PAYNOVA OBTAINS FURTHER FINANCING
Paynova’s board has implemented a targeted new share issue for approximately SEK 11 million. The number of shares has been increased by 8.4 percent to 12.9 million. The company’s financing strategy is to minimise dilution through bridge financing on business lines before positive cash flow is achieved.
At the Annual General Meeting on 6 May 2004 Paynova’s board was given authorisation to be able to make decisions regarding new issues of shares up to a total of 2,000,000 shares, without existing shareholders’ preferential rights. During June and July 1,000,000 shares were issued. The remainder of this authorisation has now been used through a targeted issue of 1,000,000 new shares to investors who have shown an interest in the company’s activities.
The issue is based on the average share price over the last ten trading days, which is SEK 12.86 per share. After costs associated with the raising of capital and share issues, Paynova AB stands to gain approx. SEK 11 million. Once the issue has been registered, the total number of shares in Paynova AB will amount to 12,930,970.
It is considered that this financing, together with such subscriptions of up to 852,000 shares (SEK 8.5 million) that may arise via options (TO3) during December 2004, will be sufficient to cover the company’s capital requirements for the next two or three quarters.
For further information, please contact:
Mats Jonnerhag, Information Manager, Paynova AB
Telephone: + 46 (0)708 – 754 920, e-mail: mats.jonnerhag@paynova.com
Pelle Hjortblad, CEO Paynova AB
Telephone: +46 (0)701 – 810 110
e-mail: pelle.hjortblad@paynova.com
www.paynova.com
About Paynova
Paynova (listed on NGM: PAY) is a Payment Service Provider (PSP) with a complete transaction processor offering several services/forms of access for payments and other transfers via the Internet.
The payment services focusing primarily on the Travel, Media and Retailing sectors include the Paynova Wallet, Large Enterprise Services, Mobile Services, Partner Network Services and Payout Services. Transactions are processed between e-retailers, consumers, banks and other players rapidly, simply, securely and cost-effectively.
Paynova’s transaction processor and payment services are linked, together with traditional banks, card companies and other PSPs, to a comprehensive financial infrastructure with both geographical cover and options for minimising transaction costs.
Paynova’s Partner Network includes well-established Internet banks, card companies (VISA, MasterCard etc.), PSPs and other similar players (GZS/easycash, Paybox, TripleDeal, WM-DATA etc.). Via VISA and MasterCard, Paynova can connect transactions globally with more than 20,000 banks. Paynova’s current market focus is Europe.
Important agreements have recently been signed with, for example, Ryanair, SJ, Swebus Express and CDWOW.