Hiddn Solutions ASA has successfully completed a fully subscribed Rights Issue, raising gross proceeds of NOK 70 million
The Rights Issue comprised 20,761,245 Offer Shares in Hiddn Solutions ASA (the “Company”) offered at a Subscription Price of NOK 2.89, thereby raising gross proceeds of up to approximately NOK 60 million. In addition, in the event the Rights Issue is fully subscribed based on Subscription Rights, the Company's extraordinary general meeting on 13 January 2017 granted the Company's board with an authorization to issue additional 5,190,311 Offer Shares to be directed to underwriters or the Rights Issue, and the Company's employees, management and board members.
Existing shareholders of the Company as of 24 January 2017, as registered in the Norwegian Central Securities Depository on 26 January 2017 (Record Date) were granted free of charge 0.54409 transferable Subscription Rights for each share as registered held in the Company on the Record Date. The Subscription Rights were listed and tradable on Oslo Børs in the period 27 January to 8 February. Each Subscription Right provided preferential rights to subscribe for and be allocated one Offer Share in the Rights Issue.
The Rights Issue was underwritten by an underwriting consortium that has agreed to secure subscriptions for up to NOK 20 million in the Rights Issue.
At the end of the subscription period on 10 February 2017, the Company had received subscriptions for a total of 31,099,008 Offer Shares. Accordingly, the Rights Issue was oversubscribed.
A total of 16,713,704 Offer Shares, which comprised approximately 80.5% of the Offer Shares in the Rights Issue, were subscribed by exercise of Subscription Rights and have been allocated on this basis. In addition, 4,047,541 Offer Shares have been allocated to subscribers having oversubscribed on the basis of Subscription Rights. No shares have been allocated to subscribers without Subscription Rights. Due to the high demand for Offer Shares in the Rights Issue, the board has resolved to issue 1,068,196 additional Offer Shares to the Company's employees, management and board members that have subscribed for Offer Shares in the Rights Issue. Further, the board has resolved to issue 2,287,123 additional Offer Shares to the underwriters in the Rights Issue. In total, 24,116,564 Offer Shares will be issued, raising gross proceeds of approximately NOK 70 million.
Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, acted as joint lead managers and Sparebank 1 SR-Bank ASA, Markets as Selling Agent in connection with the Rights Issue.
Aabø-Evensen & Co Advokatfirma AS is acting as legal advisor to Hiddn Solutions ASA in connection with the Rights Issue.
Click here to be redirected to the Stock Exchange Notice published 13 February 2017.