Bang & Olufsen Soars as Private Placement Successfully Completes

Bang & Olufsen's Successful Fundraising Efforts

Bang & Olufsen (B&O) has announced a significant milestone with the completion of their recent share offering, which successfully raised DKK 228 million through a private placement. This important transaction involved the issuance of 24,554,416 new shares, priced at DKK 9.27 each, showcasing the market's strong demand. With oversubscription evident, B&O has reaffirmed its robust investor support.

Strategic Goals of the Offering

The funds generated from this offering are earmarked for strategic investments aimed at bolstering B&O’s stature in the luxury audio market. Key initiatives include enhancing global brand awareness, optimizing the retail network, and expanding the product portfolio. By channeling these resources effectively, B&O aims to drive long-term growth and profitability, reflecting an unwavering commitment to excellence in the luxury sector.

Statements from Leadership

CEO Kristian Teär expressed his excitement about the successful execution of the share placement, emphasizing the company's anticipation of leveraging this investment to propel strategic plans forward. “We are looking forward to accelerating the strategic execution to strengthen our luxury positioning and drive long-term profitable growth,” said Teär, reflecting the optimism surrounding the company's future.

Details on New Shares Issued

The newly issued shares are expected to have a strong standing within the company. B&O's operational strategy highlights that these shares will rank equally with existing ones and are categorized as negotiable instruments without transfer restrictions. Importantly, voting rights and dividend rights begin once capital increase registration with the Danish Business Authority is finalized.

Impact on Share Capital

This issuance increases B&O’s total registered share capital, which is projected to consist of 147,326,503 shares, a nominal value of DKK 5.00 each, post-issue. This capital expansion is a critical step in meeting B&O's financial growth objectives while ensuring that shareholder interests remain a priority.

Admission to Trading and Official Listing

The new shares will operate under a temporary ISIN code and will merge with existing shares once registration is complete. B&O has plans for the new shares to be traded publicly on Nasdaq Copenhagen, enhancing accessibility for investors and indicating healthy market activity.

Timelines of Key Events

Key dates surrounding the offering include the expected settlement date and the official registration with the Danish Business Authority. These timelines are critical as they define the short-term outlook for trading the newly established shares.

Global Coordinator for the Offering

Carnegie Investment Bank has been appointed as the Global Coordinator and Bookrunner, facilitating an organized and efficient offering process. Their expertise in managing such transactions ensures B&O can navigate complex regulatory frameworks effectively.

Additional Information for Investors

For those interested in more details on the offering or other corporate matters, investor relations contact Cristina Rønde Hefting is available for inquiries. B&O is committed to transparency and communication with its shareholders and potential investors.

Frequently Asked Questions

What was the total amount raised in the recent offering?

The recent offering raised a total of DKK 228 million.

How many shares were issued during the private placement?

A total of 24,554,416 new shares were issued.

What are the intended uses for the proceeds from the offering?

The proceeds will be used to enhance brand awareness, optimize the retail network, and expand the product portfolio.

Who coordinated the offering for Bang & Olufsen?

Carnegie Investment Bank acted as the Global Coordinator and Bookrunner for this offering.

When can investors expect the new shares to begin trading?

The new shares are expected to be admitted for trading on Nasdaq Copenhagen on approximately December 4, 2024.

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