STRAXBoard of Directors has resolved, by virtue of authorization, on an issue of EUR 1.5 million.
STRAXBoard of Directors has resolved, by virtue of authorization, on an issue of EUR 1.5 million. by set-off of claims as a result of the previouslycommunicated acquisition of Telecom Lifestyle Fashion
The Board of Directors of Strax AB (publ) (“Strax” or the “Company”) has resolved, by virtue of authorization from the annual general meeting held on 23 May 2017, on an issue of 2,830,066 shares, for which payment shall be made by set-off of claims of EUR 1,500,000 (the “Issue”).
The Issue is made to R.F. International B.V. against payment by set-off of claims. The claims are based on the acquisition of all outstanding shares of Telecom Lifestyle Fashion (TLF), as further described in the interim report for the third quarter of 2017. The reason for the deviation from the shareholders’ pre-emption rights is that payment for the shares shall be made by set-off of claims.
The Issue will result in an increase of the number of shares in Strax by 2,830,066 from 117,762,266 to 120,592,332 and an increase of the share capital by approximately EUR 296,264.43 from EUR 12,327,900.13 to EUR 12,624,164.56, resulting in a dilution of approximately 2.3 percent for Strax’s existing shareholders after the Issue.
“TLF’s licensed brands and expertise in managing global brands, such as adidas and bugatti, under licensing arrangements will bring significant value to STRAX. We are excited to have TLF fully integrated under STRAX, which in itself brings multiple new opportunities to both companies”, says Gudmundur Palmason, CEO of STRAX.
For further information please contact Gudmundur Palmason, CEO, Strax AB, +46 8 545 01750
This information is information that Strax AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 17:40 CET on December 13 2017.
About STRAX
STRAX is a global company specializing in mobile accessories and connected devices. STRAX is listed on the Nasdaq Stockholm Stock Exchange. STRAX offers proprietary, licensed, partner branded accessories and connected devices. The proprietary brands include XQISIT, GEAR4, Urbanista, THOR, AVO+ and FLAVR. The company furthermore represents over 30 brands. The company sells to a wide channel landscape ranging from telecom operators, specialized mobile and consumer electronics retailers to online, lifestyle, convenience stores and supermarkets. STRAX was founded in Miami and Hong Kong in 1995 and has since grown significantly across the globe. STRAX has 200 employees in 12 countries and its operational HQ and logistics center is based in Germany.