Karo Pharma’s rights issue fully subscribed
Not for release, publication or distribution, directly or indirectly, in or into Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, Singapore, the United States or any other jurisdiction where such distribution of this press release would be subject to legal restrictions. This press release does not constitute an offer of any securities of Karo Pharma Aktiebolag. See the section “IMPORTANT INFORMATION” below.
The result of the rights issue in Karo Pharma Aktiebolag (“Karo Pharma”) shows that 60,556,339 shares have been subscribed for by virtue of subscription rights. The remaining 144,083 shares have been allotted to persons who have subscribed for shares without subscription rights. The rights issue is thus fully subscribed and Karo Pharma will receive proceeds amounting to approximately MSEK 2,003 prior to issue costs.
· The result shows that 60,556,339 shares, corresponding to approximately 99.8 per cent of the shares offered in the rights issue, have been subscribed for by virtue of subscription rights. Additionally, applications to subscribe for 77,714,837 shares without subscription rights have been received. The rights issue is thus fully subscribed and no guarantee commitments have had to be utilised.
· Allotment of shares subscribed for without subscription rights has been made in accordance with the principles described in the prospectus. As confirmation of allotment of new shares subscribed for without subscription rights, a contract note will be sent to those who have been allotted shares, which is expected to take place on or about 22 October 2019. No notice will be sent to those who have not been allotted shares. Subscribed and allotted shares must be paid for in cash in accordance with the instructions on the contract note. Nominee-registered shareholders will receive notice of allotment and payment in accordance with the procedures of each nominee.
· As a result of the rights issue, Karo Pharma will receive proceeds amounting to approximately MSEK 2,003 prior to issue costs. Through the rights issue, Karo Pharma’s share capital will increase by SEK 24,279,901, from SEK 65,732,389 to SEK 90,012,291, and the number of shares in Karo Pharma will increase by 60,700,422 shares, from 164,332,782 shares to 225,033,204 shares. At the time of this press release, Karo Pharma holds 2,464,990 own shares.
· The new shares subscribed for by virtue of subscription rights are expected to be registered with the Swedish Companies Registration Office (the “SCRO”) on or about 23 October 2019. The last day of trading in paid subscribed shares (“BTA”) is expected to be 28 October 2019. Trading in the new shares subscribed for by virtue of subscription rights are expected to start trading on Nasdaq Stockholm on or about 30 October 2019.
· The new shares subscribed for without subscription rights are expected to be registered with the SCRO on or about 31 October 2019 and are expected to start trading at Nasdaq Stockholm on or about 1 November 2019.
SEB Corporate Finance and Swedbank Corporate Finance are Joint Global Coordinators and White & Case is legal advisor to Karo Pharma in connection with the rights issue.
For further information, please contact:
Christoffer Lorenzen, CEO, +4673-501 76 20, firstname.lastname@example.org
Jon Johnsson, CFO, +4673-507 88 61, email@example.com
About Karo Pharma
Karo Pharma is a pharmaceutical company specialised in sales and marketing of prescription pharmaceuticals and over-the-counter products sold in pharmacies and retail. Karo Pharma is listed on Nasdaq Stockholm Mid Cap.
This is information that Karo Pharma Aktiebolag is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 14.00 CEST on 21 October 2019.
The information in this press release does not contain or constitute an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Karo Pharma Aktiebolag. Any invitation to those entitled to subscribe for shares in Karo Pharma Aktiebolag is made solely through the Swedish language prospectus which was made public by Karo Pharma Aktiebolag on 30 September 2019.
This press release may not be released, published or distributed, directly or indirectly, in or into Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, Singapore, the United States or any other jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, registrations or other actions in addition to what is required pursuant to Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in a manner that contravenes such restrictions or would entail such requirements. Failure to comply with this instruction may result in a violation of applicable securities laws.
No subscription rights, paid subscribed shares (BTA) or new shares have or will be registered under the United States Securities Act of 1933 (the “Securities Act”) or securities legislation in any state or other jurisdiction in the United States and may not be offered, subscribed, used, pledged, sold, resold, allotted, delivered or transferred, directly or indirectly, into or within the United States, other than pursuant to an exemption from, or in a transaction that is subject to, the registration requirements of the Securities Act. Neither is the offering aimed at individuals with residence in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland and Singapore or in any other jurisdiction where participation would require additional prospectus, registration or other arrangements aside of the Swedish law system.