STOCKHOLM, April 4, 2019 /PRNewswire/ — The preliminary outcome of Cimco Marine AB’s (publ) (“Cimco Marine” or the “Company”) rights issue of units of approximately SEK 154 million, for which the subscription period ended on 3 April 2019, shows that 21 535 380 units, corresponding to approx. 62,6 % of the rights issue, were subscribed for with preferential rights (incl. subscription undertakings). Additionally, 1 462 018 units, corresponding to approx. 4,2 % of the rights issue were subscribed for without preferential rights. Including guarantee commitments, Cimco Marine raises approx. SEK 101,5 million before deduction of issue related costs.
Through the rights issue, Cimco Marine raises approx. SEK 101,5 million before deduction of issue related costs. Additionally, Cimco Marine can raise up to approx. SEK 50,75 million assuming full utilization of the warrants.
The final outcome of the rights issue will be press released around 9 April 2019. Allocation of units will be made according to the principles described in the prospectus. Those who are allocated units subscribed without preferential rights will receive an allocation notice in the form of a contract note. Payment for such units is to be made according to the instructions on the contract note.
“My team and I want to thank all existing and new shareholders for your trust. After some fine tuning the past year, I look forward to leading a well-oiled machinery towards new successes. The organization has been strengthened for a commercial establishment and we will now be able to work with full focus on reaching our future goals, in order to increase sales volumes and margins and launch the next generation of outboard engines based on BMW base engines during the first half of 2020”, comments Andreas Blomdahl, CEO of Cimco Marine.
Shares and share capital
When the rights issue has been registered with the Swedish Companies Registration Office (Sw. Bolagsverket), the total number of shares in Cimco Marine will amount to 131,006,184 shares and the share capital will amount to SEK 3,930,185.52. Assuming full utilization of the warrants included in the issued units, the total number of shares in Cimco Marine will increase to 164,839,521 shares and the share capital will increase to SEK 4,945,185.63.
Trading in BTU
Trading in BTU (paid subscribed unit (Sw. betald tecknad unit)) is currently conducted on First North, which will cease once the issue has been registered with the Swedish Companies Registration Office. BTU will then be converted into ordinary shares and warrants.
Redeye Aktiebolag acted as financial adviser and Advokatfirman Lindahl Kommanditbolag acted as legal adviser in connection with the rights issue.
Västra Hamnen Corporate Finance AB is Certified Adviser for Cimco Marine. Contact details to Västra Hamnen Corporate Finance AB: tel. +46 40 20 02 50, e-mail firstname.lastname@example.org.
Cimco Marine AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 4 April 2019 at 10.45 pm.
Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world’s first diesel outboard engine in the high-power segment. Cimco Marine’s unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company’s engines worldwide.
For further information, please contact:
Anders Berg, Chairman, email@example.com, +46-70-358-91-55
Andreas Blomdahl, CEO, firstname.lastname@example.org, +46-431-44-98-99
Myron Mahendra, CFO and EvP in charge of Administration and HR, email@example.com, +46 76 347 59 82
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SOURCE Cimco Marine