The Board of Directors of Bayn Europe AB (Publ) has, with the support of authorization from the Extraordinary General Meeting on October 3, 2018, decided on a directed cash issue of approximately 4,470,000 new shares in the Company to a limited circle of institutional and private investors. The subscription price amounted to SEK 1.10 per share.
The new share issue has been subscribed by long-term investors, including IKC Fonder with SEK 1.1 million and Tellus Fonder with SEK 0.1 million. The remaining amount has been subscribed by Kudu AB, Capmate AB, Feat Invest AB, TJ Junior AB, Familjen Jungkvist and Kjell Andersson.
Through the new share issue, the Company will receive just over SEK 4.9 million before transaction costs of approximately SEK 140 thousand. The subscription price has been set at SEK 1.10 per share, which corresponds to a price in line with the average closing price over the last 30 trading days.
The purpose of the issue and the reason for the deviation from the shareholders' preferential rights is to secure financing for ongoing operations in a favorable way. The Board's assessment is that the directed share issue has been carried out on favorable terms, in a short time and at a lower cost than if the offer had been directed to all shareholders. Overall, the Board of Directors believes that the issue is beneficial to all shareholders.
The new share issue entails a share dilution of approximately 14.7 percent in relation to the total number of shares after the issue. The issue means that the number of shares in Bayn Europe increases by approximately 4,470,000 shares to a total of 30,329,964 shares and the share capital increases by approximately SEK 983,400 to a total of approximately SEK 6,672,592. Minor corrections of the above may be made in connection with the registration of the issue.
The new share issue is carried out in light of the recent positive business development and in light of the expected further positive development of sales.
In connection with the transaction, the Board of Directors decided that it will convene an extraordinary general meeting and propose that the meeting resolve to issue free warrants to shareholders. The resulting subscription amount is assumed to be in parity with the current subscription amount. The purpose is to give all shareholders the opportunity to subscribe for shares on the same terms as in the directed issue. A separate notice and other terms will be published shortly.
For further information:
Patrik Edström, CEO Bayn Europe AB, pe@bayn.se.
Bayn is listed on Nasdaq Stockholm, First North, under the ticker BAYN. Mangold Fondkommission AB is the company's Certified Adviser, 08- 503 01 550, e-mail CA@mangold.se
This information is information that Bayn Europe AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18.00 CET on February 28, 2019.
