Minesto's Rights Issue Results: Key Insights and Future Steps
Minesto's Rights Issue and Share Subscriptions
Minesto AB, a prominent player in marine energy technology, has announced significant results regarding its recent rights issue. The company offered up to 82,364,595 shares to boost its capital, and the response from investors has been noteworthy. Approximately 33,436,356 shares have been subscribed, equivalent to about 40.6% of the total rights issue. Additionally, there were applications for subscription of 575,828 shares, accounting for roughly 0.7%. All together, these subscriptions represent approximately 41.3% of the rights issue.
Overview of the Rights Issue Outcome
The board of directors at Minesto had set the groundwork for this rights issue back in September, aiming to enhance the company's financial standing. The price set for subscription was SEK 1.85 per share, a thoughtful decision aimed at attracting both existing and new investors. As a result of this substantial interest, guarantee commitments for 19,501,329 shares, which is around 23.7% of the rights issue, will be utilized. The overall proceeds for Minesto from this rights issue are anticipated to be close to SEK 99.0 million before costs.
Details of Share Allocation
Regarding the allocation of shares, those who opted to subscribe without utilizing subscription rights will be allocated shares following the principles outlined in the prospectus released earlier in October. Notifications of share allocations are projected to reach subscribers around late October. Payment for these shares will be processed in cash based on the settlement notes sent out, ensuring smooth transactions for all involved participants.
Future Trading and Share Capital Increase
A significant aspect of this rights issue is the impact it will have on the company's share capital. Through these new subscriptions, Minesto's total number of shares will rise from 205,911,488 to 259,425,001. This increase in shares translates to a heightened share capital of SEK 12,971,250.05. It's important to note that shareholders who did not participate in the rights issue may face dilution of approximately 20.6%. This is a typical scenario in rights issues, where existing shareholders risk some dilution to enhance corporate growth and additional funding.
Timing of Trading New Shares
Once the rights issue is finalized, the last day for trading paid subscribed shares is expected to occur in mid-November. From this point forward, the newly subscribed shares will be available on Nasdaq First North Growth Market starting mid-November, allowing active trading for interested investors.
Financial Advisory and Legal Guidance
Minesto engaged with Vator Securities AB as their financial advisor and MAQS Advokatbyrå for legal advice throughout this rights issue process. Such partnerships are essential in navigating the complexities involved with market regulations and ensuring that investor interests are adequately represented.
About Minesto and its Vision
Minesto is committed to pushing boundaries in marine energy. The company’s innovative technology facilitates efficient energy production from ocean currents and low-flow tidal streams. Founded in 2007, Minesto has garnered recognition for its breakthroughs in marine energy technology. With operations spanning several regions, Minesto is positioned to influence the global shift towards renewable energy solutions.
Frequently Asked Questions
What was the total amount raised in Minesto's rights issue?
The rights issue is expected to generate approximately SEK 99.0 million before costs.
What is the subscription price for the rights issue?
The subscription price was set at SEK 1.85 per share.
How many new shares will Minesto have after the rights issue?
Minesto will increase its total number of shares to 259,425,001 as a result of the rights issue.
When will the new shares begin trading?
The new shares are expected to start trading on Nasdaq First North Growth Market from mid-November.
Who advised Minesto during this process?
Vator Securities AB acted as the financial advisor and MAQS Advokatbyrå served as the legal adviser.
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