PRESS RELEASE
BULLETIN FROM EXTRAORDINARY GENERAL MEETING IN HOYLU AB
Extraordinary general meeting in
The extraordinary general meeting in
All resolutions were passed in accordance with the previously published resolution proposals. Below is a summary of the main resolutions passed by the extraordinary general meeting.
Resolution on new chairman of the board of directors
The general meeting resolved, in accordance with the board of directors’ proposal, to appoint director
Resolution on directed issue of shares in accordance with the proposal from shareholder Alden AS
The general meeting resolved, with required majority, in accordance with the shareholder Alden AS (the “Shareholder”) proposal, to carry out a directed issue of shares of not more than 7,954,546 shares, entailing an increase in the share capital with not more than
The shares shall be subscribed for at a price of
The right to subscribe for shares in the directed share issue shall vest in Fougner Invest AS, Alden AS, TTC Invest AS,
Prior to the directed share issue, the Shareholder has also considered the possibility to propose that the Company raises capital through a rights issue but has concluded that a rights issue would be significantly more time-consuming and entail significantly higher costs and increased exposure to potential market volatility compared to a directed share issue. Furthermore, the current climate on the stock market means that in the event of a rights issue, it is likely that the rights issue would not be subscribed to the required extent and that guarantee commitments must therefore be procured to ensure that the Company is provided with sufficient capital, which in turn risks incurring additional costs and/or further dilution depending on the type of consideration paid for such guarantee commitments. Other alternatives, including the raising of a long-term loan, have also been considered but have either been deemed to entail too high costs or not to generate sufficient working capital and thus not to be in the interest of the Company or its shareholders.
Provided this, the Shareholder has made the assessment that a directed new share issue on the proposed terms is the most favorable for the Company and its shareholders, especially because the Company is in need of immediate financing. The Shareholder also assesses that the subscription price, which corresponds to the closing price of the Company’s shares on Nasdaq First North Growth Market for the last completed trading day and has been negotiated with the subscribers on arm’s length, is to be on market terms. The reason why the above shareholders are entitled to subscribe in the proposed directed share issue is that they have previously invested and supported the Company in times of financial difficulties.
Shares, share capital and dilution
Through the directed share issue, the total number of shares in the Company will increase by 7,954,546 shares, from 49,209,834 shares to 57,164,380 shares, and the share capital will increase by
For more information contact:
Truls Baklid, VD på
Kjartan Berge Steinshamn, CFO på
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Market place: Nasdaq First North Growth Market (
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