The board in Hoylu AB (publ) has by authorization from the annual general meeting resolved to carry out a directed issue, with derogation from shareholders’ pre-emption rights, of convertible loan notes to chosen shareholders of MSEK 5.
The annual general meeting in Hoylu AB (publ) (“Hoylu” or the “Company“) resolved on May 16, 2018 to authorize the board of directors, on one or more occasions, during the period until the end of the next annual general meeting to resolve to increase the Company’s share capital by issue of shares, or issue of warrants, or convertible loan notes, with or without derogation from shareholders’ pre-emptive rights, within the limits from time to another of the articles of association of the Company (the “Authorisation“). The Authorization was registered by the Swedish Companies Registration Office (Sw. Bolagsverket) on 18 June 2018.
On February 19, 2019, the board has by the Authorization resolved to carry out an issue of convertible loan notes of MSEK 5 with derogation from the shareholders’ pre-emption rights to certain shareholders (the “Directed Issue“).
The major terms and conditions of the Directed Issue are stated below.
– The Directed Issue shall be of a total amount of SEK 5,000,000 and a nominal amount of SEK five (5) per convertible loan note.
– The conversion price shall amount to SEK 5.00 per share, which corresponds to approximately 125 per cent of the closing price for Hoylu’s share on Nasdaq First North on February 18, 2019.
– At a conversion of SEK 5.00, a maximum of 1,000,000 shares will be issued in relation to the Directed Issue.
– The convertible loan carries an annual interest rate of 8.00 per cent.
– The right to subscribe for convertible loan notes in the Directed Issue shall, with derogation from the shareholders’ pre-emption right, vest the existing shareholders in the Company; Alden AS, and Fougner and the non-current shareholders; Hortulan AS and Dukat AS.
– Above mentioned investors have in total invested SEK 5,000,000 corresponding to 1,000,000 convertible loan notes in the Company.
– The reason for carrying out the Directed Issue with derogation from the shareholders pre-emption rights is to provide the Company with liquid funds to continue expanding the business of the Company. The board believes that the Directed Issue at this time is the best way to finance the Company. The board is of the view that the Directed Issue allows a faster and less expensive capital raise to the Company, than by an issue with pre-emption rights for the shareholders, and thus together with the terms and conditions described above be of advantage for the Company and its shareholders.
– The convertible loan notes issued in the Directed Issue will not be subject to trade.
For more information, please contact:
Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: firstname.lastname@example.org
Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: email@example.com
Hoylu delivers innovative enterprise solutions to allow global teams to collaboratively plan, create and share information that enrichen the user experience in the virtual office. The Hoylu Suite delivers a comprehensive set of personalized connected workspaces to enable teams across locations, on any device, to work smarter and with more fun across major industries including Engineering, Education, Pharmaceutical, Construction, Manufacturing, Graphic Design and many more. For more information: www.hoylu.com or visit www.introduce.se/foretag/hoylu
Ticker symbol: Hoylu
Marketplace: Nasdaq First North Stockholm
Certified Adviser: Mangold Fondkommission AB +46 (0) 8 50 301 550; firstname.lastname@example.org
This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:30) CEST on February 20, 2019.