Board of Directors of Savosolar has resolved on a directed share issue of approximately 2.9 MSEK to underwriters of warrants 1-2019
Savosolar Plc
Company Announcement, Insider information 27 December 2019 at 1.00 p.m. (CET)
Board of Directors of Savosolar has resolved on a directed share issue of approximately 2.9 MSEK to underwriters of warrants 1-2019
As stated in Savosolar Plc’s (“Savosolar” or the “Company”) company announcement of 12 December 2019, based on the underwriting agreements relating to underwriting of Company’s warrants 1-2019 the underwriters are entitled to choose if their underwriting fee is paid in cash or in new shares of the Company. Some of the underwriters have notified the Company that they wish to receive their underwriting fee in shares. The Board of Directors has therefore decided on a directed share issue where maximum of 37,267,057 new shares are offered for subscription to the underwriters who have selected to receive their underwriting fee in shares with a subscription price of SEK 0,077 per share. The subscription price is paid by setting off the underwriting fee receivables of the subscribers.
The Company chose to ensure that at least approximately EUR 3.5 million is raised in connection with the warrants 1-2019 before the transaction costs, by entering into underwriting agreements. A condition for the underwriting agreements was that the underwriters are entitled to receive an underwriting fee as shares in the Company. The Company’s Board of Directors considers this to constitute weighty financial grounds in accordance with chapter 9 Section 4 of the Companies Act for the Company to deviate from the shareholders’ pre-emptive subscription right.
The subscription price used in the share issue, SEK 0.077 per share, equals to the subscription price determined on the basis of the warrants subscribed for in accordance with the Company’s warrant plan 1-2019. The subscription price has been set based on the terms and conditions of the underwriting agreements between the underwriters and the Company. The subscription price will be recorded in the reserve for invested unrestricted equity.
The number of Savosolar’s shares will increase as a result of this share issue and registration of 171,370,364 new shares subscribed in the directed share issue published on 12 December 2019 with 208,637,421 shares to 1,931,902,779 shares, meaning a dilution of approximately 10.8 per cent to current shareholders.
SAVOSOLAR PLC
For more information:
Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com
Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 27 December 2019 at 1.00 p.m. (CET).
About Savosolar
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com.
The company’s Certified Adviser is Augment Partners AB, info@augment.se, phone: +46 8-505 65 172.