The subscription price has been determined through a so called “accelerated book-building” procedure.
The directed issue has been subscribed by selected Swedish and international institutional investors, including Eiendomsspar Sverige AB, Christian Sundt AB, AMF, and Swedbank Robur Fonder. The reason for the deviation from the shareholders’ pre-emptive rights is to, in a timely and cost efficient manner, enable a capital raising to finance acquisitions and thereby increase the Company’s financial flexibility and mandate for continued value creation. Through the share issue, Pandox will obtain approximately EUR 104M before transaction costs.
After the share issue, the total number of shares in the company will amount to 157,499,999 (distributed between 75,000,000 class A shares and 82,499,999 class B shares). The share issue entails a dilution effect of approximately 4.8 per cent based on the total number of shares in Pandox at the time of the share issue.
In order to facilitate the delivery of shares to the investors in the new issue, the shareholder Eiendomsspar Sverige AB has undertaken to lend 6,449,999 class B shares to the investment bank ABG Sundal Collier. The shares will be returned upon registration of the share issue with the Swedish Companies Registration Office.
In conjunction with the share issue, Pandox has mandated ABG Sundal Collier as Sole Lead Manager and Bookrunner and Advokatfirman Vinge as legal advisor.