Konsolidator to issue new shares in private placement - inside information
April 29 2024 - 11:43AM
Konsolidator to issue new shares in private placement - inside
information
Company announcement no
9-2024
Søborg, April 30, 2024
Konsolidator to issue new shares in
private placement
The Board of Directors of Konsolidator A/S
(“Konsolidator”) has today exercised its authorization to issue new
shares in a private placement of new shares with expected gross
proceeds of up to DKK 6m. As announced in the Q1 2024 report,
Konsolidator stated that it had received positive interest from
investors including the Board of Directors. The expected net
proceeds will strengthen the capital structure and finance our
announced growth initiatives.
The Board of Directors of Konsolidator has today
exercised its authorization to resolve on an increase of the share
capital in a directed issue without pre-emption rights for
Konsolidator’s existing shareholders according to articles 3.1.7
and 3.1.8 of the articles of association.
Consequently, the board of directors has
resolved to issue up to a total of 1,685,394 new shares at a
subscription price of DKK 3.56 per share corresponding to gross
proceeds of approximately DKK 6m and an expected net proceeds of
DKK 5.9m. The subscription price corresponds to the volume weighted
average of the share price of Konsolidator’s shares the 5 trading
days preceding the decision of the Board of Directors.
The new shares issued in connection with the
directed issue will be subscribed by a group of 11 private
investors, including all members of the Board of Directors and the
CFO, Jack Skov.
Use of net proceeds
In the Q1 2024 report published on April 26,
2024, Konsolidator confirmed that the announced new growth
initiatives are developing as planned creating value for
Konsolidator. Growth initiatives covering further
internationalization, partner channel building, and continued
software development also for use in other verticals.
- On February 23, 2024, Konsolidator
signed a letter of intent to open a sales office in Spain which is
part of these new opportunities, and as stated in company
announcement no 2-2024, the operations and establishment of the
subsidiary are estimated to require DKK 1-2 million in 2024.
- On April 25,
2024, Konsolidator signed a partnership agreement with former
Swedish country manager, Peter Simonsson, who will focus on selling
in the Swedish market. As a country manager for Konsolidator, Peter
signed 90 customers over 3 years.
To pursue these areas and other growth
initiatives, Konsolidator need to raise capital to finance the
establishment of the Spanish sales office and to finance the
continued software development to explore new business segments for
Konsolidator’s consolidation engine.
The expected net proceeds of DKK 5.9m will cover
Konsolidator’s expected capital requirements for the rest of
2024.
CEO Claus Finderup Grove says: “We are happy to
be able to attract further capital in order to finance our exciting
growth initiatives and strengthen our capital structure. We believe
that our new strategic focus is a way to get Konsolidator back to
double digit growth.”
The resolution on the private placement
of new shares
The new shares issued as a result of the private
placement will be registered at the Danish Business Authority upon
receipt of final subscriptions and cash payments for the new
shares. Following registration, the share capital will increase by
the number of new shares subscribed, where each share will have a
nominal value of DKK 0.04. Today, the company has a registered
share capital of nominal DKK 819,013.08 and with full subscription
the share capital will increase to nominal DKK 886,428.84.
The new shares represent approximately 8.23% of
Konsolidator’s share capital before the capital increase and 7.60%
of Konsolidator’s share capital after the capital increase.
The new shares will be negotiable instruments,
and no restrictions will apply to their transferability. The new
shares will not carry any special rights. The rights conferred by
the new shares, including voting and dividend rights, will apply
from the date when the capital increase is registered with the
Danish Business Authority. The new shares are to be registered in
the name of the holder in Konsolidator's register of
shareholders.
Admission to trading and expected
timetable
The new shares will be issued in the temporary
ISIN code, DK0062954871, which will be merged with the primary ISIN
code for the existing shares, DK0061113511, as soon as possible
after the capital increase has been registered with the Danish
Business Authority.
The temporary ISIN code will not be admitted to
trading on Nasdaq First North Growth Market Denmark but will only
be registered with Euronext Securities Copenhagen for use in
connection with subscription for the new shares.
The expected timeline for registration of the
capital increase with the Danish Business Authority and admission
for trading of the new shares under the same ISIN code as the
existing shares, DK0061113511, is as follows:
Date |
|
Step |
April 30, 2024 |
|
New shares issued in temporary ISIN |
May 2, 2024 |
|
Settlement in temporary ISIN |
May 3, 2024 |
|
Registration of capital increase with the Danish Business
Authority |
May 6, 2024 |
|
Admission to trading of new shares on Nasdaq First North Growth
Market |
|
|
|
The offering of new shares and the admission to
trading is exempt from the obligation to publish a prospectus.
Contacts
- CEO: Claus Finderup Grove, mobile
+45 2095 2988, cfg@konsolidator.com
- CFO: Jack Skov, mobile, +45 2282
8845, js@konsolidator.com
Certified Adviser
- Grant Thornton, Jesper Skaarup
Vestergaard, phone +45 3527 5011, www.grantthornton.dk
About KonsolidatorKonsolidator A/S is a
financial consolidation software company whose primary objective is
to make Group CFOs around the world better through automated
financial consolidation and reporting in the cloud. Created by CFOs
and auditors and powered by innovative technology, Konsolidator
removes the complexity of financial consolidation and enables the
CFO to save time and gain actionable insights based on key
performance data to become a vital part of strategic
decision-making. Konsolidator was listed at Nasdaq
First North Growth Market Denmark in 2019. Ticker Code:
KONSOL
- Company announcement no 9-2024 - Board resolution on private
placement