The board of directors in Sagax has, based on the authorization granted by the annual general meeting on 6 May 2020, resolved on a directed issue of 18,000,000 class D common shares . Due to strong demand, the Share issue has been upsized with two million shares from what was previously communicated. Through the Share issue, Sagax receives MSEK 513 before transaction costs. The price of SEK 28,50 per share has been determined in an accelerated book building process and corresponds to a discount of 2,51 percent in relation to the volume weighted average price the last 10 trading days.
The Share issue was directed to Swedish and international professional investors in the Nordics and certain other jurisdictions and attracted interest from both existing and new shareholders. Through the Share issue, Sagax strengthens the credit profile and improves the financial flexibility for real estate investments. The reason for deviating from the pre-emptive rights of existing shareholders was to complete an equity raise in a time and cost efficient manner.
Following the Share issue, the total number of shares in Sagax amounts to 461,575,439, distributed between 26,833,284 series A shares, 292,158,127 series B shares, 125,800,000 series D shares and 16,784,028 preference shares. The Share issue entails a dilution of approximately 3.89 percent based on the total number of shares in the Company after the Share issue.
Sagax engaged ABG Sundal Collier as sole financial advisor and bookrunner and Cirio Advokatbyrå as legal advisor in the Share issue.