In this report, we will delve into the details of this successful Rights Issue, which has raised approximately SEK 250 million for Ovzon's future endeavors.
The outcome of the Rights Issue demonstrates a high level of investor confidence in Ovzon. A total of 55,263,572 new shares, equivalent to about 99 percent of the Rights Issue, were subscribed for with subscription rights. Furthermore, applications for subscription of 20,380,658 shares without the support of subscription rights have been submitted, representing approximately 37 percent of the offered shares.
When combined, subscriptions with the support of subscription rights and subscription applications without support of subscription rights amount to approximately 136 percent of the offered shares in the Rights Issue. This oversubscription indicates a strong belief in Ovzon's future prospects.
No Guarantee Commitments
The oversubscription of the Rights Issue is significant, as it means that no guarantee commitments will be claimed by the company. Ovzon will receive proceeds totaling approximately SEK 250 million, before the deduction of costs associated with the Rights Issue.
Allotment and Payment
To confirm the allotment of shares subscribed for without subscription rights, a contract note will be distributed around December 8, 2023. Subscribed and allotted shares must be paid in cash following the instructions provided in the contract note. The allotment of shares subscribed for without preferential rights adheres to the principles outlined in the prospectus published by Ovzon on November 21, 2023. Shareholders with holdings registered under a nominee will receive notifications of allotment and payment according to the nominee's procedures.
Capital and Share Increase
Through the successful Rights Issue, Ovzon's share capital will witness a significant boost, increasing from SEK 5,576,525.80 to SEK 11,153,051.60. The number of shares will also rise, going from 55,765,258 to 111,530,516. This expansion positions Ovzon for continued growth and development in the satellite communication sector.
Per Noren, CEO of Ovzon, expressed his gratitude towards existing shareholders and welcomed new investors. He acknowledged the trust and support of long-term shareholders who have believed in Ovzon since its IPO in 2018. Noren also highlighted the exciting times ahead, with the imminent launch of Ovzon 3, the company's first communication satellite. He emphasized Ovzon's commitment to its growth journey and the significant role it aims to play in the satellite communication landscape.
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