SCN INITIAL PUBLIC OFFERING
On November 1, 2007, the Board of Scandinavian Clinical Nutrition AB (SCN) resolved to offer a maximum of 3 million new shares in the initial public offering (IPO) of shares in SCN to be completed in connection with the planned listing of the company's shares on Oslo Axess. The indicative price range will be of NOK 12-16 per share (approximately SEK 14-19). The issuance is guaranteed to 30 million NOK through a consortium of major shareholders.
At an extraordinary shareholders' meeting on October 29, 2007, The Board of SCN was given the power of attorney to issue new shares. With reference to the power of attorney, the Board today resolved to offer a maximum of 3 million shares at an indicative price range of NOK 12-16 per share. The issuance is primarily addressed to investors on the Norwegian market, but is open for all.
Provided that the Offering is fully subscribed for, the gross proceeds are expected to be maximum NOK 48 million (approximately SEK 57 million). The proceeds will be used to meet the requirements in connection with the listing on Oslo Axess, and strengthen the strategic position of the Company by improving the Company's cash position in order to secure funding for further growth and continued development. Furthermore, SCN seeks spread of ownership through the issuance.
"The nutraceuticals and food supplement markets is experiencing rapid growth in both in Scandinavia and in the rest of the world. Today, SCN's products can be found in on several markets in Europe, Asia, South America and USA, and the supplement market in the US alone is estimated at USD 22.5 billion. With our strong ties and relations to renowned research institutions such as Karolinska Institutet in Sweden and University of Mississippi in the USA, SCN is uniquely positioned in relation to both R&D and the ongoing regulation of this market. A tougher regulatory situation and more informed consumers will benefit companies that can show documented effects, and SCN can do this", says Ulf Söderberg, CEO of SCN.
For further information, please refer to the prospectus prepared for the listing, which is estimated to be published on November 5, 2007.
More information:
Ulf Söderberg, CEO, ulf.soderberg@scnutrition.com, +46 708 13 22 81
Anders Struksnes, Senior Vice President, anders.struksnes@scnutrition.com, +47 911 98 942
Scandinavian Clinical Nutrition AB (publ) works in R&D and sales of scientifically documented products within the field of nutrition (nutraceuticals). Established in 2006, SCN maintains a product portfolio with established trademarks, such as CUUR, Membraseven, Coldizin, Immulina and Ledactin. Core competence and strategic alliances, within both R&D and sales, in combination with innovative and scientifically documented products, create the right conditions for profitable growth both in Sweden and in the company's export markets. The SCN share is listed for trade on NGM Nordic MTF since December 6, 2006.