The public preferential rights issue of shares of class B was subscribed to approximately 73% through the utilization of subscription rights, equaling mSEK 12,8, of which approximately mSEK 4,4 was subscribed through off-set of existing claims. The remaining part of the issue was subscribed without the utilization of subscription rights, equaling approximately mSEK 4,8, through which the public preferential rights issue was fully covered.
As a result of the public preferential rights issue 32 044 800 shares of class B are issued and the total number of shares in AVTECH increases to 44 862 720 while the Company’s share capital increases with 3 194 442,41 SEK to 4 472 219,38 SEK. The Company is provided with mSEK 17,6 less implementation costs and AVTECH is thereby supplied with funds according to the reorganization plan and for further commercialization of Aventus NowCastTM. As the public issue is now successfully completed the Board of AVTECH intends to near-term close the ongoing reorganization.
”I am very happy about the good response that we have received from our existing owners and I also welcome the Company’s new owners. The injection of funds strengthens our ability to commercialize Aventus NowCast while it allows us to end the ongoing reorganization”, says Christer Staaf, CEO of AVTECH Sweden AB (publ).
Investors who have subscribed for shares without the use of subscription rights will be allotted shares according to the terms that are stated in the prospectus, and contract notes to those who have received shares will be issued on October 8, 2013.
The terms of the public preferential rights issue allowed preferential right owners to subscribe for five (5) new shares of class B for every second (2) share that they owned, regardless of share class, at 0,55 SEK for every new share of class B. The last day of subscription was October 1, 2013. As soon as the increase of AVTECH’s share capital has been registered with the Swedish Company Register, a conversion of paid and subscribed B-shares (BTA’s) into ordinary B-shares will be implemented. Up until that time BTA’s are traded at NASDAQ OMX First North. Trading of new B-shares at NASDAQ OMX First North is expected to commence during the week starting on October 11, 2013.
Advisors
Erik Penser Bankaktiebolag has acted as financial advisor to AVTECH in connection to the public preferential rights issue, and Baker & McKenzie Advokatbyrå KB has been the legal advisor.
For more information, please contact
Christer Staaf, CEO, +46 (0) 8 544 104 80
Jonas Saric, CFO, +46 (0) 8 544 104 80
About AVTECH Sweden AB (publ)
AVTECH develops products and services for digital Air Traffic Management (ATM). Its customers include the global aviation industry; e.g. airlines, airports, aviation authorities, technology companies and airline manufacturers. By using AVTECH’s products and services, each individual flight as well as the entire airline operation can be optimized in terms of cost, noise and emission, efficiency, punctuality and safety. The head office is in Stockholm, Sweden with subsidiaries in Toulouse, France and Dubai, U.A.E. AVTECH Sweden AB is listed on NASDAQ OMX First North and has appointed Mangold Fondkommission AB as Certified Adviser.