Beskrivning
| Land | Norge |
|---|---|
| Lista | OB Match |
| Sektor | Energi & Miljö |
| Industri | Energikällor |
2023-11-09 22:55:54
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES
OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.
THE PRIVATE PLACEMENT
Reference is made to the stock exchange notice published by Otovo ASA ("Otovo"
or the "Company") on 9 November 2023 regarding a contemplated share issue (the
"Private Placement").
The Company hereby announces that it has allocated 130,434,782 new shares (the
"Offer Shares") in the Private Placement at a subscription price of NOK 3.45 per
Offer Share (the "Offer Price"), raising gross proceeds of approx. NOK 450
million. The Offer Price is equal to the closing price of the Company's shares
on Oslo Børs on Wednesday 8 November 2023.
- The equity raise allows Otovo to aggressively pursue the opportunities given
by an energy market in which the cost of building new solar energy is at an all
time low, traditional energy prices are rising and consumers are looking for
ways to cut their expenses, says Otovo CEO, Andreas Thorsheim.
The net proceeds from the Private Placement will be used for growth capital to
build up the Company's positions across Europe and general corporate purposes to
ensure a path towards profitability which is planned to be reached through a
combination of sales volume growth, operational cost improvements, and
monetization of the Company's subscription assets.
- With this event the company has a strong financial foundation allowing us to
work on sales volume increases, prudent cost reduction measures and subscription
portfolio monetization to bring the company to profitability, says Thorsheim.
Bryan, Garnier & Co Limited, DNB Markets, a part of DNB Bank ASA, and Pareto
Securities AS have been appointed as joint global coordinators and joint
bookrunners for the Private Placement (the "Managers").
The Company had received pre-commitments in the Private Placement from four
existing shareholders:
-AxSol AB had pre-committed to subscribe for NOK 104.0 million and was allocated
approx. NOK 104.0 million.
-Nysnø Klimainvesteringer AS had pre-committed to subscribe for NOK 29.4 million
and was allocated approx. NOK 29.4 million.
-Å Energi Invest AS had pre-committed to subscribe for NOK 286.0 million and was
allocated approx. NOK 267.8 million.
-OBOS BBL had pre-committed to subscribe for NOK 17.6 million and was allocated
approx. NOK 5.0 million.
For settlement purposes, the Private Placement is divided in two tranches: (i) a
first tranche of up to 29,757,959 Offer Shares ("Tranche 1")