TargetEveryone AB proposes a rights issue of up to 108 million shares at a price of 0,4 SEK each and takes up a bridge loan of up to 8 MSEK to secure working capital
The Board of Directors of TargetEveryone AB (publ) (“TargetEveryone” or “the Company”) proposes the Annual General Meeting to be held on May 15 to decide to issue up to 108 376 814 shares at a price of 0,4 SEK in a rights share issue raising appr. 43,4 MSEK in funding before transaction costs. The formalities around the rights share issue, among other things decreasing the quota value to 0.4 SEK per share, are elaborated in the notice to the Annual General Meeting that will be sent out in a separate press release. The rights issue is secured by a guarantee consortium that are guaranteeing an amount of 21 MSEK. The Company will seek free subscription commitments of approximately 5 MSEK and are in this respect having constructive dialogue with current shareholders. Shareholders with aggregate holdings corresponding to approximately 35 percent of the number of shares and votes in the Company, have undertaken to vote in favor of the proposal of the rights issue.
The underwriters of the rights issue are City Capital Partners AB (1 MSEK), Dividend Sweden AB 4 MSEK), LMK Ventures AB (3 MSEK), Formue Nord Marknadsneutral A/S (7 MSEK), Pronator Invest AB (2 MSEK) and Jörns Bullmarknad AB (4 MSEK). The fee for the guarantee amounts to 10 % if paid in cash and 12 % if paid in shares. The underwriters have committed themselves to secure the Company’s working capital with a bridge loan up to 8 MSEK until the rights issue is registered with the Swedish Companies Registration Office. The average annual interest rate is 32 % for the bridge loan.
Preferential rights issue in brief
The Board proposes that the existing shareholders of the Company shall be entitled to subscribe for the shares with preferential rights where one share entitling one (1) subscription right and one (1) subscription right is needed to subscribe for two (2) shares at a price of 0.4 SEK. The record date for participating in the rights Issue is May 22, 2019 and the subscription period will be from May 24 to June 10, 2019.
The complete terms, conditions and instructions of the rights issue and other information about TargetEveryone will be provided in the Prospectus to be approved by the Swedish Finance Inspection and published prior to the subscription period.
The Company has presently 54 188 407 registered shares and if the proposed rights issue is fully subscribed the number of shares will increase with 108 376 814, i.e. a dilution of 67 per cent. The proposed subscription price of 0,4 SEK compared with todays closing stock price of 0,68 SEK gives a discount of appr. 40 per cent.
May 14, 2019 Q1 report
May 15, 2019 Annual General Meeting
May 20, 2019 Last day of trading including rights to receive subscription rights
May 21, 2019 First day of trading excluding rights to receive subscription rights
May 22, 2019 The record date for entitlement to participate in the rights issue
May 23, 2019 Publishing of Prospectus
May 24 – June 5, 2019 Trading in subscription rights
May 24 – June 10, 2019 Subscription period
June 13, 2019 Announcement of the final outcome of the rights issue
For further information contact:
Chairman of the Board
+46 73-978 78 44
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
TargetEveryone AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on April 11, 2019 at 22.30 p.m. CET.
TargetEveryone is a global MARTECH company, enabling our clients to streamline their 1-1 digital marketing, content and experiences within one SaaS online platform. The company´s strategy is to approach both the enterprise segment and the SME-segment with two different platforms that are based on the same technology, but with different modules and interfaces. Our unique solution makes marketeers able to easily target exactly the customers they want, and communicate with them in the channels they prefer, to maximize ROI. Our clients can easily segment their customers based on CRM data, market data and transactional data. Further, they can use a campaign editor to quickly build campaigns, and distribute these through our multichannel distribution system either by Email, SMS or SMS landing pages. The enterprise customers are served with our new platform SpectrumOne, combining market analysis, customer segmentation and communication tools, while the SME-customers are provided an online subscription solution through Targeteveryone.com. Both solutions are based on big data to analyze and refine the customers behavior and demands. TargetEveryone´s headquarter is in Oslo, with branch offices in Sweden, Holland, India and USA. TargetEveryone is listed on Nasdaq First North in Stockholm and Merkur Market in Oslo.