The Board of Advanced Soltech Sweden AB (publ) has decided on June 14, 2023, as part of the company’s refinancing process, to carry out a directed new share issue of approximately SEK 141 million. The directed new share issue is fully subscribed, but allocation is subject to the Board’s approval. The principal owners Soltech Energy Sweden AB (publ) and Advanced Solar Power Hangzhou Inc. have subscribed shares for a total amount of SEK 118.3 million. Soltech Energy has subscribed for 39,640,390 shares, a total investment of SEK 60.2 million.
Soltech Energy’s CEO Stefan Ölander comments:
“This is a great opportunity for Soltech to invest in the world’s largest solar energy market at a low valuation. Tuesday’s announcement that JiangSu Leasing is investing approx. SEK 820 million in a sale and leaseback solution was very important due to Advanced Soltech’s situation with maturing bonds corresponding to almost SEK 1 billion at the beginning of July. Through this fully subscribed issue, the new financing solution is made possible, which means SEK 61 million in lower financing costs annually for Advanced Soltech. This will help them develop their business even further.”
Compensation issue in August to all shareholders in Advanced Soltech
The Board of Advanced Soltech has also decided to carry out a compensation share issue of approximately SEK 99 million with the same subscription price (*10 SEK per share) as the directed new issue to compensate other shareholders for the dilution that the directed new issue entails.
Full participation in the event of a completed directed new share issue and compensation issue would mean a total addition of equity of approximately SEK 240 million.
Advanced Soltech’s CEO Max Metelius comments:
“With the new financing in place, consisting of a sale and leaseback financing agreement in China of approximately SEK 820 million supplemented by this directed new issue, we have reduced interest costs, reduced the currency risk and created a stable financial platform that significantly will improve our result. Now we can focus on growth again.”
Here is Advanced Soltech’s more extensive press release: https://advancedsoltech.se/investerare/pressmedalenden/
* SEK 10 corresponds to a volume-weighted average price for the Company’s share on the Nasdaq First North Growth Market during the last 10 trading days up to and including June 13, 2023 (“VWAP”) which amounts to SEK 9.98. The board therefore considers the subscription price to be market-based