Tribona AB (publ): Tribona proposes a rights issue of approx. SEK 292 million

Lund, Sweden, 2014-03-21 08:30 CET (GLOBE NEWSWIRE) --  

The Board of Directors of Tribona AB (publ) proposes that the Annual General Meeting, to be held on 22 April 2014, resolve to issue new shares subject to shareholder pre-emption rights, in order to enable the company to grow in accordance with the previously communicated goal. The company’s aim is to grow from a total property value of just under SEK 6 billion to SEK 10-12 billion.

• Tribona’s shareholders are entitled to exercise pre-emption rights to subscribe for one new share for each four shares held on the record date.

• The subscription price will be SEK 30 per share and the maximum number of shares to be issued will be 9,731,410 which means that, upon full subscription, the company will receive a total of approximately SEK 292 million before issue costs

• The company’s largest shareholder, Klövern AB, has informed the company that it intends to subscribe for its part of the issue, 29.8 per cent of the total issue volume

• The proposed record date is 5 May 2014 and, consequently, the last day of trading in the company’s shares including right to subscription rights is 29 April 2014. Subscription will take place during the period from and including 8 May 2014 up to and including 22 May 2014

Background and reasons for the rights issue

Tribona is a property company specialising in logistics properties and its shares are listed on NASDAQ OMX Stockholm Mid Cap. The business started in 2006 as Northern Logistic Property and from 2007-2013 it was operated through a Norwegian company, the shares of which were listed on the Oslo Stock Exchange. The property portfolio consists of 22 properties, 21 of which are located in Sweden and 1 in Denmark. The total lettable area is 711,000 square meters. Tribona's customers include groceries companies such as Ica, Netto, Menigo, Martin & Servera, Pågen and Mat.se and third-party logistics companies such as DHL, m4-gruppen, PostNord and DSV but also Pictura, Norrpartner and Nordic Ink/Nordic Feel.

It is the goal of the company to eventually grow from just under SEK 6 billion in total property value to SEK 10 – 12 billion. The strategy is to grow through acquisitions, development of existing properties and new construction. At the end of 2013, the company acquired properties in Norrköping, Västerås and Växjö.

In order to reach the growth target and realize the strategy, the company is now carrying out a rights issue.

"The market at this time has a lot to offer, both with respect to acquisitions, development of existing properties and new construction projects", says Tribona's CEO, Per Johansson.

The offer

Tribona is proposing that the annual general meeting resolve to carry out a rights issue subject to preemption rights for the company's shareholders. The rights issue will cover a maximum of 9,731,410 shares and the subscription price is SEK 30 per share, which means that, upon full subscription, the company will receive a total of approximately SEK 292 million before issue costs. The subscription price has been established based on the share’s exchange price during the most recent period at a market discount. The rights issue will entail a maximum dilution of 20% of the share capital and voting capital for shareholders who do not participate in the rights issue. Assuming that the rights issue is fully subscribed, the share capital will be increased by approximately SEK 155,703.

Any shareholder who is registered as a shareholder of Tribona on the record date of 5 May 2014 is entitled to exercise pre-emption rights to subscribe for one new share for each four shares held on the record date.

For this purpose, any shareholder who is registered as a shareholder of Tribona on the record date will receive one (1) subscription right in the company for each share held. The subscription right shall entitle the holder, exercising pre-emption rights, to subscribe for shares, whereupon four (4) subscription rights shall entitle the holder to subscribe for one (1) share.

Subscription for new shares must take place during the period from and including 8 May 2014 up to and including 22 May 2014, or a later date as determined by the Board of Directors. Any extension of the above-stated period will be made public by the company through a press release issued not later than 22 May 2014.

Statement of intent
Tribona's largest shareholder, Klövern AB, has announced its intention to subscribe for all of the shares to which its holdings of shares in the company entitle it.

Preliminary timetable

For additional information, please contact
Per Johansson, CEO, tel. +46 70 817 13 63, email: per.johansson@tribona.se, or Tommy Åstrand, CFO, tel. +46 70 545 59 97, email: tommy.astrand@tribona.se.

The information contained in this press release is the type of information which Tribona AB (publ) is obligated to publish under the Swedish Securities Markets Act. The information was submitted for publication on 21 March 2014 at 8:30 AM.

Tribona AB (publ) is Sweden’s largest pure-play warehouse and logistic property company. The property portfolio consists of modern and strategically located warehouse and logistic properties, 21 in Sweden and 1 in Denmark, with a total lettable area of about 711,000 square meters. For more information, please visit www.tribona.se.

IMPORTANT NOTICE

The information contained in this press release is not intended for release, publication or distribution, directly or indirectly, in Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea or the United States, or any other country where publication of this press release requires any measures beyond those required by Swedish law. The distribution of this press release may be prohibited in certain other jurisdictions. The information contained in this press release shall not be deemed to constitute an offer to sell or a solicitation to purchase any securities in Tribona in any jurisdiction. This press release does not constitute, and will not constitute, any part of an offer or solicitation to purchase or subscribe for securities in the United States of America. Securities mentioned herein may not be offered for sale, or sold, in the United States without registration or an exemption from registration under the Securities Act of 1933 in its current version ("Securities Act").Tribona does not intend to register any part of the offer of securities in the United States or to carry out any offer of securities to the general public in the United States. Copies of this press release are not being distributed in, or sent to, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea or the United States, nor may they be distributed in, or sent to, these countries.

This document has not been approved by any regulatory authority. This document is a press release and not a prospectus, and investors are not to subscribe for, or purchase, securities mentioned in this document other than on the basis of the information which will be set forth in the prospectus to be made public by Tribona shortly on its website at www.tribona.se.

THE EUROPEAN ECONOMIC AREA

Tribona has not decided to offer shares or rights to the general public in any member state of the European Economic Area, with the exception of Sweden and any other jurisdiction where the offer of shares or rights may be passported. Within such member states within the European Economic Area, with the exception of Sweden (and other jurisdictions where the offer of shares or rights may be passported), which have implemented the prospectus directive (a "Relevant Member State") no measures as of this date have been taken in order to direct an offer of shares or rights to the general public which require that a prospectus be published in any Relevant Member State. As a consequence thereof, the shares or rights may only be offered in a Relevant Member State (a) to qualified investors (according to the definition set forth in the Prospectus Directive or applicable legislation); or (b) in any other respect which does not require that Tribona publish a prospectus in accordance with article 3 (2) of the Prospectus Directive.

Upon application hereof, the expression "an offer of shares or rights to the general public" in any Relevant Member State shall mean communications, in any form, of sufficient information regarding the terms and conditions of the offer and the shares or rights being offered in order for an investor to be able to decide to purchase securities, as this may vary in such Relevant Member State as a consequence of the implementation of the Prospectus Directive in such member state and the expression "Prospectus Directive" means Directive 2003/71/EC including all implementation measures in each respective Relevant Member State.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements which reflect management's current view of future events and possible financial developments. Even if Tribona believes that the expectations described in such statements are reasonable, there is no guarantee that these forward-looking statements will prove to be correct. Consequently, due to various factors, the actual outcomes may differ significantly from the outcomes predicted in the forward-looking statements. You are encouraged to read this press release and the prospectus in their entirety, as well as the information incorporated through reference therein, when this is made available, for a broader discussion of the factors which might affect Tribona's future performance and the industries within which Tribona operates. In light of these risks, uncertainties and assumptions, it is possible that the events described in the forward-looking statements contained in this press release will not occur.