OmniCar decides on rights issue for accelerated growth and advanced profitability

OmniCar Holding AB (”OmniCar”) hereby announces that the Board of Directors has decided, with authorization from the Extraordinary General Meeting held on January 3rd, 2019, to conduct a rights issue of 7,906,746 shares at a subscription price of SEK 2.25 per share. The general public is also invited to subscribe for shares in the rights issue. If fully subscribed, the rights issue provides OmniCar approx. SEK 17.8 million before issue costs. The issue proceeds are intended to finance expansion into new markets as well as accelerated market activities in order achieve profitability at the end of 2019. OmniCar has before agreed on subscription commitments and guarantee subscriptions corresponding to approximately 77 percent of the issue volume from e.g. the executives Claus T. Hansen and Mikkel Lippmann. Further, OmniCar has conducted a bridge financing of approx. SEK 4 million to keep high momentum in the business. The bridge financing will partly be repaid with issue proceeds and partly be set-off for shares in the rights issue.

Claus T. Hansen comments on the motive of the rights issue

”In the past year, we have invested a lot of focus on developing and expanding our own platform, as well as increasing our attractiveness for car dealerships and service workshops in both Denmark, Sweden and Norway. This focus has been very fruitful for us and we have experienced strong growth in the number of customers in several markets. We are now in a very good position to take the next step through further expansion to both the UK and Germany, which are the two single largest markets for vehicles and associated services throughout Europe. In order to utilize on the great interest in OmniCar’s platform and finance our continued high growth towards profitability at the end of 2019, we now conduct a rights issue of approx. SEK 17.8 million. With these words I would like to wish you a warm welcome to invest in OmniCar!”.

Summary of the offering

•  Subscription period: May 9th – May 23rd, 2019.
•  Subscription price: SEK 2.25 per share.
•  Volume of issuance: The offer comprises a maximum of 7,906,746 shares, corresponding to approx. SEK 17.8 million.
•  Record date: May 3rd, 2019. The last day of trading in the share including the right to receive subscription rights was April 30th, 2019 and the first day of trading excluding the right to receive subscription rights was May 2nd, 2019.
•  Preferential right: Those registered as shareholders in OmniCar Holding AB on the record date May 3rd, 2019 have preferential right to subscribe for shares in the share issue. For each held share, one (1) subscription right is received. Eleven (11) subscription rights entitle to the subscription of six (6) new share.
•  Number of shares prior to the share issue: 14,495,710 shares.
•  Valuation (pre-money): Approx. SEK 32.6 million. 
•  Trading period of subscription rights: Trading with subscription rights will be conducted at Spotlight Stock Market from May 9th until May 21st, 2019. 
•  Trading period of BTAs: Trading with BTAs will be conducted at Spotlight Stock Market from May 9th, 2019 until the share issue is registered at the Swedish Company Authority (“Bolagsverket”). The registration is expected to be finished in the middle of June 2019. 
•  Subscription commitments and guarantee subscriptions: The company has received subscription commitments of approx. SEK 1.5 million, corresponding to approx. 8 percent of the issue volume from the executives Claus T. Hansen and Mikkel Lippmann as well as guarantee subscriptions of approx. SEK 12.2 million, corresponding to approx. 69 percent of the issue volume. In total, the subscription commitments and guarantee subscriptions correspond to approx. 77 percent of the total issue volume.

Full terms and conditions, memorandum and teaser will be published on the company’s (www.omnicar.dk), Spotlight Stock Market’s (www.spotlightstockmarket.com) and Sedermera Fondkommission’s (www.sedermera.se) respective websites no later than when the subscription period of the offering begins.

Bridge loan prior to the rights issue

Prior to the rights issue, OmniCar has entered into a bridge financing agreement with Formue Nord Markedsneutral A/S and CEO Claus T. Hansen of a total of SEK 3,999,999. The use of liquidity from the bridge financing has been used to keep a high momentum and enable continued high growth in customers towards profitability. The bridge financing from Formue Nord Markedsneutral A/S amounting to SEK 3,000,000 will repaid in cash with an interest of six (6) percent. The bridge financing from CEO Claus T. Hansen amounting to SEK 999,999 will be set-off for shares in the rights issue as a subscription commitment with no interest.

New date for publication of Q1 report

OmniCar hereby announces that the Q1 report will be published on May 7th, 2019 instead of May 31st, 2019.

Financial advisor

Sedermera Fondkommission is the financial advisor of OmniCar in connection with the rights issue.

For more information on the rights issue, please contact:

Sedermera Fondkommission
E-mail: info@sedermera.se
Telefon: +46 40 615 14 10

For more information about OmniCar, please contact:

Claus T. Hansen, CEO OmniCar Holding
E-mail: cth@omnicar.dk
Telefon: +41 79 854 47 69

This information is information that OmniCar Holding AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on April 23rd, 2019.

ABOUT OMNICAR

The IT company OmniCar has developed a unique software solution called SAM (Service Agreement Management) for vehicle repair shops and car dealers. SAM is a digital tool that is designed to automatically manage future sales and service agreements. SAM helps vehicle repair shops and car dealers to manage and sell far more service contracts than before using customized additional services and subscription-based services that follow each car throughout its lifecycle.