Decisions from Bambuser’s Extra General Meeting August 23, 2019
The shareholders of Bambuser AB (publ) have today, on Friday, August 23, 2019, had an Extraordinary General Meeting, where decisions were taken to amend the Articles of Association, directed new issues of shares, non-cash issue, share issue authorization and election of a new Board member.
The Meeting resolved, in accordance with the Board's proposal, to change the limits of the Articles of Association so that the share capital should amount to a minimum of SEK 1,875,000 and a maximum of SEK 7,500,000, and that the number of shares should be at least 37,500,000 and a maximum of 150,000,000.
The Meeting resolved, in accordance with the Board's proposal, to issue a maximum of 21,400,000 shares to a number of major shareholders and external investors. The subscription price amounts to SEK 0.75 per share and has been determined following negotiations with the major shareholders and external investors based on the quoted price for the company's shares. The issue corresponds to approximately SEK 16.05 million. The reason for the deviation from the shareholders' preferential rights is, among other things, that the Board of Directors has determined that this is the only opportunity to secure the necessary capital contribution for the company's continued development in a time and cost-effective way.
The EGM also resolved, in accordance with a proposal from shareholders, to issue a maximum of 6,560,000 shares to certain members of the Board. The subscription price is SEK 0.75 and is the same as in the new share issue to the shareholders and the external investors. The issue corresponds to approximately SEK 4.92 million.
Subscription and payment of the issues will take place no later than September 6, 2019. Through these issues, the total number of shares and votes in the company will increase by 27,960,000 from 37,937,077 to 65,897,077. Share capital will increase by SEK 1,398,000 from SEK 1,896,853. 85 to SEK 3,294,853.85.
The Meeting also resolved, in accordance with the Board's proposal, for a non-cash issue of 1,500,000 shares. The right to subscribe for the shares is given to Viddget AB and Viddget Holding AB with the right and obligation to pay for subscribed shares through the addition of legal property in the form of the companies business regarding "one-to-one video chat solution", including intellectual property rights, contracts and employees. The subscription price amounts to SEK 0.75 per share, corresponding to a purchase price for the acquired business of SEK 1,125,000. The share issue increases the share capital by an additional SEK 75,000.
In accordance with the Board's proposal, the Meeting resolved to authorize the Board to decide on one or more occasions for the next Annual General Meeting on the issue of new shares, issue of warrants and / or convertibles in Bambuser. The number of shares covered by the authorization corresponds to 10 percent of the number of shares in the company after the issues mentioned above.
At the proposal of the shareholders, the Meeting elected Carl Kinell as an ordinary board member of Bambuser. Board member Christer Thordson left the board.
Carl Kinell has been a deputy member of the Board of Directors of Bambuser since the Annual General Meeting in 2019. Carl Kinell was born in 1978 and has more than 13 years of professional experience from Corporate Finance, including 12 years in London and Luxembourg. Carl is a board member and shareholder in family-owned investment company Muirfield Invest AB which is a shareholder in Bambuser.
Västra Hamnen Corporate Finance AB | 040-20 02 50 | email@example.com
Fredrik Ramberg, Chairman of the board | +46 (0) 703 620 815 | firstname.lastname@example.org
Maryam Ghahremani, CEO | +46 (0) 708 720 266 | email@example.com
or visit: bambuser.com/ir
About Bambuser AB
Bambuser is a Swedish software company that offers B2B solutions for live video. Since 2007, the Company has developed a platform for interactive live video broadcasts enabling live video streaming from mobile phones and web cams to the Internet. The breakthrough occurred in 2010, when the Company’s service was used to report the unrest in Egypt during the parliamentary elections. The following year, videos were produced via Bambuser and used in several television broadcasts throughout the world during the Arab Spring.