Private placement to Omega Funds in parallel to offering a fully guaranteed rights issue
The Board of Directors of BioInvent has resolved on a directed share issue (private placement) and a fully guaranteed rights issue totaling MSEK 234. The financing enables continued value creation in the Company’s prioritized development projects in the coming years. The rights issue is subject to approval by an Extraordinary General Meeting on 18 March 2016.
Summary of principal terms
- The board of directors in BioInvent has resolved to implement a capitalization of MSEK 234, consisting of a rights issue of MSEK 191 and a directed issue of MSEK 43.
- The directed issue includes 22,051,282 shares issued at a price of SEK 1.95 per share. The directed issue is subscribed by Omega Fund IV, a global healthcare focused fund advised by Omega Fund Management LLC (“Omega Funds”).
- In the terms of the rights issue, three (3) new shares are issued for every five (5) existing shares in the Company resulting in a maximum of 97,751,376 shares being issued at the price of SEK 1.95 per share.
- The rights issue is subject to approval by an Extraordinary General Meeting on 18 March 2016, notice to the General Meeting is published in a separate press release.
- The rights issue is fully secured through guarantee undertakings from a number of well renowned investors for the total amount of the rights issue.
- Record day for the rights issue is on 22 March 2016.
- The subscription period in the rights issue is between 29 March and 12 April 2016.
- Due to the equity issues, the 2016 Annual General Meeting in BioInvent will be postponed to 12 May 2016.
Timetable for the rights issue
|18 March||Extraordinary General Meeting|
|18 March||Last day of trading inclusive subscription rights|
|21 March||First day of trading exclusive subscription rights|
|22 March||Record date for participation in the rights issue, i.e. shareholders who are registered in the Company’s share register as of this day will receive subscription rights for participation in the rights issue|
|23 March||Estimated date for publication of the prospectus|
|29 March - 8 April||Trading in subscription rights|
|29 March - 12 April||Subscription period|
|Around 18 April||Announcement of the preliminary outcome of the rights issue|
|16 February 2016||BioInvent issues private placement to US-based healthcare investor Omega Funds in parallel to offering a fully guaranteed rights issue|
|17 February 2016|
|18 March 2016|
|23 March 2016|
|23 March 2016|