Soltech Energy Sweden AB's (publ) new share issue with preferential rights for shareholders has been completed. The rights issue was oversubscribed by 590 percent. In total, shares were subscribed for for more than SEK 676 million, which is why Soltech has decided to also carry out a directed Over-allotment Issue. Soltech will thus receive a total of just over SEK 144 million before issue costs.
CEO Stefan Ölander in a comment:
– We are humbly grateful for the trust existing and new shareholders have shown us in this new share issue. We now have the funds we need to exploit the potential of the rapidly growing market and to continue our successful acquisition strategy.
Number of shares and Over-allotment
A total of 7,759,307 shares were subscribed for with the support of subscription rights, corresponding to approximately 95 percent of the Rights Issue, and 48,607,379 shares without the support of subscription rights, corresponding to approximately 595 percent of the Rights Issue. The rights issue was thus oversubscribed by 590 percent.
To enable allotment to those stakeholders who have not been allotted in the Rights Issue and for the purpose of broadening and strengthening the Company's ownership base, the Board has decided to issue an additional 3,840,000 shares in an Over – allotment issue. This is done at a subscription price of SEK 12 per share, which gives approximately SEK 46 million, and on the terms stated in the prospectus regarding the Rights Issue, which gives approximately SEK 98 million.
Through the Rights Issue and the Over-allotment Issue, a total of 12,012,423 shares will be issued and the Company will thus receive SEK 144,149,076 million before issue costs.
Allocation in the Rights Issue
The persons who have subscribed for shares on the basis of subscription rights have been allotted BTA in connection with simultaneous payment. Notice of allotment to the persons who have subscribed for shares without the support of subscription rights is expected to be distributed on 10 September 2020 by sending a settlement note. Allocation to the persons who have subscribed for shares via the nominee is expected to be visible in the account around 15 September 2020. Nominee-registered shareholders will be notified of the allotment in accordance with the respective nominee's routines. Subscribed and allotted shares must be paid for in cash no later than the settlement date, 15 September 2020, in accordance with the instructions on the settlement note. Only those who receive an award will be notified.
Allocation in the Over-Allocation Issue
Notice of allotment to the persons who have subscribed for shares without the support of subscription rights is expected to be distributed on 10 September 2020 by sending a settlement note.
Three groups of investors will be allotted shares in the Over-allotment Issue:
The Board has decided to give a large number of new owners the opportunity to participate in the over-allotment issue with a small investment to further broaden the shareholder base in the Company.
In order to open up a new circle of owners of professional investors, the Board has also decided to give investors who have shown special interest in Soltech, and who are judged to be able to contribute strategically to the Company's development, a certain opportunity to participate in the allotment issue.
Finally, it has been decided that key personnel within all ten of the Soltech Group will be given the opportunity to participate in the over-allotment issue in order to create loyalty, long-term perspective and commitment.
Share capital and number of shares
Following the registration of the Rights Issue and the Over-allotment Issue with the Swedish Companies Registration Office, the Company's share capital will increase by SEK 600,621 to a total of SEK 3,460,969. The number of shares in the Company will thereafter increase by an additional 12,012,423 shares to a total of 69,219,387 shares.
Paid subscribed shares, BTA
Subscription of shares with and without preferential rights took place during the period 24/8 – 7/9 2020. As soon as the share capital increase has been registered with the Swedish Companies Registration Office, paid subscribed shares (BTA) in the rights issue will be converted into new shares. Until then, trading with BTA on the Nasdaq First North Growth Market. Trading in new shares is expected to begin on Nasdaq First North Growth Market around week 41 2020. The persons allotted shares in the directed Over-allotment Issue will not receive BTA but will instead be allotted shares after the share capital increase has been registered with the Swedish Companies Registration Office. This is expected to take place around week 40 2020.