The Supervisory Board of Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) has today resolved to launch a directed issue of up to 1,666,777 new shares of DKK 1.00 nominal value at market price through an accelerated book-building process.
The offering represents 5% of the Company's currently registered share capital of DKK 33,335,249. Gross proceeds are expected to be approximately DKK 20 million.
The offering of new shares will be made to existing investors in a directed issue without pre-emption rights to Exiqon’s existing shareholders.
The book building process will open immediately and the result of the offering, offer price and allocation are expected to be announced as soon as practicable thereafter.
If the offering is oversubscribed, an individual allocation of shares will be made.
The decision to launch an offering of up to 1,666,777 new shares of a nominal value of DKK 1.00 each in a directed issue is made pursuant to articles 3b of Exiqon’s articles of association by which the Supervisory Board is authorized to make share capital increases.
Assuming subscription of all the new shares, the nominal share capital of Exiqon will amount to DKK 35,002,026 divided into shares of DKK 1 each.
The new shares will be negotiable instruments made out in the name of the holder. There will be no restrictions in the transferability of the shares. The new shares will in every respect carry the same rights as the existing shares, including the right to receive dividends, if any, for the financial year 2011 and other rights in the Company as from the time of registration of the capital increase with the Danish Commerce and Companies Agency which is expected to take place on 30 June 2011.
Use of proceeds
The proceeds will be used to strengthen the company’s capital resources. The financial outlook for 2011 remains unchanged: Exiqon expects total revenue of DKK 105-115 million and an EBITDA of approximately DKK 0.00 with a variation of +/- DKK 5 million.
Admission for trading and official listing
The new shares will be issued under the temporary ISIN code DK0060338226. No application for trading and official listing has been filed for the temporary ISIN code, and the temporary ISIN code will only be registered with VP Securities A/S. The temporary ISIN code will be merged with the existing ISIN code for the existing shares, DK0060077758, as soon as possible following registration of the share capital increase with the Danish Commerce and Companies Agency, expectedly on 30 June 2011. The new shares will expectedly be requested admitted for trading on 4 July 2011 with expected first trading day on 5 July 2011.
Additional information
Lars Kongsbak, President and CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
