PEN signs LoI with investor about a directed issue of 29 MSEK at a price of 1.70 SEK
PEN Concept Group AB has signed a letter of intent with TUS Yangming Fund regarding a directed issue of 17,058,824 shares at a price of SEK 1.70 corresponding to SEK 29 million. TUS already holds shares in PEN Concept Group AB corresponding to approximately 17% of the company. In the event of a subscription, TUS Yangming Fund will apply for an exemption from the obligation to bid.
The agreement is conditional upon TUS Yangming Fund receiving proper authorization in China to carry out the investment. Work is underway to obtain permission for the investment.
The board of directors and main owners support the issue, but the issue's implementation presupposes the approval from the AGM.
For any inquiry regarding this press release, kindly contact:
Robert Wu, styrelseordförande, PEN Concept Group AB
Telefon: +46 735 630 935, +86 159 6983 5999
Magnus Hjorth, CEO, PEN Concept Group AB
E-mail: magnus.hjorth@pen.se
Phone: +46 706 335 106
This information is insider information that PEN Concept Group AB is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication trough the agency of the contact person set out above, on February 26, 2019.
PEN Concept Group in brief
PEN Concept Group AB, headquartered in Jönköping, Sweden, is a turnkey supplier of interior products and solutions for shops, exhibitions, events, restaurants and showrooms. The group coordinates all required resources to offer customers both standard and customized interior solutions, including large scale productions. The Swedish operations is channelled through the subsidiaries PEN Interiör AB, PEN Shop Concept AB and Goods Sweden AB. The group also has a production and distribution facility, Qingdao Oboya Shop Concept Co., Ltd. in China.
The PEN brand represents solid know-how and experience in design, engineering, production and installation services for exhibitions, restaurants and retail customers. The GOODS brand covers a turnkey product range for restaurant businesses, including kitchen machinery, furniture and utensils.