Scandinavian Biogas publishes outcome of oversubscribed rights issue and carries out a secured directed share issue of SEK 60 million
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As previously communicated on 5 June 2019 Scandinavian Biogas Fuels International AB (publ) (“Scandinavian Biogas” or the “Company”) intends to issue shares with a total issue volume of approximately SEK 146 million, corresponding to approximately 61 million shares, by several share issues.
At the same time, Scandinavian Biogas published the board of directors’ resolution on a rights issue of a maximum of 4,283,953 shares with pre-emption rights for the Company’s shareholders (the ”Rights Issue”). The subscription period ended on 5 July 2019 and the Rights Issue has now been completed. The Rights Issue was 184 per cent subscribed, the Company will thus receive approximately
SEK 10 million prior to transaction costs.
11.6 per cent of the Rights Issue was subscribed for with preferential rights and the remaining part, 88.4, per cent has been allotted to persons who have subscribed for shares without preferential rights.
Allotment of shares subscribed for without preferential rights under the Rights Issue has taken place according to the principles indicated in the investment memorandum published on 10 June 2019. Notification of any allotment of shares subscribed for without preferential rights will be given in the form of a transaction note. Allotted shares shall be paid no later than the date stated in the transaction note.
By completion of the Rights Issue, Scandinavian Biogas’ share capital increases with SEK 856,790.629842, from SEK 27,762,602.366952 to SEK 28,619,392.996794. The total number of shares and votes increases with 4,283,953, from 138,813,007 to 143,096,960.
As previously communicated, AB Apriori has, besides the directed share issue previously carried out in June, undertaken to subscribe for an additional 25,160,000 shares in the Company. The board of directors of Scandinavian Biogas has therefore, with support of the authorization by the annual general meeting held on 27 June 2019, resolved on a directed share issue of 25,160,000 shares in total to AB Apriori. The subscription price in the directed share issue is SEK 2.40 per share, corresponding to a total issue proceeds of approximately SEK 60.4 million. The reason for deviating from the shareholders' preferential rights is, as previously communicated, to diversify the shareholder base with a new institutional investor who can contribute to the Company's long-term development. The directed share issue will increase the Company’s share capital with an additional SEK 5,032,000.175261 to SEK 33,651,393.172055. The total number of shares and votes will increase from 25,160,000 to 168,256,960.
The issue proceeds from the Rights Issue and the directed share issues carried out in June and July 2019, amounts to approximately SEK 146 million. The issue proceeds from the share issues are intended to be used to finance an improvement and expansion of Scandinavian Biogas’ plant in Södertörn, and to ensure certain working capital requirements.
For further information, please contact:
Matti Vikkula
CEO Scandinavian Biogas
+46 (0) 70-597 99 38
matti.vikkula@scandinavianbiogas.com
The Company in brief:
Scandinavian Biogas is today one of the largest private producers of biogas as a vehicle fuel. The Company also operates a manufacturing plant for pre-treatment of food waste and industrial organic waste, as well as a plant for production of raw biogas in South Korea and a plant for production of liquid biogas in Norway.
The information in this press release is such that Scandinavian Biogas Fuels International AB (publ) must disclose in accordance with the EU Market Abuse Regulation (EU MAR) No. 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, on 19 of July 2019, at 14:00 CEST.
Important information
Publishing, publishing or distributing this press release may, in certain jurisdictions, be subject to law and law enforcement in those jurisdictions where this press release has been published or distributed should inform and follow such legal restrictions.
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, subscription rights or other securities issued by Scandinavian Biogas in any jurisdiction where such offer would be illegal, require prospectus, registration or other measures besides those required by Swedish law.
This press release may not be released, published or distributed, directly or indirectly, in or into Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea, USA or in any other jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require prospectus, registrations or other actions in addition to what follows from Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in a manner that contravenes such restrictions or would entail such requirements. Failure to comply with this instruction may result in a violation of applicable securities laws. No subscription rights, BTAs (interim shares), shares or other securities described in this press release have or will be registered under the United States Securities Act of 1933, as amended (“Securities Act”), and may not be offered or sold in USA, other than pursuant to an exemption from, or in a transaction that is subject to, the registration requirements of the Securities Act and in accordance with applicable securities legislations in US states. The Company does not intend to register any offer in USA or to submit any public offering of securities in the USA.