WindowMaster International A/S: The total offering of shares in WindowMaster International A/S was oversubscribed by 138%

WED, OCTOBER  21, 2020 12:00 CET
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Company Announcement No. 2-2020
Copenhagen, October 21, 2020

Today, WindowMaster International A/S announces the result of the offering of shares in connection with the admission to trading of the Company’s shares on Nasdaq First North Growth Market Denmark cf. Company Announcement no.1 2020 of October 6, 2020 and the Company Description published on October 6, 2020.

As planned, the offer period was concluded on October 19, 2020 11.59pm (CEST). The Company’s offer of shares in the range 4,702,495 - 5,662,188 at an offer price of 10.42 DKK per share was fully subscribed. The final number of shares offered in the period therefore amounts to 5,662,188. Hence, the gross proceeds from the offering amounts to DKK 58,999,999. The part of selling existing shares will be used to repay acquisition debt – thereby improving the financials of the Company. The gross proceeds from selling new shares will be invested in organic growth and acquisitions.

In addition to the 1,953,920 shares that were allocated to investors in the pre-subscription period, the Company received 3,653 orders for a total of  11,513,577  shares in connection with the public offering. In total, this amounts to an oversubscription of the total offering of 138%.

The first day of trading at Nasdaq First North Growth Market Denmark is expected to be October 27, 2020 under the ticker ‘WMA” under permanent ISIN: DK0061278355.

WindowMaster International’s CEO, Erik Boyter states about the offer period :“We are very pleased with the result of the offering and in particular we are overwhelmed by the interest and trust that investors have shown in our company. We are aware of our responsibility towards our new shareholders and we will be strongly focused on continuing building a positive equity story over time. The positive development will particularly be fueled by the global green agenda and not least our prioritizing of integrating sustainability into our global operations and the solutions we provide. We will not only invest the proceeds from the offering in organic growth but also look for acquisition targets to support and accelerate growth. It has been important to us that as many investors as possible receive an opportunity to become investors in WindowMaster International as this motivates the Danish investor culture – the wast majority of the subscribers have therefore been allocated 365 shares plus 23.16% of their additionally wished allocation.”

WindowMaster International’s Certified, Jesper Skaarup Vestergaard, Partner at Grant Thornton echoes Erik Boyter’s takeaway on the offer period: ”As a result WindowMaster International’s very strong fundamentals and the strong awareness that Grant Thornton, together with the management of WindowMaster International, have created in the Danish investment community, we envisage that the liquidity in the stock will be strong. It should be noted that WindowMaster International has a high level of free float shares and a high number of shareholders. This will most likely enable a transparent and market driven share price, where the future positive development of the business case will be reflected in the share price development (NASDAQ ticker: "WMA”). In other words, we believe that we with the work that has been performed have created the perfect launch ramp for both the company’s growth ambitions and for its current and future shareholders.”

Summary of the offering

• 3,262,956 of existing shares are sold in the offering together with the issuance of 2,399,232 new shares as a result of the offering at a share price of DKK 10.42 per share.
• The gross proceeds from the offered shares amount to DKK 34,000,000 from the sale of existing shares and DKK 24,999,999 from the sale of new shares – in total DKK 58,999,999 corresponding to an offer price per share of DKK 10.42
• 34.5% of the maximum offering of DKK 58,999,999 was signed before the offer period.
• Shares have been allocated to a total of 3,684 investor depositaries.
• The ‘free float’ which is the amount of the share capital held by public investors, constitutes 38.4% of the share capital after the completion of the offering.
• All subscription orders from 365 shares to 23,991 shares have been allocated 365 shares plus 23.16% of the requested allocation above 365 shares.
• All subscription orders above DKK 249,996.60 corresponding to a minimum of 23,992 shares have been allocated on the basis of the Company’s individual assessment.
• The investors that pre-subscribed for 1,953,920 shares before the publication of the Company Description, have all been allocated full subscription of shares.
• After completion of the offering, the share capital of the Company will be increased from nominally DKK 12,000,000 distributed on 12,000,000 shares of DKK 1 to nominally DKK 14,399,232 distributed on 14,399,232 shares. 
• Registration of the capital increase at the Danish Business Authority (in Danish: Erhvervsstyrelsen) is expected to take place on October 23, 2020.

For further information:

CEO, Erik Boyter

M: +45 4035 0267
Mail: ekb.dk@windowmaster.com
WindowMaster International A/S
Skelstedet 13
2950 Vedbæk
Denmark
 

Certified Advisor

Grant Thornton
Jesper Skaarup Vestergaard
Direct(+45) 35 27 50 11,  Mobile (+45) 31 79 90 00
Grant Thornton 
Stockholmsgade 45
2100 Copenhagen Ø
Denmark

About WindowMaster International A/S

WindowMaster is a Danish cleantech company originally founded in 1990 as part of the VELUX group, but changed ownership in a MBI in 2015. WindowMaster is both a market leader in the niche market for natural ventilation solutions as well as leading the technological advancements of cloud based IOT solutions in the field. This market position is based on a change of ownership in 2015 with the mission to provide green ventilation solutions to the construction industry and optimize indoor climate. 
Today, buildings account for approx. 39% of global CO2 emissions, which drives demand for green solutions that can help reduce CO2 emissions from buildings worldwide. WindowMaster has built a strong and scalable platform to leverage the green wave of sustainability and contribute to greening the environmental footprint of various types of buildings – e.g. office buildings, sports arenas, hospitals, educational institutions, museums, etc. The company offers solutions that ensure optimal regulation of the indoor climate in buildings based on continuous monitoring of CO2 levels, humidity and temperature that can help increase efficiency and comfort of building users.
 

Important information

This notice does not constitute a business description or prospectus. No person should buy or subscribe for shares in WindowMaster International A/S, unless this is done on the basis of information in the company description published by WindowMaster International in connection with the offering and admission of shares to trading on Nasdaq First North Growth Market Denmark. The company description is available on the Company's website. This notice does not constitute an offer to sell or an invitation to offer to purchase shares issued by the Company in any jurisdiction where such offer or sale would be illegal and the notice and information contained therein may not be directly or indirectly distributed or disclosed in or to such jurisdictions. The offering is carried out in accordance with Danish law and the new shares are only offered in Denmark. Relationships dealt with in this Communication may constitute forward-looking statements that do not constitute historical facts. The forward-looking statements in this announcement are based on a number of assumptions, many of which are based on additional assumptions. Although WindowMaster International estimates that these assumptions were reasonable as they were made, they are inherently associated with significant known and unknown risks, uncertainties, unforeseen events, and other material issues that are difficult or impossible to predict or beyond the control of the Company. Such risks, uncertainties, unforeseen events, and other material matters may cause actual events to differ materially from the expectations expressed or implied in the forward-looking statements contained herein. The information, views and forward-looking statements contained in this notice apply only to the date of publication of this notice and are subject to change without notice.