The Board of Directors of Klövern has resolved on a fully covered preferential rights issue of approximately SEK 2 billion supported by the two largest shareholders
THIS PRESS RELEASE MAY NOT BE ANNOUNCED, PUBLISHED OR DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, HONG KONG, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR ANY OTHER COUNTRY WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD VIOLATE APPLICABLE LAWS OR RULES OR WOULD REQUIRE ADDITIONAL DOCUMENTS TO BE PREPARED OR REGISTERED OR REQUIRE ANY OTHER ACTIONS TO BE TAKEN, IN ADDITION TO THE REQUIREMENTS UNDER SWEDISH LAW. THIS PRESS RELEASE IS NOT A PROSPECTUS BUT AN ANNOUNCEMENT BY THE BOARD OF DIRECTORS OF KLÖVERN’S CONDITIONAL RESOLUTION TO CONDUCT AN ISSUANCE OF SHARES WITH PREFERENTIAL RIGHTS FOR KLÖVERN’S SHAREHOLDERS. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THIS PRESS RELEASE.
The Board of Directors of Klövern AB (publ) (“Klövern” or “the Company”), has on 6 October 2020, resolved on a fully covered rights issue of approximately SEK 2 billion with preferential rights for existing holders of ordinary shares (the “Preferential Rights Issue”), subject to approval at an Extraordinary General Meeting.
Klövern’s two largest shareholders, of the share capital, Rutger Arnhult (through companies) and Corem Property Group AB (publ), which together hold and represent 33.8 per cent of outstanding ordinary shares and 32.6 per cent of the total number of votes1 in Klövern, have undertaken to subscribe for their respective pro rata shares in the Preferential Rights Issue. The part of the Preferential Rights Issue not covered by subscription undertakings from Rutger Arnhult (through companies) and Corem Property Group (publ), is guaranteed by Rutger Arnhult’s company M2 Asset Management AB (publ). Thus, the Preferential Rights Issue is fully covered.
BACKGROUND AND RATIONALE
Klövern is a growth-oriented real estate company with the vision to create attractive and sustainable environments for the companies, individuals and societies of the future through its business concept of offering attractive premises with proximity and commitment and actively contributing to the urban development in growth regions. In recent years, Klövern has exhibited good growth, coupled with strong net moving-in and an improved operating margin, while at the same time working actively to streamline the property portfolio, both geographically and in terms of products.
Klövern sees ample opportunities for continued value creation through additional acquisitions to the property portfolio as well as refinement and development of the building rights portfolio which the Company has built-up over time. In order to capture these opportunities, and at the same time maintain a balance between shareholders’ equity and debt, Klövern’s Board of Directors has decided, subject to approval at an Extraordinary General Meeting on 13 November 2020, to carry out a fully covered rights issue of ordinary shares with preferential rights for existing holders of ordinary shares with total proceeds of approximately SEK 2 billion.
“Klövern has a remarkably interesting project pipeline with a mix of community properties, offices and housing. In order to enable optimal development and expansion of this pipeline, a strong capital base is required. Improved financial strength also safeguards the Company’s opportunities to maintain competitive financing terms for new sustainable projects and selective acquisitions. In this context, the Preferential Rights Issue is a positive and important prerequisite for potential further improvement of the current credit rating.”, says Klövern’s CEO Rutger Arnhult.
USE OF PROCEEDS
The proceeds from the Preferential Rights Issue are intended to be used for continued execution of the Company’s strategy. Consequently, the proceeds will be used to:
- give the Company headroom for continued value creation through selective acquisitions to the Swedish or international property portfolio as well as project development of commercial and residential premises and,
- give the Company a strengthened balance sheet, lower leverage and increased financial flexibility.
According to Klövern’s assessment, a strengthened balance sheet will reduce the Company’s financing costs, which entails an increased interest coverage ratio, improved cash flows and increased opportunities for future value creation through complementary acquisitions as well as increased opportunities to add additional development projects to the portfolio, in line with the Company’s strategy.
Adjusted for proceeds from the Rights Issue, Klövern estimates that leverage would have amounted to approximately 50 per cent and the adjusted equity ratio to approximately 42.9 per cent as of 30 June 2020. This can be compared to the Company’s target of an adjusted equity ratio of at least 40 per cent in the long-term2.
TERMS OF THE PREFERENTIAL RIGHTS ISSUE
Klövern’s Board of Directors has decided, subject to approval at an Extraordinary General Meeting on 13 November 2020, to carry out a Preferential Rights Issue of approximately SEK 2 billion.
Klövern’s existing holders of ordinary shares have preferential rights to subscribe for new ordinary shares in the same class (class A & B respectively) in proportion to the number of ordinary shares that the holder already owns (primary preferential right). The record date to determine which holders of ordinary shares that are entitled to subscribe for new shares with preferential right is 17 November 2020. Ordinary shares that are not subscribed for through primary preferential right will primarily be offered to existing shareholders in Klövern, regardless of whether they own ordinary or preference shares, that have notified their interest to subscribe for new ordinary shares without support from subscription rights (subsidiary preferential right). If ordinary shares offered in this way are not sufficient for the subscription that takes place with subsidiary preferential right, the ordinary shares shall be distributed among the subscribers in proportion to the total number of shares they held in the Company prior thereto, regardless of whether they own ordinary or preference shares. To the extent that this cannot be done, the distribution of shares shall be made by the drawing of lots. Secondly, allotment shall be made to other investors who have subscribed for shares in the Preferential Rights Issue without support of preferential rights and, in the event of oversubscription, pro rata in relation to the number of shares subscribed for and to the extent this cannot be done, by the drawing of lots.
Complete terms and conditions for the Preferential Rights Issue, including subscription price, subscription ratio and the number of shares to be issued are expected to be published on 10 November 2020. The subscription period is expected to run from, and including, 19 November 2020, until, and including, 3 December 2020, or until the later date resolved by the Board of Directors. Trading in subscription rights is expected to take place on Nasdaq Stockholm from, and including, 19 November 2020 until, and including, 1 December 2020.
The resolution by the Board of Directors on the Preferential Rights Issue is subject to approval by the Extraordinary General Meeting to be held on 13 November 2020. For more information, please see a separate press release regarding the Extraordinary General Meeting which is expected to be published on 7 October 2020.
SUBSCRIPTION AND GUARANTEE COMMITMENTS
Klövern’s two largest shareholders, of the share capital, Rutger Arnhult (through companies) and Corem Property Group AB (publ), which together hold and represent 33.8 per cent of outstanding ordinary shares and 32.6 per cent of the total number of votes3 in Klövern, endorse the resolution on a rights issue and have entered binding subscription commitments for subscription of shares corresponding to their respective pro rata shares in the Preferential Rights Issue. The part of the Preferential Rights Issue not covered by subscription commitments from Rutger Arnhult (through companies) and Corem Property Group (publ), is guaranteed by Rutger Arnhult’s company M2 Asset Management AB (publ). M2 Asset Management AB (publ) has received an exemption from the mandatory bid requirement from the Swedish Securities Council (Sw: Aktiemarknadsnämnden) which otherwise could arise in connection with Rutger Arnhult's (through companies) subscription of shares in the Preferential Rights Issue. Thus, the Preferential Rights Issue is fully covered. A guarantee commission of 1 per cent of the guaranteed amount will be payable to M2 Asset Management AB (publ).
INDICATIVE TIMETABLE FOR THE PREFERENTIAL RIGHTS ISSUE
|10 November 2020||Announcement of complete terms and conditions, including subscription price and subscription ratio|
|13 November 2020||Extraordinary General Meeting to approve the Preferential Rights Issue resolution by the Board of Directors|
|13 November 2020||Last day of trading in shares including right to participate in the Preferential Rights Issue|
|16 November 2020||Publication of prospectus|
|16 November 2020||First day of trading in shares excluding right to participate in the Preferential Rights Issue|
|17 November 2020||Record date for participation in the Preferential Rights Issue, i.e. holders of ordinary shares who are registered in the share register on this day will receive subscription rights for participation in the Preferential Rights Issue|
|19 November 2020 – 1 December 2020||Trading in subscription rights|
|19 November 2020 – 3 December 2020||Subscription period|
|4 December 2020||Announcement of preliminary outcome of the Preferential Rights Issue|
|7 December 2020||Announcement of final outcome of the Preferential Rights Issue|
FINANCIAL AND LEGAL ADVISORS
Nordea Bank Abp, Swedish branch, Swedbank AB (publ) and Danske Bank A/S, Denmark, Swedish branch are Joint Global Coordinators. Walthon Advokater AB is legal advisor to the Company and Linklaters Advokatbyrå AB is legal advisor to the Joint Global Coordinators in the Preferential Rights Issue.
For additional information, please contact:
Rutger Arnhult, CEO, +46 (0)70-458 24 70, firstname.lastname@example.org
Lars Norrby, IR, +46 (0)76-777 38 00, email@example.com
Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se.
Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 (0)10-482 70 00. E-mail: firstname.lastname@example.org.
This information is information that Klövern AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act (2007:528). The information was submitted, through the agency of the contact persons above, for publication at 08:00 CEST on 6 October 2020.
This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail.
In certain jurisdictions, the publication, announcement or distribution of this press release may be subject to restrictions according to law and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and abide by such restrictions. The recipient of this press release is responsible for using this press release, and the information herein, in accordance with applicable rules in the respective jurisdiction.
This press release does not contain or constitute an invitation or an offer to acquire, sell, subscribe for or otherwise trade in shares, subscription rights or other securities in Klövern. Invitation to the persons concerned to subscribe for shares in Klövern will only be made through the prospectus that Klövern intends to publish on the Company’s website, following the approval and registration thereof by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). The prospectus will contain, among other things, risk factors, financial information as well as information regarding the Company’s Board of Directors. This press release has not been approved by any regulatory authority and is not a prospectus and accordingly, investors should not subscribe for or purchase any securities referred to in this press release except on the basis of information provided in the prospectus to be published by Klövern.
This press release is not directed to persons located in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Japan, Australia, Hong Kong, New Zealand, Singapore, South Africa or in any other country where the offer or sale of the subscription rights, paid subscribed shares (Sw. betalda tecknade aktier) or new shares is not permitted. This press release may not be announced, published or distributed, directly or indirectly, in or into the United States, Canada, Japan, Australia, Hong Kong, New Zealand, Singapore, South Africa or any other country where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, other offer documentation, registrations or other actions in addition to what follows from Swedish law. The information in this press release may not be forwarded, reproduced or disclosed in such a manner that would contravene such restrictions or would require such additional prospectuses, other offer documentation, registrations or other actions. Failure to comply with this instruction may result in a violation of the United States Securities Act of 1933, as amended, (the “Securities Act”) or laws applicable in other jurisdictions. No subscription rights, paid subscribed shares or new shares have been or will be registered under the Securities Act, or with any other securities regulatory authority of any state or other jurisdiction of the United States and no subscription rights, paid subscribed shares or new shares may be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within the United States or on account of such persons other than pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or jurisdiction of the United States. No public offering of subscription rights, paid subscribed shares or new shares is made in the United States. There is no intention to register any securities referred to herein in the United States or to make a public offering in the United States.
This press release is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended from time to time (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order or (iv) certified high net worth individuals and certified and self-certified sophisticated investors as described in Articles 48, 50, and 50A respectively of the Order or (v) persons to whom this press release may otherwise be lawfully communicated (all such persons together being referred to as relevant persons). Any investment activity to which this press release relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents.
This press release is distributed in any member state of the European Economic Area under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) only to those persons who are qualified investors for the purposes of the Prospectus Regulation in such member state, and such other persons as this press release may be addressed on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this press release or any of its contents.
To the extent this press release contains forward-looking statements, such statements do not represent facts and are characterized by words such as “will”, “expect”, “believe”, “estimate”, “intend”, “anticipate” and similar expressions. Such statements express Klövern's intentions, opinions or current expectations or assumptions. Such forward-looking statements are based on current plans, estimates and forecasts that Klövern has made to the best of its ability, but which Klövern does not claim will be correct in the future. Forward-looking statements are associated with risks and uncertainties that are difficult to predict and cannot, in general, be influenced by Klövern. It should be noticed that actual events or outcomes may differ materially from those covered by, or expressed in, the forward-looking statements.
The information, opinions and forward-looking statements included in this press release speak only as of its date and are subject to change without notice.
1 Repurchased own shares do not have voting rights at general meetings and have consequently been excluded from the total number of votes.
2 This is a minor rewording of the target that the adjusted equity ratio shall in the long term be 40 per cent.
3 Repurchased own shares do not have voting rights at general meetings and have consequently been excluded from the total number of votes.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire 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.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Vallourec: Naïla Giovanni is appointed Chief Digital & Information Systems Officer22.10.2020 17:00:00 CEST | Press release
Press Release Naïla Giovanni is appointed Chief Digital & Information Systems Officer Boulogne-Billancourt, October 22, 2020 – Vallourec, a world leader in premium tubular solutions, announces today the appointment of Naïla Giovanni as Chief Digital & Information Systems Officer. She joins the Group’s Executive Committee. As the head of a global Department, composed of an international team bringing together various centers of expertise, Naïla Giovanni will coordinate and implement the Group’s digital strategy. Faced with the strategic challenge of digitizing its operations, Vallourec has been pursuing an ambitious digital program for several years now, with three fundamental pillars: connecting customers with Vallourec plants and products; using the power of data to optimize the Group’s production facilities; and instilling a digital culture within the company. “Our Group has embarked on a process of deep change. I am convinced that digital technology and information systems are criti
Skyharbour Signs Letter of Intent with Pitchblende Energy to Option 80% of the North Falcon Point Uranium Property22.10.2020 14:00:10 CEST | Press release
VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH)(OTCQB: SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce the execution of a letter of intent (the “LOI”) with Australian-registered Pitchblende Energy Pty Ltd (“Pitchblende”), which provides Pitchblende an earn-in option to acquire an 80% working interest in the North Falcon Point Uranium Project, to be renamed the Hook Lake Uranium Project (the “Property”). Skyharbour’s Uranium Project Map in the Athabasca Basin: https://skyharbourltd.com/_resources/maps/SYH-Athabasca-MapOct2020.pdf Under the LOI, and subject to completion of the acquisition of Pitchblende by ASX-listed Valor Resources Limited (ASX: VAL) (“Valor”), Pitchblende will contribute cash and exploration expenditure consideration totaling CAD $3,925,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $425,000 will be in cash payments to Skyharbour as well as $3,500,000 in explora
Cargotec’s interim report January–September 2020: Performance improved from the second quarter22.10.2020 13:00:00 CEST | Press release
CARGOTEC CORPORATION, Q3 2020 INTERIM REPORT, 22 OCTOBER 2020 AT 2:00 PM EEST Cargotec’s interim report January–September 2020: Performance improved from the second quarter Orders received, sales and comparable operating profit improved from Q2/2020 but remained below the comparison periodCost savings and productivity improvements enhanced profitabilityCargotec expects its comparable operating profit for H2/2020 to increase compared to H1/2020Cargotec and Konecranes announced plans to merge on 1 October. The merger is subject to the obtaining of merger control approvals, among other items. July–September 2020 in brief: Relative profitability at the comparison period’s level Orders received decreased by 14 percent and totalled EUR 740 (858) million.Order book amounted to EUR 1,751 (31 Dec 2019: 2,089) million at the end of the period.Sales decreased by 14 percent and totalled EUR 777 (901) million.Service sales decreased by 9 percent and totalled EUR 244 (269) million.Service and softwa
Cargotec's financial information in 202122.10.2020 12:50:00 CEST | Press release
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 22 OCTOBER 2020 AT 1:50 PM (EEST) Cargotec's financial information in 2021 Cargotec Corporation will disclose the following financial information in 2021: Financial Statements review 2020, on Thursday, 4 February 2021 Interim report January-March 2021, on Wednesday, 28 April 2021 Half year financial report January-June 2021, on Wednesday, 28 July 2021 Interim report January-September 2021, on Thursday, 28 October 2021 Cargotec's Financial Statements 2020 and Annual Report 2020 will be available at www.cargotec.com on week 8. The Annual General Meeting of Cargotec Corporation will be held on Tuesday, 23 March 2021. Shareholders, who request a certain issue belonging to the General Meeting to be included in the agenda of the Meeting, must notify the Board of Directors in writing no later than 5 January 2021 by mail: Cargotec Corporation, Board of Directors, P.O. Box 61, FI-00501 Helsinki, Finland. For further information, please contact: Hann
Correction: RESULT OF RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS22.10.2020 11:31:26 CEST | Press release
RESULT OF RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS Auction date2020-10-22Loan5533 Coupon1.25 %ISIN-codeSE0010442731Maturity2023-09-20 Tendered volume, SEK mln1,000 +/- 500 Volume offered, SEK mln2,000Volume bought, SEK mln1,000Number of bids3Number of accepted bids1Average yield-0.004 %Lowest accepted yield-0.004 %Highest yield-0.004 %% accepted at lowest yield 100.00 Auction date2020-10-22Loan576 Coupon1.00 %ISIN-codeSE0010049841Maturity2023-12-20 Tendered volume, SEK mln1,000 +/- 500 Volume offered, SEK mln2,500Volume bought, SEK mln1,000Number of bids7Number of accepted bids5Average yield0.021 %Lowest accepted yield0.015 %Highest yield0.026 %% accepted at lowest yield 8.00 Auction date2020-10-22Loan1587 Coupon1.50 %ISIN-codeSE0010441303Maturity2023-06-01 Tendered volume, SEK mln1,000 +/- 500 Volume offered, SEK mln2,000Volume bought, SEK mln1,000Number of bids3Number of accepted bids2Average yield-0.032 %Lowest accepted yield-0.035 %Highest yield-0.029 %% accepted at lowest yiel
Mandalay Resources Corporation meddelar de senaste borrningsresultaten för Youle-fyndigheten vid Costerfield med viktiga punkter för utvidgningen på djupet av höghaltigt guld22.10.2020 10:25:09 CEST | Pressemelding
TORONTO, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) är glada över att meddela om utvidgningen av höghaltigt guld till ett nytt område cirka 100 meter (”m”) under den nuvarande gruvverksamheten i Youle-fyndigheten. Viktiga punkter för Youle-borrningen De första resultaten från det nya höghaltiga guldområdet på djupet: 99,8 g/t guld och 0,2 % antimon över en sann bredd på 0,30 m i BC105;och60,3 g/t guld och 0,2 % antimon över en sann bredd på 0,24 m i BC145; och144,7 g/t guld och 0,0 % antimon över en sann bredd på 0,57 m i BC151 Fortsatt borrning norrut i Youle har gett höjdpunkter som: 84,3 g/t guld och 53,8 % antimon över en sann bredd på 0,44 m i BC116; och186,0 g/t guld och 37,4 % antimon över en sann bredd på 0,27 m i BC140; och214,0 g/t guld och 0,0% antimon över en sann bredd på 0,18 m i BC149 som är det mest djupgående hålet. OBS! En fullständig lista över viktiga kompositer vid borrning finns i tabeller