PRIVATE PLACEMENT OF NOK 25 MILLION SUCCESSFULLY COMPLETED
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Techstep ASA (“Techstep” or the “Company”) is pleased to announce the successful completion of the private placement of approximately NOK 25 million resulting in the issuance of 7,936,508 new shares announced on 26 June 2018, equal to 5.43% of the existing total share capital of the Company (the “Offering”). The Offering was directed at investors in Norway and internationally. The Offering was oversubscribed and successfully completed at an offer price of NOK 3.15 per share, equivalent to a premium of 2% compared to last close. Settlement is expected to occur on or around 29 June 2018.
The share issuance was carried out as a private placement in order to complete a transaction in an efficient manner and without the significant discount typically seen in rights issues. On this basis, and based on an assessment of the current equity markets, the Company’s Board of Directors has considered the Offering to be in the common interest of the Company and its shareholders. As a consequence of the private placement structure, the shareholders’ preferential rights were deviated from.
Techstep retained Arctic Securities AS and DNB Markets, a part of DNB Bank ASA as joint bookrunners in connection with the Offering (jointly the “Managers”). In accordance with the authorisation granted to the Board of Directors at the Company’s Annual General Meeting held on 26 April 2018, the Board of Directors has approved the issuance of 7,936,508 new shares (the “New Shares”) at a price per share of NOK 3.15.
Following the completion of the Offering and the issue of the New Shares, Techstep’s share capital will increase by NOK 7,936,508 to NOK 154,188,297, comprised of 154,188,297 shares with a nominal value of NOK 1 per share. Techstep has entered into a share lending agreement with the Managers and Datum AS, and the Offering will be settled with existing and unencumbered shares in the Company held by Datum AS that are already listed on Oslo Børs. The shares delivered to the subscribers will thus be tradable upon allocation. The share loan will be settled with the New Shares issued in connection with the Offering. After the New Shares are fully paid and the share capital increase pertaining to the Offering has been duly registered with the Norwegian Register of Business Enterprises and the New Shares have been registered with VPS, expected on or about 2 July 2018, the New Shares will be tradeable on Oslo Stock Exchange.
Middelborg Invest AS has been allocated 1,450,833 shares in the Offering. Following completion of the Offering, Kristian Lundkvist indirectly holds 30,517,764 shares in Techstep, representing 19.79% of the shares and votes of the Company. Middelborg Invest AS is owned by the board member Kristian Lundkvist.
Datum AS has been allocated 1,588,833 shares in the Offering. Datum AS is owned by the deputy board member Jan Haudemann-Andersen. Following completion of the Offering, Jan Haudemann-Andersen indirectly holds in aggregate 33,417,975 shares in Techstep, representing 21.67% of the shares and votes of the Company. The shares are held through Datum AS (31,817,975 shares) and Datum Vekst AS (1,600,000 shares).
Cipriano AS has been allocated 317,460 shares in the Offering. Following completion of the Offering, Cipriano AS holds 4,968,835 shares in Techstep, representing 3.22% of the shares and votes of the Company. In addition, Cipriano AS has the right to acquire 3,000,000 Techstep shares from Zono Holding AS. Cipriano AS is owned by chairman Einar J. Greve.
For further information, please contact:
Further information from:
Jens Haviken, CEO, Techstep ASA: +47 930 90 070
Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690
About Techstep ASA
Techstep is positioning as a leading Nordic enabler of the digital workplace. Techstep’s “Mobile as a Service” (MaaS) offering is a one-stop-shop solution, which combines hardware, subscription & connectivity, mobile device management, managed services and related software, in addition to financing. The MaaS solution enables enterprises to let employees do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has approximately 220 employees based in Norway and Sweden, serving close to 6,000 customers and 641,000 end users across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange. For more information, please visit http://techstepasa.no/. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.