The Board of Directors of Seamless has resolved on a directed issue of shares
The Board of Directors of Seamless Distribution AB (publ) (“Seamless”) has, pursuant to an authorisation from the annual general meeting 2015, resolved on a directed issue of shares of approximately SEK 24.6 million to private and institutional investors who have been identified by Evli Bank Plc.
The subscription price has been set at SEK 8.00 based on a book building process to private and institutional investors accomplished in February 2016 by Evli Bank Plc. The subscription price corresponds to the closing price on 24 February 2016 and a discount of approximately 2.5 per cent compared to the volume weighted average price for last 30 trading days. The issue will raise SEK 24,607,728 for Seamless and a total of 3,075,966 shares have been issued. Payment for the shares shall be made in cash not later than 4 March 2016, or such later date as the Board of Directors resolves. The issue will entail dilution for the current shareholders of Seamless of approximately 6.3 per cent, after full dilution.
The issue has been implemented with deviation from the shareholders’ preferential rights and the right to subscribe for the shares was only granted to a limited number of private and institutional investors who have been identified through a book-building process, arranged by Evli Bank Plc. A number of the subscribers are existing shareholders of Seamless. The purpose of the issue, and the reason for the deviation from the shareholders’ preferential right, was to strengthen Seamless financial position. According to the Board of Directors’ assessment, a private placement of shares was, at this point of time, the most favourable way to strengthen Seamless financial position and the Board of Directors believes that the approach chosen for this issue does not grant an unfair advantage for the subscribers.
Seamless will publish a prospectus in connection with the admission to trading of the newly issued shares. The prospectus is expected to be available on Seamless’ website (www.seamless.se) by the end of March 2016.
For further information, please contact:
Peter Fredell, CEO, phone +46 8 564 878 00, peter.fredell@seamless.se
Johanna Engelbrekt, CFO, phone +46 70 750 93 93, johanna.engelbrekt@seamless.se
This is the type of information that Seamless Distribution AB (publ) is required to disclose pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 25 February, 2016 at 08:30 a.m. (CET).
About Seamless / SEQR
(se·cure) is Europe’s most used mobile payment solution in stores and online. SEQR enables anybody with a smartphone to pay in stores, at restaurants, parking lots and online, transfer money at no charge, connect loyalty programs, store receipts digitally and receive offers and promotions directly through one mobile app. Through the SEQR app, the user simply scans or taps a QR-code/NFC at check-out and approves the purchase by entering a PIN code. Fast, smooth and safe, SEQR’s digital payment solution enables merchants to lower interchange fees significantly compared to those charged by traditional card companies. SEQR’s unique transaction platform has been developed by Seamless, one of the world’s largest suppliers of payment systems for mobile phones.
Founded in 2001 and active in 35 countries, Seamless handles more than 3,7 billion transactions annually through 575 000 active sales outlets. 6 200 merchants have chosen SEQR including the largest grocery chains, fast food chains and national retailer chains in the markets where SEQR is established. Currently SEQR is established in Sweden, Finland, Romania, Belgium, Portugal, Netherlands, Germany, Spain, France, Italy, UK and US. In 2013, SEQR won the Mobile Money Deployment in Europe. Seamless is traded on Nasdaq Stockholm, under the SEAM ticker. www.seqr.com