OrganoClick announces outcome in the offer to the holders of preference shares in OrganoWood
On 14 June 2021, OrganoClick AB (publ) (“OrganoClick” or the “Company”) announced that they, together with another holder of common shares in the Company's subsidiary OrganoWood AB (“OrganoWood”) (jointly referred to as the “Buyers”), launch an offer to all holders of preference shares in OrganoWood to tender their preference shares to the Buyers against a cash consideration of SEK 150 per preference share (the “Offer”). The preference shares in OrganoWood are not admitted to trading.
The acceptance period ended on 30 June 2021 and OrganoClick today announces that the Offer has been accepted by shareholders representing 117,250 preference shares, corresponding to approximately 58.63 percent of the total number of preference shares in OrganoWood and approximately 5.33 percent of the total number of shares in OrganoWood.
Settlement is expected to begin around 7 July 2021, whereof OrganoClick acquires 70,350 preference shares against a cash consideration of in aggregate SEK 10,552,500 and the other holder of common shares acquires 46,900 preference shares against a cash consideration of in aggregate SEK 7,035,000.
OrganoClick already holds 1,200,000 common shares in OrganoWood, corresponding to 60 percent of the total number of common shares in OrganoWood. Following the Offer, OrganoClick will also hold 70,350 preference shares in OrganoWood, corresponding to approximately 35.18 percent of the total number of preference shares in OrganoWood. Accordingly, OrganoClick will hold in aggregate 1,270,350 shares in OrganoWood, corresponding to approximately 57.74 percent of the total number of shares and approximately 59.75 percent of the total number of votes in OrganoWood.
“OrganoWood has in recent years continuously increased its sales and improved its financial results. We believe that the new OrganoWood technology that will be launched shortly will contribute even more to a continued positive development for the company. The acquisition of just over 35% of OrganoWood's preference shares means that OrganoClick receives a larger share of OrganoWood's earnings, which improves OrganoClick's current earnings / share, and at the same time means that OrganoClick's shareholders receive a larger share of future value development in OrganoWood. We are also pleased that the preference shareholders who wished to sell their shares have now been given the opportunity, which has given a positive outcome for all parties.” says Mårten Hellberg, CEO of OrganoClick.
Advisors
The Buyers have engaged Vator Securities AB as financial advisor and issuer agent as well as Advokatfirman Schjødt as legal advisor in connection with the Offer.
This disclosure contains information that OrganoClick AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 05-07-2021 08:30 CET.
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For more information, please contact:
Mårten Hellberg, CEO
0707 - 16 48 90, marten.hellberg@organoclick.com
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About OrganoClick
OrganoClick AB (publ) is a public Swedish cleantech company listed on Nasdaq First North Growth Market. The company develops, produces and markets functional materials based on environmentally friendly fiber chemistry. Examples of products that are marketed by OrganoClick are the durable water repellent technology for textiles OrganoTex®, the biocomposite material OrganoComp®, surface treatment and maintenance products for villa and property owners under the brand BIOkleen®, biobased binder under the trade name OC-BioBinder™ and the flame and rot-resistant timber OrganoWood® (through the joint-venture OrganoWood AB). OrganoClick was founded in 2006 as a commercial spin-off company based on research performed at Stockholm University and the Swedish University of Agricultural Sciences within environmentally friendly fiber chemistry. OrganoClick has won a number of prizes, such as "Sweden's Most Promising Start -up" and "Sweden's Best Environmental Innovation", and has also received a number of awards, such as the WWF "Climate Solver" award, listed as a SUSTAINIA100 company and has also appeared for two years on the Affärsvärldens and NyTekniks list of Sweden's top 33 hottest technology companies. OrganoClick has its head office, production and R&D located in Täby, north of Stockholm. OrganoClick's Certified Adviser on Nasdaq First North Growth Market is Mangold Fondkommission AB, tel: +46 (0)8 503 01 551, email: ca@mangold.se.
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