AVTECH’s preferential rights issue is fully subscribed
| Source:Avtech Sweden AB
AVTECH Sweden AB (publ) (”AVTECH” or the ”Company”) has successfully completed a
public preferential rights issue of shares of class B, through which the Company
receives mSEK 17,6 less implementation costs. The issue provides AVTECH with
funds according to the reorganization plan and for further commercialization of
Aventus NowCastTM. As the issue is now successfully completed the Board of
AVTECH intends to near-term close the Company’s ongoing reorganization.
The public preferential rights issue of shares of class B was subscribed to
approximately 73% through the utilization of subscription rights, equaling mSEK
12,8, of which approximately mSEK 4,4 was subscribed through off-set of existing
claims. The remaining part of the issue was subscribed without the utilization
of subscription rights, equaling approximately mSEK 4,8, through which the
public preferential rights issue was fully covered.
As a result of the public preferential rights issue 32 044 800 shares of class B
are issued and the total number of shares in AVTECH increases to 44 862 720
while the Company’s share capital increases with 3 194 442,41 SEK to
4 472 219,38 SEK. The Company is provided with mSEK 17,6 less implementation
costs and AVTECH is thereby supplied with funds according to the reorganization
plan and for further commercialization of Aventus NowCastTM. As the public issue
is now successfully completed the Board of AVTECH intends to near-term close the
”I am very happy about the good response that we have received from our existing
owners and I also welcome the Company’s new owners. The injection of funds
strengthens our ability to commercialize Aventus NowCast while it allows us to
end the ongoing reorganization”, says Christer Staaf, CEO of AVTECH Sweden AB
Investors who have subscribed for shares without the use of subscription rights
will be allotted shares according to the terms that are stated in the
prospectus, and contract notes to those who have received shares will be issued
on October 8, 2013.
The terms of the public preferential rights issue allowed preferential right
owners to subscribe for five (5) new shares of class B for every second (2)
share that they owned, regardless of share class, at 0,55 SEK for every new
share of class B. The last day of subscription was October 1, 2013. As soon as
the increase of AVTECH’s share capital has been registered with the Swedish
Company Register, a conversion of paid and subscribed B-shares (BTA’s) into
ordinary B-shares will be implemented. Up until that time BTA’s are traded at
NASDAQ OMX First North. Trading of new B-shares at NASDAQ OMX First North is
expected to commence during the week starting on October 11, 2013.
Erik Penser Bankaktiebolag has acted as financial advisor to AVTECH in
connection to the public preferential rights issue, and Baker & McKenzie
Advokatbyrå KB has been the legal advisor.
For more information, please contact
Christer Staaf, CEO, +46 (0) 8 544 104 80
Jonas Saric, CFO, +46 (0) 8 544 104 80
About AVTECH Sweden AB (publ)
AVTECH develops products and services for digital Air Traffic Management (ATM).
Its customers include the global aviation industry; e.g. airlines, airports,
aviation authorities, technology companies and airline manufacturers. By using
AVTECH’s products and services, each individual flight as well as the entire
airline operation can be optimized in terms of cost, noise and emission,
efficiency, punctuality and safety. The head office is in Stockholm, Sweden with
subsidiaries in Toulouse, France and Dubai, U.A.E. AVTECH Sweden AB is listed on
NASDAQ OMX First North and has appointed Mangold Fondkommission AB as Certified
GlobeNewswire, a NASDAQ OMX company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.