Kaldvík AS Completes Successful Private Placement with Strong Demand

Overview of Kaldvík AS's Recent Private Placement

Kaldvík AS recently achieved a significant milestone by completing a successful private placement. This strategic move was announced with a gross fundraising target equivalent to approximately EUR 46.2 million. The financial effort was supported by DNB Carnegie, acting as Sole Global Coordinator and Joint Bookrunner, along with Arion Bank and Nordea Bank, ensuring a smooth process during this capital raise.

Details of the Fundraising

The outcome of this private placement was robust, with Kaldvík AS successfully raising about NOK 532 million through the issuance of 38,011,050 new shares at NOK 14 each. The completion of this placement is a clear indication of the company’s strong investor interest and confidence in its strategic vision.

Among the key stakeholders, Austur Holding AS, the largest shareholder, received a substantial allocation of 27,045,027 Offer Shares. Other investors, such as Laxar Eignarhaldsfelag ehf and Eskja Holding ehf, also participated, demonstrating a broad base of support for Kaldvík AS.

Strategic Use of Proceeds

Kaldvík AS plans to allocate the net proceeds from the private placement towards critical areas, including biomass build-up, thereby paving the way for enhanced operational capabilities. Additionally, the funds will assist in repaying a bridge facility and shareholder loans, providing a solid foundation for its future initiatives.

Expansion and Growth Plans

This capital infusion will not only bolster Kaldvík AS's balance sheet but also enable the company to execute its strategic expansions effectively. The focus on biomass and sustainable practices reflects the company’s commitment to aligning with market demands and contributing positively to environmental goals.

Impact on Share Capital

Post-issuance, the company’s share capital is set to increase significantly. Following the first tranche of the placement, Kaldvík AS’s total share capital will be NOK 13,448,737.3, growing to NOK 16,652,225.1 after the second tranche, incorporating 166,522,251 shares at a par value of NOK 0.10 each.

Investor Considerations

Investors in the private placement are bound by customary lock-up agreements for a period of 180 days, ensuring commitment and stability in the ownership structure. Kaldvík AS assures that this structure is compliant with regulations and reflects equal treatment principles, upholding shareholders' interests.

Future Shareholder Opportunities

In accordance with best practices, Kaldvík AS is also considering a subsequent offering of up to 4.3 million new shares to eligible shareholders who were not included in the private placement. This subsequent effort aims to foster inclusivity among its investor base, reinforcing the company’s commitment to its shareholders.

Professional Advisory Support

The company has engaged DNB Carnegie and other financial institutions to facilitate this capital raise, leveraging their expertise in the financial market. This collaboration enhances Kaldvík AS’s strategic positioning and ability to execute on its growth initiatives effectively.

Contact Information for Inquiries

For additional details or inquiries about the private placement and its implications, stakeholders can reach out to:

Roy-Tore Rikardsen, CEO: +354 791 0006
Róbert Róbertsson, CFO: +354 843 0086

Frequently Asked Questions

What is the total amount raised in the private placement?

Kaldvík AS raised approximately NOK 532 million, which is equivalent to about EUR 46.2 million.

Who managed the private placement?

DNB Carnegie, in collaboration with Arion Bank and Nordea Bank, managed the private placement process.

What will the proceeds be used for?

The proceeds will support biomass build-up, repay a bridge facility, and for general corporate purposes.

When will the new shares be settled?

The settlement for the first tranche is expected around 10 June 2025, with the second tranche following around 23 June 2025, contingent on shareholder approval.

What are the next steps for shareholders?

Kaldvík AS plans a subsequent offering of new shares to eligible shareholders who did not participate in the private placement.

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