Update regarding planned repair issues
In light of recent developments in the share price, the board intends to propose to an extraordinary general meeting that the previously announced repair issues with gross proceeds of up to a total of NOK 35 million at a subscription price of NOK 1.90 per share are cancelled. Furthermore, the board intends to conduct a private placement of minimum NOK 35 million at market terms and directed towards certain existing shareholders and external investors, where NOK 35 million has been underwritten by Braganza AB and 4finance group, conditional upon approval by the extraordinary general meeting and consent from the Financial Supervisory Authority of Norway.
The Board will revert with details on the planned private placement and a potential subsequent repair issue separately in due course.
For further information contact:
Bent H. Gjendem, Chief Executive Officer at BRAbank, phone: +47 996 11 996 Hans Ljøen, Chief Financial Officer at BRAbank, phone: +47 481 87 750
BRAbank ASA a is digital bank focused on consumer finance in the Nordics. BRAbank is a cloud-based bank with strong focus on customer experience and fintech solutions. BRAbank is based in Bergen, Norway and started operation as Monobank in November 2015 and merged with BRAbank in June 2019. The bank has experienced strong growth and went profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway Finland and Sweden. The screening process is based on an automated evaluation system. Loans are granted up to NOK 500 000. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which BRAbank is a member. BRAbank is an independent bank with approximately 1 300 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017. The ticker symbol is BRA-ME. BRAbank has been awarded with "Great Place to Work" three times since the start.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.