AVTECH completes preferential share issue and secures short-term financing
AVTECH Sweden AB (publ) (”AVTECH” or the ”Company”) has between October 29 and November 14, 2012 implemented a share issue of preference shares with the preferential right to current share owners. The issue was subscribed to 38 percent, of which 11 percent was subscribed with preferential rights and 27 percent without preferential rights. Hence, the issue raised approximately 3,3 MSEK exclusive of transaction costs.
As a result of the preferential shares issue the number of preference shares in AVTECH will amount to 8 159. Share capital will increase by 815,90 SEK and thereafter the total share capital in AVTECH will amount to 1 277 779,52 SEK. The option to issue additional preference shares will not be exercised.
In connection to the implementation of the preferential share issue, the company has secured additional short-term debt financing amounting to 1,7 MSEK from the owners, with the objective to strengthen AVTECHs cash situation, attributable to the outcome of the rights issue. In purpose to secure solid long-term funding and an improved market position, the Board is also exploring long term financing solutions.
About AVTECH Sweden AB (publ)
AVTECH develops products and services for digital Air Traffic Management (ATM). Its customers include the global aviation industry; e.g. airlines, airports, aviation authorities, technology companies and airline manufacturers. By using AVTECH’s products and services, each individual flight as well as the entire airline operation can be optimized in terms of cost, noise and emission, efficiency, punctuality and safety. The head office is in Stockholm, Sweden with subsidiaries in Toulouse, France and Dubai, U.A.E. AVTECH Sweden AB is listed on NASDAQ OMX First North and has appointed Thenberg & Kinde Fondkommission AB as Certified Adviser.