proof-of-business and break-even: a) certify the CST-Assistant v2.0 as an EU Class 1 MDR medical software including UK-compliance, b) launch the CST-Assistant v2.0 in the UK and in Denmark, c) close the first contracts with the UK National Health Services (NHS) by end 2024, d) continue market penetration in Denmark, e) scale sales and market penetration in the UK, and f) achieve break-even of UK operations by end 2025 as a key step towards projected full corporate cashflow break-even by end 2026.
As communicated to the market in earlier announcements, Brain+ does not currently have the working capital needed to be able to deliver on the UK focused business plan, despite very diligent cost management. This is why the Board of Directors has decided to carry out the Rights Issue as announced in this announcement. If the Rights Issue is subscribed to 100 percent and subsequently, the warrants of series TO 4 are fully exercised at the highest exercise price, the Company will be provided with sufficient capital to fund operations until April 2026 and meet all the defined milestones of the current business plan. At the secured 60.2 percent subscription of the Rights Issue, Brain+ has funding until October 2024 to meet the milestones of commercial launch of the CST-Assistant in Denmark and the UK. To extend the Company’s runway from October 2024, the exercise period for the warrants of series TO 4 is scheduled for late September 2024. At a 55 percent exercise rate for the TO 4 warrants at the lowest exercise price, Brain+ will be provided with sufficient capital to fund its operations into 2025 and past expected first UK sales.
Bridge financing To sustain continued momentum of operational activities during the period up to receipt of proceeds from the Rights Issue, Brain+ has secured a bridge loan of approximately DKK 1.80 million net. The loan has been provided from external investors that also have provided guarantee commitments for the Rights Issue. Release of the bridge loan is conditional that the AGM on 22 May 2024 approve the Rights Issue. Upon approval, funds will be released to the Company on the same day. For the bridge loan, an interest rate of 2 percent is paid per started 30-day period, starting from the release of the funds on 22 May 2024. The bridge loan is to be repaid with proceeds from the Rights Issue. The Board of Directors of the Company assesses the terms of the bridge loan as market-based.
Use of the proceeds Maximum gross proceeds from the Rights Issue amounts to approximately DKK 18.09 million (if both steps of the transaction are fully subscribed), which will provide total net cash proceeds to Brain+ of DKK 15.21 million. Net proceeds from the Rights Issue will be used primarily to fund the Company’s operations to meet the milestones defined in the UK focused business plan. This includes regulatory and other preparatory go-to-market activities for the CST-Assistant v2.0 in the UK, launch of the CST-Assistant v2.0 in Denmark and the UK, and commercial scaling towards projected UK business break-even by end 2025 as an important step towards full company break-even by end 2026 based mainly on UK sales. Secondly, proceeds will be used to advance the product pipeline towards market ready versions of the CST-Home Care product and the CST/CCT combination product for MCI.
Brain+ receives, if the Rights Issue is fully subscribed, approximately DKK 8.94 million before transaction related cost of approximately DKK 2.13 million. The Company intends to use the approximately DKK 6.81 million in net proceeds (including the bridge loan of net DKK 1.8 million) from the Rights Issue to finance following activities:
·CST-Assistant v2.0 launch and market penetration in the UK – Approximately 35%
·Regulatory and other preparatory go-to-market activities for the CST-Assistant v2.0 in the UK – Approximately 30%
·Development of the CST-Assistant v2.0 for launch as a certified medical software in the UK – Approximately 15%
·CST-Assistant v2.0 launch and scaling in Denmark – Approximately 10%
·Advancement of product pipeline (CST-Home Care and CST/CCT for MCI) – Approximately 10%
Through the exercise of the warrants of series TO 4 in September 2024, Brain+ can, if all warrants are exercised to the highest exercise price, receive up to additionally approx. DKK 9.14 million before transaction related costs. The approximately DKK 8.40 million in net proceeds from the TO 4 warrant exercise in the maximum exercise price scenario are estimated to finance an acceleration of the above listed activities. Any excess proceeds will be used to develop a German v2.0 of the CST-Assistant and expand market access efforts in Germany.
3.RISK FACTORS
The management team is responsible for risk management, including mapping, assessment of probabilities, potential impacts as well as mitigating measures. Executive management reports to the Board of Directors on all important matters including risk management. Although no guarantees can be given that other risks will not emerge and have negative adverse effect on the business, the Management believes that the key risks can be summarized as follows:
Financing Since its launch, Brain+ has achieved limited revenue and although it has begun to commercialize its products, it remains in a phase that requires ongoing R&D projects. The Company launched its first product in November 2022 and secured its first commercial contract the following month, and more traction since. There is a risk that Brain+ will not generate sufficient revenue or cash flow to sustain its operations and investments in the future. Inadequate financing could compromise its competitiveness and financial health, and the current liquidity position poses an operational risk if further funding is not obtained. Product development success, market acceptance, securing grants, and potential strategic investments will affect the Company’s future capital needs.
Market adoption The acceptance and utilization of health tech dementia solutions depend on several factors, including the healthcare system, prescribers, and patients’ readiness or reluctance to adopt health tech solutions. Brain+ operates in areas predominantly involving elderly patients and caregivers who may lack technological proficiency, which could create difficulties in utilizing and comprehending health tech solutions. These challenges can result in slower-than-anticipated market acceptance and achievement of sales targets.
Clinical development The progress and commercial success of Brain+ products hinges on achieving positive outcomes in scientific and clinical trials, which are currently in preliminary phases and include feasibility studies. The first product, the CST-Assistant, is an efficiency tool primarily, and is thus less depending on clinical studies, nevertheless, the aim is to add additional medical claims in the coming years to achieve higher reimbursement levels, which will depend on successful trials and data collection. Given the innovative nature of Brain+ health tech dementia products, there is an inherent risk that these trials might not conclude successfully or deliver anticipated results. Additionally, there is a possibility of trial delays due to third parties and subcontractors.
Medical device regulation Large-scale commercialization and reimbursement depend on obtaining regulatory approval and public certifications. Regulatory authorities are focused on digital health care products that seek to create medical benefits for patients and users, which is reflected in the new European MDR, which governs the CE Mark process, local Software-as-a-Medical-Device (SaMD) guidelines, and the US FDA regulatory guidelines and processes. The primary risk related to SaMD and MDR is the risk of the clinical evaluation report not being accepted by an external reviewer. The initial medical claims of the CST-Assistant lean on the strong scientific evidence base for CST, which mitigates this risk.
Dependency of key staff Brain+ is dependent on skilled and experienced persons to conduct its business and maintain permits. The management consists of a highly experienced team where each member independently being very important for the continued development and growth of the Company. It is only the contract with the CEO that contains a non-compete clause. There is a risk that loss of one or more key members of staff would have adverse short-term consequences for the Company’s business operation and its financial results. There is a risk that Brain+ needs to recruit staff to replace key personnel, which can be a costly process, in terms of time and money.
4.TIMELINE
Preliminary timeline for the Rights Issue
+---------------------------------------+-----------------+|Annual General Meeting |22 May |+---------------------------------------+-----------------+|Publication of information memorandum |31 May |+---------------------------------------+-----------------+|Last day of trading in the share incl. |6 June ||Unit Rights | |+---------------------------------------+-----------------+|First day of trading in the share excl.|7 June ||Unit Rights | |+---------------------------------------+-----------------+|First day of trading in Unit Rights |7 June |+---------------------------------------+-----------------+|Record date for obtaining Unit Rights. |10 June |+---------------------------------------+-----------------+|Subscription period |11 June – 24 June|+---------------------------------------+-----------------+|Last day of trading in Unit Rights |20 June |+---------------------------------------+-----------------+|Estimated date for publication of |27 June ||outcome | |+---------------------------------------+-----------------+|Estimated date for first day of trading|11 July ||in new shares and warrants of series TO| ||4 | |+---------------------------------------+-----------------+
Admission to trading The first day of trading in Unit Rights is on 7 June 2024 at 9.00 am (CEST) and the last day of trading in Unit Rights is 20 June 2024 at 5.00 pm (CEST). Temporary Units obtained when subscribing for units in the Rights Issue, will not be admitted to trading on Nasdaq First North Growth Market Denmark. Temporary Units will have the ISIN code DK0062955688 but will only be registered in Euronext Securities Copenhagen solely as an interim instrument during the lead time between the time of subscription until registration of the capital increase in the Danish Business Authority. When the Rights Issue is registered with the Danish Business Authority, expectedly on 4 July 2024, the Temporary Units will be merged with the Company's existing shares with ISIN DK0061670205 in Euronext Securities Copenhagen. The first day of trading with the shares and warrants issued in the Rights Issue will take place on Nasdaq First North Growth Market Denmark expected starting from 11 July 2024. The last day of trading of the warrants of series TO 4 will be two business days prior to the end of the warrant exercise period which is 27 September 2024.
5.DETAILED TERMS AND CONDITIONS
The Rights Issue The Rights Issue consists of Units to be offered in Denmark and Sweden. Brain+ is offering a total of 10,161,031 Units at the subscription price of 0.88 DKK per Unit. Each Unit comprises of eleven (11) new shares in the Company at the subscription price of DKK 0.08 per share with a nominal value of 0.08 DKK each (see information about a reduction in share capital and a corresponding adjustment of the nominal value per share in this announcement’s Chapter 7. “Share capital”), and nine (9) warrants of series TO 4. Hence a total of maximum 111,771,341 new shares and 91,449,279 warrants of TO 4 can be issued in the Rights Issue.
Minimum proceeds from the Rights Issue In the case of subscription where only pre-subscribers and guarantors take part in the Rights Issue, gross proceeds will amount to approximately DKK 5.38 million and net proceeds to approximately DKK 3.71, after costs related to the issue of approximately DKK 1.67 million, including guarantor commission. The net proceeds from the Rights Issue in case of only subscribed and guaranteed amounts (60.2 percent) is deemed to be sufficient for the Company to carry out its planned activities up and until the exercise of the TO 4 warrant.
Record date and unit structure Each shareholder as per the record date on 10 June 2024, will for each one (1) share receive one (1) Unit Right. Nine (9) Unit Rights give the holder the right to subscribe for one (1) Unit. Each Unit consists of eleven (11) new shares and nine (9) warrant of series TO 4. The issue ratio between old vs new shares will thus be nine to eleven (9:11).
Subscription/exercise period The subscription period for Units in the Rights Issue will commence on 11 June 2024 at 9:00 a.m. CEST and will close on 24 June 2024 at 5:00 p.m. CEST. The exercise period for warrants of series TO 4 is from 16 September 2024 at 9.00 AM (CEST) to 27 September 2024.
Announcement of exercise price of TO 4 The Company will inform the market on the exercise price of the TO 4 warrants in a company announcement one business day before the start of the exercise period.
Trading and procedure for exercising Unit Rights The Unit Rights have, subject to approval of the Rights Issue at the AGM on 22 May 2024, been approved for admission to trading on Nasdaq First North Growth Market Denmark with ISIN DK0062955415 and will be traded in the ISIN code under the symbol “BRAINP UR” from 7 June 2024 at 9:00 a.m. CEST to 20 June 2024 at 5:00 p.m. CEST. Holders of Unit Rights wishing to subscribe for Units must do so through their own custodian banks or financial intermediary, in accordance with the rules and instructions of such organization. Note that custodian banks and financial intermediaries might have different deadlines for last day of subscribing for Units in the Rights Issue which can be earlier than the deadlines of the actual subscription period. Once a holder has exercised its Unit Rights, the exercise may not be revoked or modified.
Holders of Unit rights who do not wish to exercise their pre-emptive right to subscribe for Units in the Rights Issue may sell their Unit Rights on Nasdaq First North Growth Market Denmark during the Unit Right trading period. Acquirers can then utilize the Unit Right to pre-emptively subscribe for new units in the Rights Issue with guaranteed allocation of Units. Trading with Unit Rights are to be done via investors’ custodian institutions or other financial instructions. Any Unit Rights not exercised nor sold during the Subscription Period will lapse without value, and the holders of such Unit Rights will not be entitled to any compensation.
Temporary Units Upon subscription and payment of the Subscription Price, Temporary Units will be delivered through VP Securities by being recorded on subscribers’ accounts with VP Securities. The Temporary Units will not be admitted to trading. The Temporary Unit will be assigned an ISIN code and be registered in VP Securities solely for illustrating subscription of Units in the Rights Issue up and until new shares and warrants can be delivered to the subscriber after the Rights Issue is registered with the Danish Business Authority. The Temporary Units will be issued under the ISIN code DK0062955688. Upon registration, the new shares and warrants will be delivered to subscribers in the Rights Issue of Units and admitted for trading on Nasdaq First North Growth Market on or around 11 July 2024. The TO 4 warrants will be issued under the ISIN DK0062955761.
Every investor should be aware of that their respective bank/financial institute may classify subscription of units as a complex product and may therefore request information from the investor before subscription can be carried out.
Subscription for remaining units The general public and existing shareholders can subscribe for any remaining units not subscribed for with support from Unit Rights. Such remaining units will be subscribed for to the same terms, including dates, as for those subscribing with support from Unit Rights. Subscription shall be made on a subscription form, which is available on the Company’s website (www.brain-plus.com), and Nordic Issuing’s website (www.nordic-issuing.se). The subscription shall be filled out and submitted to the account holders own bank according to their respective instructions. It is also possible to subscribe for shares digitally through custodian banks’ (like Nordnet’s) and financial intermediaries’ respective trading platforms. In case of oversubscription of remaining units in connection with the Rights Issue, the allocation of such remaining units will be determined according to allocation principles made by the Board of Directors.
Upon subscription of the remaining units, the holder must pay an amount equal to the subscription price multiplied by the number of units allocated. Payment for remaining units will be made via a delivery versus payment transfer through the subscribers’ custodian bank or financial intermediary and will be withdrawn from the account by the subscribers own custodian bank or financial intermediary.
Allocation principles Allocation of units will be decided by Brain+’s Board of Directors, according to the following priority:
1.Subscription with support of pre-emptive Unit Right.
2.Subscription without support of pre-emptive Unit Right.
3.Guarantors of the bottom-up guarantee.
4.Guarantors of the top-down guarantee.
Investors’ right to withdraw applications of subscription Subscription with support of Unit Rights or notification for subscription of Units without support from Unit Rights are irrevocable.
Completion of the Rights Issue The Rights Issue will only be completed if and when the new shares from the Rights Issue are registered with the Danish Business Authority and the new shares and warrants are delivered to subscribers’ accounts. Registration of the Rights Issue is expected to take place on or around the 4 July 2024 and delivery of shares and warrants are expected to take place on or around 15 July 2024. A company announcement concerning the results of the Rights Issue is expected to be disclosed around 27 June 2024.
Dilution As at the date of this company announcement, the registered share capital in Brain+ has a nominal value of DKK 9,144,927.90 divided into 91,449,279 existing shares with a nominal value of DKK 0.10 each. All existing shares are issued and fully paid up, and each existing share represents 1 vote.
It will be proposed for the Company’s AGM on 22 May 2024 to resolve that DKK 1,828,985.58 of financial losses are offset against a reduction in the share capital. Pending approval at the AGM, the share capital in Brain+ will after the reduction amount to DKK 7,315,942.32, which will correspond to a reduction of the nominal value of the Company’s shares from DKK 0.10 to DKK 0.08.
Through the Rights Issue, the Company’s share capital can increase with a maximum of DKK 8,941,707.28 through the issuing of a maximum of 111,771,341 new shares with a nominal value of DKK 0.08 each. This would imply a dilution of approximately 55 percent to existing shareholders who do not exercise the allocated Unit Rights to subscribe for Units. Shareholders who exercise their Unit Rights in full will not be diluted. The dilution is based on the total amount of shares issued provided that the Rights Issue will be fully subscribed.
If the Rights Issue is subscribed in full and the subsequent exercise of warrants of series TO 4 is exercised in full, the Company's share capital can after the warrant exercise increase with a maximum of DKK 7,315,942.32 through the issuing of a maximum of 91,449,279 new shares with a nominal value of DKK 0.08 each. Shareholders who do not participate in the Rights Issue nor in exercise of the TO 4 warrant can experience a dilution of up to of 69 percent if both steps in the Rights Issue are subscribed and exercised at maximum.
6.SUBSCRIPTION AND GUARANTEE COMMITMENTS
The Rights Issue is secured to approximately 60.21 percent through a combination of written pre-subscription and guarantees commitments according to the below:
+-------------------------+------------+---------------------------+| |DKK million |Percentage of Rights Issue |+-------------------------+------------+---------------------------+|Subscription commitments |2.65 |29.66 |+-------------------------+------------+---------------------------+|Guarantee Commitments |2.73 |30.55 |+-------------------------+------------+---------------------------+|Total commitment |5.38 |60.21 |+-------------------------+------------+---------------------------+
Subscription commitments Brain+ has received legally binding written subscription commitments from members of the board and management team and other external investors who all are existing shareholders in the Company. The subscription commitments amount to approximately DKK 2.65 million, which corresponds to approximately 29.66 percent of the Rights Issue. All shareholders leaving subscription commitments, except for Kim Baden-Kristensen, have committed to utilize Unit Rights to be allocated to them to subscribe for Units in the Rights Issue. Kim Baden-Kristensen has committed to subscribe for approximately DKK 0.59 million without support of Unit Rights and to transfer all his received Unit Rights to Nordic Issuing. The reason being that Kim holds his current shares in a private deposit but intends to subscribe in the Rights Issue through his pension account. None of the subscription commitments have been secured through advance transaction, bank guarantee or similar. The full list of pre-subscribers and their subscription amounts are set out in the table following this section.
+-----------+------------+------------+-------------+------------++---------+|First name |Last name |Via Company |Pre |Share of the|Relation || | | |-commitment |Rights Issue|to the || | | |(DKK) |(%) |Company |+-----------+------------+------------+-------------+------------++---------+|John |Haurum | - |814,488.89 |9.11% |Senior || | | | | |advisor |+-----------+------------+------------+-------------+------------++---------+|Kim |Baden | - |591,735.52 |6.62% |CEO || |-Kristensen | | | | || | | | | | |+-----------+------------+------------+-------------+------------++---------+|Leif |Tomasson | - |304,577.78 |3.41% |Investor |+-----------+------------+------------+-------------+------------++---------+|Kenneth |Egtved | - |195,555.56 |2.19% |Investor || |Pedersen | | | | |+-----------+------------+------------+-------------+------------++---------+|Hanne |Vissing | - |108,843.88 |1.22% |CFO || |Leth | | | | |+-----------+------------+------------+-------------+------------++---------+|Claus |Dalsgaard |CD Holding |100,000.00 |1.12% |Investor || | |ApS | | | |+-----------+------------+------------+-------------+------------++---------+|Karsten |Egtved | - |99,050.06 |1.11% |Investor |+-----------+------------+------------+-------------+------------++---------+|Tim |Juergens |JuePes Cool |97,777.78 |1.09% |Nominated || | |Ventures UG | | |Chairman* |+-----------+------------+------------+-------------+------------++---------+|Luigi |Isoletti | - |72,600.00 |0.81% |Investor ||Alessandro | | | | | |+-----------+------------+------------+-------------+------------++---------+|Johan |Luthman | - |70,400.00 |0.79% |Interim || | | | | |Chairman |+-----------+------------+------------+-------------+------------++---------+|Jia |Li | |68,139.28 |0.76% |Investor |+-----------+------------+------------+-------------+------------++---------+|Simon |Frøsig | |50,000.00 |0.56% |Investor || |Kristensen | | | | |+-----------+------------+------------+-------------+------------++---------+|Jannie |Egtved | - |44,000.00 |0.49% |Investor || |Pedersen | | | | |+-----------+------------+------------+-------------+------------++---------+|Allan |Henriksen | |26,400.00 |0.30% |Investor |+-----------+------------+------------+-------------+------------++---------+|Simon |Nielsen | - |8,888.88 |0.10% |CSIO |+-----------+------------+------------+-------------+------------++---------+|Total | | |2,652,457.62 |29.66% | |+-----------+------------+------------+-------------+------------++---------+
*Pending approval at the AGM on 22 May 2024.
Bottom guarantee commitments The Company has received legally binding guarantee commitments from members of the board and management and external professional investors, for a total of approximately DKK 2.73 million, which corresponds to approximately 30.55 percent of the Rights Issue. Guarantee commitments are exchanged for binding subscription to the extent the Rights Issue is not subscribed for by the market.
Out of the total guarantee commitments, approximately DKK 2.37 million (approximately 26.56 percent of the Rights Issue) are so called “bottom up” guarantee commitments in which the guarantors commit to subscribe for any remaining Units, up to a subscription in the Rights Issue of approx. DKK 5.03 million (56.22 percent) (the “Bottom Guarantee”). If the Rights Issue is subscribed to less than DKK 5.03 million, the amount activated for subscription from the Bottom Guarantee will be calculated as DKK 5.03 million less the total amount subscribed for by current shareholders and other investors with and without support of Unit Rights. If the Rights Issue is subscribed for more than DKK 5.03 million, no Bottom Guarantee will be activated for subscription. Any activated guarantee subscription will be shared amongst all Bottom Guarantee guarantors in relation to the size of commitments (“pro-rata”). The Bottom Guarantee commitments carry an alternative underwriter’s compensation of 15 percent of the guaranteed amount in cash, or 20 percent of the guaranteed amount in the form of Units which are to be issued to the same terms as the Units in the Rights Issue.
+---------+---------+----------------+-------------+------------+------------+|First |Last |Company |Guarantee |Share of the|Relation to ||name |name | |commitment |Rights Issue|the Company || | | |(DKK) |(%) | |+---------+---------+----------------+-------------+------------+------------+| | |Formue Nord |1,200,000.00 |13.42% |Investor || | |Marknadsneutral | | | || | |A/S | | | |+---------+---------+----------------+-------------+------------+------------+|Patric |Sjölund |Pronator Invest |350,000.00 |3.91% |Investor || | |AB | | | |+---------+---------+----------------+-------------+------------+------------+|Jean |Dühring |JMD Holding ApS |200,000.00 |2.24% |Investor |+---------+---------+----------------+-------------+------------+------------+|Gerhard |Dal |CapMate |175,000.00 |1.96% |Investor || | |Aktiebolag | | | |+---------+---------+----------------+-------------+------------+------------+|Axel |Lindberg | |125,000.00 |1.40% |Investor |+---------+---------+----------------+-------------+------------+------------+|Iman |Ziai |LTZ Consulting |125,000.00 |1.40% |Investor || | |AB | | | |+---------+---------+----------------+-------------+------------+------------+|John |Moll | |100,000.00 |1.12% |Investor |+---------+---------+----------------+-------------+------------+------------+|Anders |Haskel |Haskel Konsult |100,000.00 |1.12% |Investor || | |Aktiebolag | | | |+---------+---------+----------------+-------------+------------+------------+|Total | | |2,375,000.00 |26.56% | |+---------+---------+----------------+-------------+------------+------------+
Top Guarantee commitments In addition to the above-mentioned Bottom Guarantee, Brain+ has secured a second tranche of guarantee commitments of approximately DKK 0.36 million (approximately 3.99 percent of the Issue (the “Top Guarantee”). The Top Guarantee is a top-down guarantee in which the guarantors (members of the board and management) commit to subscribe for any remaining Units in the Rights Issue up to a total subscription of approximately DKK 0.36 million (3.99 percent), however not more than the committed amount of DKK 0.36 million. For guarantors of the Top Guarantee, a compensation of 10 percent will be payable in the form of Units, issued to the same terms as the Units in the Rights Issue.
+-------+---------+--------+-----------+------------+------------+|First |Last |Company |Guarantee |Share of the|Relation to ||name |name | |commitment |Rights Issue|the Company || | | |(DKK) |(%) | |+-------+---------+--------+-----------+------------+------------+|Anish |Shindore |GSD |150,000.00 |1.68% |Board || | |Group | | |Member || | |SL | | | |+-------+---------+--------+-----------+------------+------------+|Johan |Luthman | |79,600.00 |0.89% |Board || | | | | |Member |+-------+---------+--------+-----------+------------+------------+|Tim |Juergens | |52,222.22 |0.58% |Nominated || | | | | |Chairman* |+-------+---------+--------+-----------+------------+------------+|Hanne |Vissing | |50,000.00 |0.56% |CFO || |Leth | | | | |+-------+---------+--------+-----------+------------+------------+|Simon |Nielsen | |25,000.00 |0.28% |CSIO |+-------+---------+--------+-----------+------------+------------+|Total | | |356,822.22 |3.99% | |+-------+---------+--------+-----------+------------+------------+
*Pending approval at the AGM on 22 May 2024
7. SHARE CAPITAL
Change of share capital and number of shares and dilution In order to decrease the nominal value per share from the current DKK 0.10 to DKK 0.08 (to enable the planned Subscription Price of DKK 0.08 per share in the Rights Issue), it is proposed to the AGM, to decide to offset DKK 1,828,985.58 of financial losses in Brain+ against a reduction in the Company’s share capital. Upon approval of the reduction in the share capital at the AGM on 22 May 2024, the share capital will amount to DKK 7,315,942.32, corresponding to a nominal value per share of DKK 0.08. The Rights Issue is conditioned that the AGM resolve to decrease the share capital and hence the nominal value per share.
Through the Rights Issue, the number of shares in Brain+ will increase by a maximum of 111,771,341 shares, from 91,449,279 shares to 203,220,620, shares of nominal value DKK 0.08 each and the share capital will increase by a maximum of DKK 8,941,707.28, from DKK 7,315,942.32 (after reduction of the share capital) to DKK 16,257,649.60. For existing shareholders who do not participate in the Rights Issue this means, upon full subscription, a dilution effect of approximately 55 percent of the votes and capital held in the Company.
In the event that the Rights Issue is fully subscribed and all warrants of series TO 4 subsequently are fully exercised for subscription of new shares, the number of shares in Brain+ will increase by additionally 91,449,279 shares to a total of 294,669,899 shares of nominal value DKK 0.08 each and the share capital will increase by additionally DKK 7,315,942.32 to DKK 23,573,591.92. This corresponds to a total dilution effect for investors not participating in the Rights Issue nor in the warrant exercise of approximately 69 percent.
8.TERMS AND CONDITIONS OF THE SECURITIES
General rights attached to the new shares The shares issued in the Rights Issue will have identical rights as the existing shares. These include voting rights, right to receive dividend, the right to participate in the proceeds in case of a dissolution or liquidation of the Company. The warrants of series TO 4 do not give the holder such rights before being exercised and the resulting shares are issued. Further, all shares have equal rights in the event of insolvency, liquidation or winding up. The rights of the shareholders can only be changed in accordance with the procedures specified in the Articles of Association and the Danish Companies Act (no. 1451 of 09/11 2022). The new shares which are to be issued in connection with the Issue are ordinary shares and all shares in the Company carry identical rights. At general meetings, each share has one vote, and each shareholder can vote for their full number of shares without limitation. The right of a shareholder to attend a general meeting and to vote is determined by the shares held by the shareholder at the record date. The record date is one week before the general meeting is held. The warrants do not give any voting rights. The new shares subscribed for using the warrants will carry voting rights starting from the day of registration of the new shares with the Danish Business Authority.
The shares’ transferability and lock-up As at the date of this announcement, there are no general restrictions in the transferability of the shares or warrants. However, members of the board and management who together hold approximately 4.50 percent of the outstanding shares in the Company have entered into lock-up undertakings with the Company’s financial adviser, Sedermera Corporate Finance AB, which limits them from selling any shares in Brain+ for twelve months following completion of the Rights Issue. The lock-up also covers any Unit Rights obtained and not exercised in the Rights Issue as well as any shares and warrants acquired in the Rights Issue.
Rights to dividend The new shares will, when fully paid up and registered with the Danish Business Authority, have the same rights as the existing shares, including with respect to eligibility for any dividends paid to holders of shares. Brain+ is a growth company and has not since its formation paid dividends to the shareholders, the Company has per the date of this announcement no dividend policy and there are currently no plans of adopting such policy. The Board of Directors intends to finance development, operations, and growth with a combination of the possible profit and if needed future equity issues. In the event of a dividend, all shares in the Company carry equal right to dividends. Consequently, the new shares from the Rights Issue are eligible for dividends as of the date of registration with the Danish Business Authority. The registration is expected to take place on or around 4 July 2024. Further, the right to dividends applies to investors who are registered as shareholders in Brain+ on the record day applicable for the distribution of dividend. Any dividends will be paid in DKK to the shareholder's account with VP Securities. No restrictions on dividends or special procedures apply to holders of shares who are not residing in Denmark. Dividend withholding tax may be withheld by the Company in accordance with applicable Danish law. The warrants give the holder no right to dividend until the warrant has been exercised into an ordinary share. Dividends which have not been claimed by shareholders within three (3) years from the time they are payable will in accordance with applicable Danish law be forfeited and will accrue to the Company.
Change of terms The Company may – if it is deemed that it will benefit current shareholders, warrant holders and the Company – at the time of the exercise period for the TO 4 warrants, resolve to amend the terms of exercise of those warrants including, but not limited to, the minimum exercise price.
If the Company decide to amend the terms of the exercise price, such information will be communicated to the market via a company announcement, latest two weeks before the start of the exercise period.
Should such an event occur, the Company will compensate investors for any demonstratable loss incurred as a result of such change of terms.
If the Company resolve to amend the terms and this cause an investor to realize a financial loss, the investor will be compensated by the Company for such loss if the investor 1) have sold warrants of series TO 4 before amendment of terms, 2) repurchased warrants of series TO 4 after terms have been amended and 3) exercised TO 4 to subscribe for new shares to the amended terms. The investor will in such case be compensated for the difference between the selling and purchasing price, provided that the investor have realized a loss.
Pre-emptive subscription rights Under Danish law, shareholders in a company generally have pre-emptive subscription rights if the general meeting of the Company resolves to increase the share capital by cash payment. However, the pre-emptive subscription rights of the shareholders are subject to exceptions due to authorizations granted by the general meeting.
9.LEGAL RIGHTS AND OBLIGATIONS
Compliance Any holders of Unit Rights which exercises Unit Rights for subscription of Units, shall be deemed to have represented that they have informed themselves about and complied with applicable laws. Custodian banks exercising Unit Rights on behalf of beneficial holders shall be deemed to have represented that they have complied with the Issue procedures set forth in this Announcement. Upon expiry of the Subscription Period, any Unit Rights not exercised will lapse without value, and the holders of lapsed Unit Rights will not be entitled to any compensation. Every investor should be aware of that their respective bank/financial institute may classify subscription of unit as a complex product and may therefore request information from the investor before subscription can be carried out.
Legal regulations The new shares are issued according to the Danish Companies Act (no. 1451 of 09/11 2022) and the Company’s Articles of Association as at the date of this Announcement. Brain+ is, moreover, subject to general Danish legislation, including Regulation (EU) 2017/1129 and the Danish Act on Capital Markets (no. 41 of 13/01/2023). Due to its listing on Nasdaq First North Growth Market Denmark, a multilateral trading facility platform, Brain+ is bound to the obligations set out in the applicable Nasdaq First North Growth Market regulations. Companies admitted to trade on Nasdaq First North Growth Market are subject to the European parliament and the Council Regulation (EU) No 596/2014 on Market Abuse Regulation (MAR) which contains regulation on information obligations and a prohibition on market abuse. Such obligations include, but are not limited to, complying with disclosure and information requirements in the Danish Securities market.
Tax considerations An investment in the Rights Issue may result in tax consequences for the investor. Brain+ is a Danish registered company that has unlimited tax liability in Denmark. The Company’s new shares and warrants will be traded on Nasdaq First North Growth Market Denmark, a multilateral trading facility platform (MTF), and the shares and warrants in Brain+ are therefore covered by the Danish tax rules for listed shares. The tax legislation in the investor’s jurisdiction may influence any income received from the Issue described in this announcement. Taxation of any dividend, as well as capital gains tax and rules regarding capital losses on sale of securities depends on the individual investors’ specific situation. Shareholders may need to consult their own accountant or tax adviser for a closer assessment of tax consequences, including applicability and effect of foreign tax rules and tax treaties when a shareholder being in Brain+.
Withdrawal and delay of the Issue The Company is not allowed to withdraw the Rights Issue. However, it may delay or suspend the Rights Issue in the event that the registration of the new shares is refused by the Danish Business Authority. Any delay of the Rights Issue will be announced as a company announcement through a press release. The Company is not authorized to close the Subscription Period of the Rights Issue on an earlier date than the communicated last subscription date.
Conflicts of interest Sedermera Corporate Finance (“Sedermera”) are the financial advisers, Markets and Corporate Law Nordic (“MCL”) is a legal advisor and Nordic Issuing is the Issuing agent and settlement agent to Brain+ in connection with the Rights Issue. These parties receive a pre-agreed remuneration for services in connection with the Rights Issue.
Some members of the Company’s board and management have financial interest in the Company because of share- and or warrant holdings in the Company. Apart from the mentioned shareholdings, there are to the Company’s best knowledge, no member of the Board of Directors or executive management who has any other private interests which might conflict with the Company’s interests.
Miscellaneous Brain+ has not been a party to any legal, arbitration or governmental proceedings (including pending cases or such that the Company is aware may arise), during a period covering at least the previous 12 months, that have had or could have significant effects on the Company's financial position or profitability. Nor has the Company been informed of claims that could lead to Brain+ becoming a party to such a process or arbitration. There are no arrangements, known to Brain+ (the “Issuer”), which may at a subsequent date result in or prevent a change in control of the Issuer. No provisions in Brain+ articles of association, statutes, charter, or bylaws have an effect of delaying, deferring, or preventing a change in control of the Issuer.
Name and registered office The Company’s address and the registered office of the Board of Directors is Købmagergade 53, 3, 1150 København K, Denmark. Company representatives may be reached at telephone +45 31 39 33 17, and by e-mail at contact@ brainplus.com. The Company’s visiting address is Købmagergade 53, 3, 1150 København K, Denmark, and the website is www.brain-plus.com.
Advisors In connection with the Rights Issue, Sedermera Corporate Finance AB act as financial advisors to Brain+. Markets & Corporate Law Nordic AB act as legal advisor. Nordic Issuing AB is the issuing agent and the settlement agent.
For more information about the Rights Issue, please contact: Sedermera Corporate Finance AB Phone: +46 (0) 40 615 14 10 E-mail: cf@sedermera.se www.sedermera.se
For more information about technicalities and the financial instruments, please contact: Nordic Issuing AB Phone: +46 (0) 40 632 00 20 E-mail: info@nordic-issuing.se www.nordic-issuing.se
For more information about Brain+, please contact: Kim Baden-Kristensen, CEO Phone: +45 31393317 E-mail: kim@brain-plus.com Or, Hanne Vissing Leth Phone: +45 53889902 E-mail: hanne@brain-plus.com www.brain-plus.com
Certified Adviser Keswick Global AG Phone: +43 1 740 408 045 E-mail: info@keswickglobal.com
Bittium Corporation
Press Release
Bittium Supplied NATO’s DIANA Test Centres with World-Class Tactical Communications Technology as Part of the Research Infrastructure
Bittium Corporation press release on May 7, 2024, at 2.00 pm (CEST +1)
Bittium has supplied NATO’s DIANA (Defence Innovation Accelerator for the North Atlantic) test centres with software defined radio based Bittium Tactical Wireless IP Network™ (TAC WIN) system and Bittium Tough SDR™ soldier and vehicle radios. The new technology test centres will be established at VTT Technical Research Centre of Finland’s sites in Otaniemi, Espoo and University of Oulu. The state-of the-art products, which provide broadband tactical communications and are used for example by defense forces in different countries, will be part of the research infrastructure of the test centres.
NATO’s DIANA test centres help companies of NATO countries to strengthen their technological expertise and competitiveness. The test centres offer tools for technology development, and the technology themes of the test centres are related to next-generation communication systems, 6G technology, cybersecurity, and quantum and space technologies.
The research infrastructure and experts provided by the test centres will allow companies to evaluate their own concepts and technologies and get support to develop them. The test centres will consist of comprehensive research facilities and equipment, as well as top-level expertise in the sector. Bittium’s products will be used to build communications networks in the test centres. In the test networks, TAC WIN system’s extensive features for integration as well as the broadband Bittium TAC WIN Waveform™ used by both the TAC WIN system and Tough SDR radios, enable, among other things, multiple services to run simultaneously.
Bittium Tactical Wireless IP Network™
Bittium Tactical Wireless IP Network (TAC WIN) is a software-defined radio (SDR) based wireless broadband network system intended for military and public safety use. With the system, MANET (mobile ad hoc network), link, and connection networks can be formed into one logical IP network quickly, no matter what the location is. Bittium TAC WIN is compatible with existing fixed and wireless network infrastructures. The core of the system is a tactical router that enables users to freely form both wired and wireless broadband data transfer IP connections. The tactical router also enables connections to different types of terminals and other communication systems in order to connect them into a single communication network. In addition to the router, the system comprises three types of radio heads, and each radio head covers its own frequency band area and can be used for flexible formation of optimized network topologies for different communication needs. All the products of the system are designed for harsh conditions, and thanks to the system's automated functions, the implementation of the system can be done quickly. Due to the software-based functionality of the Bittium TAC WIN system, it can be easily updated with additional performance, which allows it to be developed and maintained cost-efficiently throughout the whole lifespan of the system.
More information: Bittium TAC WIN system
Bittium Tough SDR™ product family
Bittium Tough SDR product family of tactical radios consists of Bittium Tough SDR Handheld™, tactical handheld radio for individual soldiers, and Bittium Tough SDR Vehicular™, tactical radio for vehicle installations. The Tough SDR radios help to produce and share real time situational awareness to all levels of the organization. This improves the performance and the effectiveness of the tactical troops, and leading the troops is easier based on the up-to-date situational awareness and more reliable connections. The uniquely wide range of frequency bands in the radios improves combat survivability. Using several waveforms, even simultaneously, improves compatibility and enables operations on different levels and missions. Together with the software-defined radio based Bittium Tactical Wireless IP Network™ (TAC WIN) system, used for forming a broadband mobile IP backbone network, it is possible to bring broadband data and voice to all mobile troops across the battlefield.
More information: Bittium Tough SDR Handheld radio and Bittium Tough SDR Vehicular radio
NATO DIANA
DIANA is NATO’s innovation accelerator, bringing together innovators from member states to support NATO’s technological leadership, defend its one billion citizens and maintain peace and security. NATO established DIANA to help develop dual-use technologies that meet security and defense challenges. DIANA supports companies working on solutions in key sectors identified by NATO member states.
More information: DIANA website
Further information:
Tommi KangasSenior Vice President, Defense & SecurityTel. +358 40 344 2789 (group communications)Email: defense(a)bittium.com
Distribution:Main media
Bittium - Defense & Security
Bittium is a trusted Finnish company with over 35 years of experience in advanced radio communication technologies and biosignal processing. For the Defense & Security market, Bittium provides the most modern products and solutions for tactical and secure communications. The products and solutions for tactical communications bring broadband data and voice to all troops across the battlefield. For secure communications, Bittium offers proven mobile devices and cyber security solutions certified up to the CONFIDENTIAL level. Bittium’s net sales in 2023 were EUR 75.2 million and operating loss was EUR -4.3 million. Bittium is listed on the Nasdaq Helsinki Exchange. www.bittium.com
Decarbonising heating – A climate imperative
Heating is the main use of energy by households in the European Union (EU), accounting for 64.4% of final energy consumption in the residential sector in 2021. As the transition to sustainable heating solutions continues and is reinforced by regulatory efforts targeting net-zero emissions, there is a growing emphasis on energy efficiency and optimization to reduce CO2 emissions.
“Over the last few years, there has been a lot of focus on optimizing electricity networks, now is the time to optimize heating systems. We aim to revolutionize heating control systems by providing software to operate district heating networks efficiently. This will not only have a direct impact on reducing CO2 emissions but also boost our transition to net-zero,” says Yuon CEO & Co-Founder Dr. Sebastian Hersberger.
Automatically optimizing the heating demand of buildings and networks
Youn’s robust software equips utility providers with tools to fine-tune their grid, leading to improved performance, reduced CO2 emissions, lowered operational expenses, and informed business choices.
“We aim to make our heating control system the new European standard for heat management,” adds Hersberger.
Considerable positive impact for the built environment
“We are really impressed of what the Yuon team has already achieved, and we believe they can scale this to a global solution, starting from Central Europe where the problem is most acute. We are happy to be support their efforts,” says Head of Kiilto Ventures Matti Rönkkö.
Yuon clinched the top spot at the 2023 ClimateLaunchPad Regional Final Europe, underscoring the acknowledgment of their innovative and impactful green business concept."
“At Kiilto Ventures, we are actively seeking the largest opportunities in moving the needle for maximum positive planetary impact for a better built environment. Recognizing heating as a major contributor to emissions, innovations like this hold significant potential to drive meaningful impact in tackling this challenge head-on.”
__Kiilto Ventures , the Helsinki-based VC of Kiilto, invests in and supports early-stage startups tackling the biggest problems of the built environment which is currently responsible for 39% of global energy related carbon emissions.
Yuon Control AG , a Burgdorf-based Cleantech startup, offers an advanced and predictive heating control system designed to optimize heating networks. The solution involves creating a digital model of the grid and each building connected to the district heating network, which happens in real-time and fully automated, i.e., AI-based. The solution involves collecting data, such as weather data and consumption forecasts, to create digital models and other input
For more information, please contact:
Matti Rönkkö, Head of Kiilto Ventures Kiilto Ventures matti.ronkko@kiilto.com
Dr. Sebastian Hersberger, CEO and Co-Founder Yuon Control AGsebastian.hersberger@yuon.ch
Herning, 8 May 2024 – Everfuel A/S will release first quarter 2024 results on Wednesday, 15 May at 07:00 CET.
CEO Jacob Krogsgaard and CFO Jesper Ejlersen will present the company's results at 09:00 CEST and invite investors, analysts, and media to join the live webcast presentation. The presentation is expected to last up to one hour, including Q&A, and can be followed via live webcast.
Webcast:
Join the results webcast on Teams via the following link: Q1 2024 results presentation
Questions can be submitted through the online webcast during the presentation. A recorded version of the presentation will be made available at www.everfuel.com after the presentation has concluded.
The first quarter presentation will also be made available on the Everfuel webpage and at www.newsweb.no.
For further information, please contact:
Jesper Ejlersen, CFO, Everfuel, jej@everfuel.com
Mads T. Mortensen, Director of investor relations and communication, Everfuel, mm@everfuel.com, +45 7730 4727
About Everfuel | www.everfuel.com
Everfuel own and operate green hydrogen infrastructure and partner with industry and vehicle OEMs to connect the entire hydrogen value chain and seamlessly provide hydrogen fuel to enterprise customers under long-term contracts. Green hydrogen is a 100% clean energy carrier made from renewable solar and wind power and key to decarbonising industry and transportation in Europe. We are an ambitious, rapidly growing company, headquartered in Herning, Denmark, and with activities in Denmark, Germany and The Netherlands, and a plan to grow across Europe. Everfuel is listed on Euronext Growth in Oslo under EFUEL.
With the food processing industry looking for new ways to feed the world, innovation plays a vital role. Alfa Laval's new heat exchanger, Hygienic WideGap, offers a game-changing alternative to conventional technology, potentially halving emissions in the processing of liquid foods containing fibers and particles. The line of new heat exchangers underscores Alfa Laval’s commitment to sustainability and food safety in the food processing industry.
A game-changing innovation in the liquid food segment
· Many food and beverage producers are eager to reduce a common dependency on fossil fuel-based energy sources and at the same time enhance energy efficiency and reduce emissions. While lowering the consumption of energy, water and chemicals at a plant level, food and beverage producers are simultaneously reducing greenhouse gas emissions throughout their supply chains. The launch of Alfa Laval’s new Hygienic WideGap heat exchanger enables the switch from conventional processes to a more sustainable alternative. · With this innovation, Alfa Laval has introduced a patented design suitable for the sustainable and hygienic production of, for example, crushed tomatoes, dressings, plant-based beverages, and juices with pulp.
· In comparison with conventional technologies, the new heat exchanger is 50 percent more energy efficient with corresponding lower emissions. It is the combination of optimal heat recovery, a 55-percent lower steam consumption and a 15-percent lower power consumption thanks to a lower pressure drop that is the foundation for the superior energy efficiency of the technology.
"We are proud to introduce this new heat exchanger, empowering our customers to achieve their sustainability goals by cutting energy consumption and emissions and with helping them accelerate their safe food production. This innovation signifies a win-win scenario for all stakeholders, particularly for society at large," says Nish Patel, President of the Food & Water Division at Alfa Laval.
More about the solution https://www.alfalaval.com/products/heat-transfer/plate-heat-exchangers/gasketed-plate-and-frame-heat-exchangers/hygienic-line
This is Alfa Laval
The ability to make the most of what we have is more important than ever. Together with our customers, we’re innovating the industries that society depends on and creating lasting positive impact. We’re set on helping billions of people to get the energy, food, and clean water they need. And, at the same time, we’re decarbonising the marine fleet that’s the backbone of global trade.
We pioneer technologies and solutions that free our customers to unlock the true potential of resources. As our customers’ businesses grow stronger, the goal of a truly sustainable world edges closer. The company is committed to optimizing processes, creating responsible growth, and driving progress to support customers in achieving their business goals and sustainability targets. Together, we’re pioneering positive impact.
Alfa Laval was founded 140 years ago, has customers in some 100 countries, employs more than 21,300 people, and annual sales in 2023 were SEK 63.6 billion (5.5 BEUR) in 2023. The company is listed on Nasdaq Stockholm.
www.alfalaval.com
For more information please contact:Johan Lundin Head of Investor Relations, Alfa Laval Mobile: +46 730 46 30 90johan.lundin@alfalaval.com
Anna DrobenHead of External Communications, Alfa LavalMobile: +46 730899621anna.droben@alfalaval.com
Outokumpu and Tetra Pak join forces to reduce emissions – low-emission stainless steel utilized to produce machines for processing food and beverage products
Outokumpu, the global leader in sustainable stainless steel, is partnering with Tetra Pak, a world leading food processing and packaging solutions company. Outokumpu Circle Green®, with up to 93% lower carbon footprint than the global industry average*, will be used in the production of Tetra Pak’s homogenizers. The low-emission stainless steel will be available as an option for all models in Tetra Pak’s homogenizer line in Europe from June 2024. This strategic collaboration marks the beginning of a partnership to explore other applications of Circle Green across the Tetra Pak equipment portfolio, helping to further align food and beverage manufacturers with the EU’s Green Deal.
“The future of low-emission solutions is heavily dependent on sustainable stainless steel. The global demand for steel is increasing while the steel industry as a whole is responsible for 7-9% of global greenhouse gas emissions. Stainless steel plays a pivotal role in accelerating the green transition, and the food and beverage industry is a good example of where low-emission steel can have a significant impact. We are proud to partner up with Tetra Pak on this transformative initiative and look forward to delivering and developing more sustainable solutions that facilitate the decarbonization across the value chain. The cooperation with Tetra Pak is yet another concrete action towards a better future”, says Niklas Wass, Executive Vice President for Stainless Europe, at Outokumpu.
Circle Green is produced at Outokumpu’s plant in Tornio, Finland, and then delivered to Tetra Pak’s homogenizer body suppliers in Denmark and Sweden. After manufacturing, the bodies are then delivered to Lund, Sweden, where many of Tetra Pak’s homogenizers are assembled. By using Circle Green, Tetra Pak is generating a more sustainable offer for the climate-cautious partners in its value chain, and the machines with low-emission bodies made of stainless steel can be delivered globally to customers.
Stainless steel as an essential material – ensuring durability and hygiene
Food systems are responsible for over one third of the global greenhouse gas emissions**. In this sector, everything from dairy beverages to table sauces relies on homogenization as part of its production process. For example, when processing milk, the homogenizer breaks down fat globules in milk into smaller fragments, resulting in a more stable solution – preventing creaming, and improving texture, flavor and shelf-life. Stainless steel used for homogenizers not only reduces emissions but also stands out as an essential material for the food processing industry because of its exceptional resistance to corrosion, its smooth surface, and its easy-to-clean nature, ensuring durability and hygiene — two indispensable qualities in food processing.
"Innovation sits at the heart of our philosophy as a business and our approach to sustainability. The incorporation of Circle Green into our product portfolio is an important step in leveraging the latest innovations to improve our upstream emission. Working together to help both Tetra Pak and our customers to reach our individual sustainability goals is fundamental to our promise to protect what’s good”, says Fiona Liebehenz, Vice President of Key Components Plant Solutions and Channel Management, at Tetra Pak.
Circle Green production was the first of its kind globally, as no other stainless steel manufacturer has been able to produce stainless steel with such low emission levels when taking into account all the climate emissions from raw material extraction throughout the whole production chain. To produce Circle Green and to reach up to a 93% lower carbon footprint, Outokumpu uses 100% low-carbon electricity, low-carbon raw materials, such as recycled steel, and optimized production processes.
Producing all the world’s stainless steel with the same methods used for Circle Green would cut global carbon emissions by 364 million tonnes per year. This equals to over 900 million one-way flights of one passenger across the Atlantic Ocean from London to New York.
*) Global average CO₂ emissions (2023): 7 kg CO₂e per kg of stainless steel (Outokumpu’s calculation based on data provided by CRU, worldstainless and Kobolde & Partners AB). Outokumpu Circle Green CO₂ emissions: down to 0.5 kilos of CO₂e per kg of stainless steel.
**) Nature Food (vol 2, no- 198-209). Crippa et al. (2021): “Food systems are responsible for a third of global anthropogenic GHG emissions”: https://www.nature.com/articles/s43016-021-00225-9
Outokumpu Corporation
For more information:
Outokumpu media: Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840 / e-mail media(at)outokumpu.com
Tetra Pak media: Henry Stout, Public Relations Manager, henry.stout@tetrapak.com
About Tetra Pak
Tetra Pak is a world leading food processing and packaging solutions company. Working with our customers and suppliers, we provide access to safe, nutritious food for hundreds of millions of people in more than 160 countries every day. With over 24,000 employees worldwide, we commit to making food safe and available, everywhere, and we promise to protect what’s good: food, people and the planet. More information about Tetra Pak is available at www.tetrapak.com.
Herning, Denmark, 8 May 2024 - Everfuel A/S is pleased to announce the signing of a Letter of Intent (LoI) with a large industrial offtaker in Germany for the supply of up to 10,000 tons of green hydrogen per year from 2028.
The undisclosed customers’ initial demand is expected to match the hydrogen output from an operationally optimised 100 MW electrolyser, aligning with Everfuels' strategy of developing standardised, scalable electrolyser modules tailored to demand. The customer expects to increase consumption of green hydrogen, classified as Renewable fuels of non-biological origin (RFNBO), over time in accordance with its plans for decarbonising industrial processes.
“This is a validation of Everfuel’s focused strategy for delivering green hydrogen at scale to industrial customers and I would like to acknowledge our partner’s ambition to pioneer the hydrogen transition in Germany. We share a strong commitment to enabling material carbon emission reductions and creating a platform for mutual long-term value creation,” said Jacob Krogsgaard, founder and CEO of Everfuel.
The German partner understands Denmark’s significant potential for green hydrogen export and recognises Everfuel’s unique strategic position and plans for establishing hydrogen production capacities in the attractive Danish power zone DK1.
Everfuel may supply the RFNBO hydrogen from project Sif or other future electrolyser projects under development. The LoI is the first step towards a final commercial agreement between the parties, which is conditional upon several factors, including the establishment of hydrogen pipeline infrastructure between Denmark and Germany connecting Everfuel’s production facility and the customer.
“On 5 April 2024 the Danish government announced that it is willing to take majority of the investment risk of the Danish hydrogen backbone if market participants provide sufficient commitment. Today’s agreement is a cross-border confirmation of the willingness from Everfuel and partner to show such a commitment. The 5 May 2024 Everfuel responded to Energinet’s (Danish TSO) market exploration deadline for backbone capacity reservation. Everfuels indication of capacity reservation included a significant commitment, which also includes the German industrial offtaker, and is showing Everfuel dedication to make large scale green hydrogen production and distribution happen,” said Jacob Krogsgaard, founder and CEO of Everfuel.
“Developers like Everfuel work hard to mature portfolios of scalable projects to ensure production capacity and redundancy in our operations to verify industry commitments. It is crucial for Everfuel and our partners to understand the timing and cost associated with using the upcoming infrastructure. We look forward to continuing the dialogue with Energinet in the process to firm backbone capacity commitments scheduled for second half of 2025,” Jacob continued.
RFNBO is considered a critical enabler for decarbonising industry and transport sectors in Germany, in line with EU’s Renewable Energy Directive (RED II) targets.
For further information, please contact:
Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945Mads T. Mortensen, Director of Investor Relations & Communication, Everfuel, mm@everfuel.com, +45 7730 4727
About Everfuel | www.everfuel.com
Everfuel is making green hydrogen for zero emission industry and mobility commercially available across Europe, offering competitive all-inclusive hydrogen supply and fuelling solutions. We own and operate green hydrogen infrastructure and partner with industry and vehicle OEMs to connect the entire hydrogen value chain and seamlessly provide hydrogen fuel to enterprise customers under long-term contracts. Green hydrogen is a 100% clean energy carrier made from renewable solar and wind power and key to decarbonising industry and transportation in Europe. We are an ambitious, rapidly growing company, headquartered in Herning, Denmark, and with activities in Denmark, Sweden, The Netherlands and Germany, and a plan to grow across Europe. Everfuel is listed on Euronext Growth in Oslo under EFUEL.
Early February 2024, the 1.2 MW powerplant – Dragon 12 – was successfully installed and commissioned at the site in Vestmanna, Faroe Islands. This has resulted in an ongoing trouble-free three-month period of testing and electricity production, generating valuable results and data to underline commercial readiness of Dragon Class technology at commercial scale. Notably, real test data from the commercial scale D12 is now available to customers and is used to show autonomous functionality, product performance, and service interval analysis.
“With the generated test data at hand, we can now conclude that Dragon Class is ready for batch production to bring the first tidal energy arrays to life,” said Dr Martin Edlund, CEO of Minesto.
Moreover, the large Dragon 12 (1.2 MW) is accompanied by a smaller Dragon 4 (100kW) in the Vestmanna strait, which means that two systems are installed and grid-connected in parallel. The world’s first mini array of tidal energy kites is in operation.
Operating two systems in parallel contributes to new ways of verification and learning in core areas, such as kite-park design, product range modularity and performance optimization.
With two systems installed, Minesto is engaged in the most active operations in the company’s history, yet still in a cost-efficient setup - working at one site utilizing the same small-scale work vessels and quaysides for all kites.
Minesto plans to continue electricity production and testing as an integral part of the ongoing commercial roll-out agenda. The purpose of the continued testing is three-fold: continue to demonstrate the competitive advantage of Dragon class technology, secure capability to deliver commercially viable products, and push performance to further expand the exploitable market.
“It is both satisfactory and vital to see that the February installation of Dragon 12 has resulted in a three-month period of successful production testing. Our major investments in a full-scale D12 powerplant and extensive test-site infrastructure delivers full value in generating production data that show evidence of commercial readiness. This is crucial technical data that our partners and site project investors have been asking for and we now are providing to reduce perceived risks in multiple ongoing sales and project investment-dialogues, “said Dr Martin Edlund.
For additional information please contact
Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 10:55 CEST on 8 May 2024.
PRESS RELEASE, 8 MAJ 2024
Systemair ABs (NASDAQ OMX Stockholm: SYSR) has acquired the air handling unit manufacturer PHEM Engineering SDN. BHD. in Malaysia.
PHEM Engineering is a manufacturer of air handling units and fans for commercial applications with sales in South East Asia and Australia. Its headquarters and production facility are located in Kuala Lumpur, Malaysia. The company employs approximately 40 people and for the last financial year, ending in March 2024, had a turnover of the equivalent of SEK 47 million. Systemair already has a business in Malaysia that employs approximately 140 people with a turnover of close to SEK 160 million.
"The acquisition gives Systemair access to expertise and locally manufactured air handling units for the fast-growing markets in Southeast Asia and Australia," says Roland Kasper, CEO, Systemair. PHEM Engineering manufactures and develops products that are customised to the local markets and complement Systemair’ s offering well with no overlap in the existing product range. We see good future synergies with Systemair’ s existing sales organisation across Southeast Asia and Australia," concludes Roland Kasper.
For further information contact:
Roland Kasper, CEO, + 46 73 094 40 13
Anders Ulff, CFO, + 46 70 577 40 09
Systemair AB | SE-739 30 Skinnskatteberg, Sweden | +46 222 440 00 | group.systemair.com
Systemair in briefSystemair is a leading ventilation company operating in 51 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The company had a turnover of SEK 12.1 billion in the 2022/23 financial year and employs approximately 6,500 employees today. Systemair has reported an operating profit yearly since 1974 when the company was founded. Over the past 10 years, growth has averaged 10.5 percent. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions.Systemair has a well-established business in growth markets. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007 and are today traded on the Large Cap List. The Group comprises about 90 companies.
FINANCIAL SUMMARY FOR THE QUARTER ENDED MARCH 31, 2024:
· Revenue of $1.0 million, a decrease of 19.1% compared to the same period in the prior year. · Operating expenses of $2.9 million, an increase of 3.3% compared to the same period in the prior year. · Net loss of $2.1 million, or $0.14 per share, compared to $1.4 million, or $0.09 per share, for the same period in the prior year. · Cash used by operations of $1.9 million compared to $1.7 million for the same period in the prior year. · Cash and accounts receivable of $15.3 million as of March 31, 2024 compared to $17.1 million as of December 31, 2023.
THE PRESIDENT & CEO’S COMMENTS
“Our revenues decreased in the first quarter of 2024 compared to the same quarter last year. Following the announcement of our change in strategy, with full focus on our licensing business and a phase-out of our products business, product sales have increased as a result of last time buy orders. Non-recurring engineering revenues also increased in the first quarter compared to the same quarter last year, mainly due to a new potential Touch Sensor Module license project. At the same time, licensing revenues decreased compared to the same quarter last year. This is mainly due to the demand for our legacy customers’ products being lower, resulting in high inventory levels at some customers and thus lower revenues for Neonode,” said Fredrik Nihlén, Neonode’s interim President and CEO and CFO.
“The award by a leading commercial vehicle Original Equipment Manufacturer to supply Driver Monitoring System software to their global range of commercial vehicles continues to generate increased interest in our driver and in-cabin monitoring solutions. This is encouraging, and we are confident that we have a competitive, scalable and flexible solution that is attractive to both commercial vehicle and passenger car manufacturers. We also see interesting licensing opportunities for our touch and touchless human-machine interaction offerings,” concluded Mr. Nihlén.
FINANCIAL OVERVIEW FOR THE QUARTER ENDED MARCH 31, 2024
Net revenues for the quarter ended March 31, 2024 were $1.0 million, a 19.1% decrease compared to the same period in 2023. License revenues were $0.8 million, a decrease of 32.7% compared to the same period in 2023. The decrease is caused by lower sales volumes for our customers during the first quarter of 2024.
Revenues from product sales for the quarter ended March 31, 2024 were $0.2 million, a 96.1% increase compared to the same period in 2023, mainly due to last time buy orders from customers.
Revenues from non-recurring engineering for the first quarter of 2024 were $41,000, a 1,266.7% increase compared to the same period in 2023, mainly due to a new potential Touch Sensor Module license project in Q1 2024.
Gross margin related to products was negative 90.0% for the first quarter of 2024 compared to 53.9% in the same period in 2023. The gross margin for products for the first quarter in 2024 is impacted by a one-time cost related to an impairment loss on inventory due to the phasing out of the manufacturing of touch sensor modules.
Our operating expenses increased by 3.3% for the first quarter of 2024 compared to the same period in 2023, primarily due to higher marketing costs.
Net loss for the first quarter of 2024 was $2.1 million, or $0.14 per share, compared to a net loss of $1.4 million, or $0.09 per share for the same period in 2023. Cash used by operations was $1.9 million in the first quarter of 2024 compared to $1.7 million for the same period in 2023. The increase is primarily the result of component purchases in the first quarter of 2024.
Cash and accounts receivable totaled $15.3 million and working capital was $14.7 million as of March 31, 2024, compared to $17.1 million and $16.8 million as of December 31, 2023, respectively.
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