For Bioretec, EUR 12.9 million in gross proceeds from the share issue

A health technology company Bioretec completed its subscription rights issue. Bioretec announced the end of the issue on Friday evening after the stock market closed.

Bioretec will receive approximately EUR 12.9 million in gross proceeds from the share issue. Bioretec said earlier that it was aiming for revenues of 5–15 million euros. In the share offering, the subscription price per share was EUR 0.01.

According to the company’s final result, a total of more than 1,286 million new shares were subscribed in the share issue, which corresponds to approximately 87.1 percent of the 1,477 million new shares offered.

In total, more than 861 million shares, or 58.3 percent of the 1,477 million new shares offered, were subscribed using subscription rights.

In addition, more than 96 million new shares were allocated in accordance with the terms of the share issue in a secondary subscription to subscribers who also subscribed for shares with subscription rights. 6.6 million shares were allocated to investors who subscribed for new shares only without subscription rights in the secondary subscription.

With the share issue, the number of Bioretec’s shares will rise to a total of approximately 1,342 million shares. The company’s previous number of shares was approximately 30.7 million shares.

The new shares to be issued in the share issue represent approximately 97.7 percent of all Bioretec shares after the share issue.

Trading in Bioretec’s new shares will start on Wednesday, April 29.

With the funds received from the subscription rights issue, the company has said that it aims to strengthen its balance sheet, ensure the adequacy of working capital and finance the working capital needs of the targeted business growth.

Premium for the largest owner

Stephen Industries, which is Bioretec’s largest owner, supported the share issue and previously announced that it was ready to subscribe to new shares for five million euros.

Bioretec pays Stephen Industries a fee of approximately 7.5 percent for the underwriting commitment.

Based on the final result of the share offering, the chairman of Stephen Industries and indirectly its board Kustaa Poutiainen ownership in Bioretec exceeded 30 percent.

The Financial Supervisory Authority has granted Stephen Industries and Poutiainen a permanent exemption from the obligation to make a mandatory purchase offer for Bioretec.