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Pin to quick picksBeowulf Regulatory News (BEM)

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Beowulf SDR Rights Issue Oversubscribed

9 Dec 2020 14:00

RNS Number : 1122I
Beowulf Mining PLC
09 December 2020
 

 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR PUBLICATION, RELEASE OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, SINGAPORE, SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTIONS

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

9 December 2020 

Beowulf Mining plc 

("Beowulf" or the "Company") 

Beowulf SDR Rights Issue Oversubscribed

Beowulf (AIM: BEM; Spotlight: BEO) is pleased to announce the outcome of the Company's rights issue of Swedish Depository Receipts ("SDR Rights Issue"), which ended on 4 December 2020. The SDR Rights Issue was oversubscribed with total subscription requests of approximately SEK 74.2 million (approximately £6.6 million), corresponding to a subscription rate of approximately 131 per cent. As a result, underwriting commitments will not be activated. Through the SDR Rights Issue, a total of 153,172,548 New SDRs will be issued and Beowulf will receive approximately SEK 56.7 million (approximately £5.1 million) (gross). Settlement notes are expected to be sent out today, 9 December 2020.

Background:

 

Beowulf is conducting an open offer of new Ordinary Shares on a pre-emptive basis of up to approximately GBP 7.3 million in total (gross) ("Open Offer"). The subscription period for the Open Offer ends at 11.00 a.m. (London time) on 18 December 2020. To enable existing holders of Swedish Depository Receipts ("SDRs") to participate in the Open Offer, the Company has offered entitlements to New Ordinary Shares under the Open Offer by way of the SDR Rights Issue, which ended on 4 December 2020. New SDRs in the SDR Rights Issue have also been offered for subscription without preferential rights to institutional investors, other professional investors and the general public in Sweden. Beowulf had prior to the launch of the SDR Rights Issue received underwriting commitments of up to 80 per cent. (approximately SEK 45.3 million) of the SDR Rights Issue.

 

Subscription and allotment in the SDR Rights Issue:

 

The SDR Rights Issue ended on 4 December 2020 and was subscribed to a total of approximately SEK 74.2 million (approximately £6.6 million), including pre-subscription commitments, corresponding to a subscription rate of approximately 131 per cent. A total of 153,172,548 New SDRs will be issued and Beowulf will therefore receive approximately SEK 56.7 million (approximately £5.1 million) (gross) as part of the Open Offer. 136,009,107 New SDRs, corresponding to approximately SEK 50.3 million (approximately £4.5 million) and 89 per cent. of the SDR Rights Issue, were subscribed for with the support of subscription rights. 64,482,026 New SDRs, corresponding to approximately SEK 23.9 million (approximately £2.1 million) and 42 per cent. of the SDR Rights Issue, were subscribed for without support of subscription rights. Allotment of New SDRs has been decided upon by the Board of Directors in accordance with the principles stated in the Company's prospectus dated 16 November 2020 ("Prospectus"). Settlement notes are expected to be sent out today, 9 December 2020.

Number of New SDRs:

When the New SDRs are registered with Euroclear Sweden AB, the total number of SDRs in Beowulf will amount to 561,632,677.

 

Indicative timetable for the SDR Rights Issue:

Latest date for payment without preferential rights under the SDR Rights Issue

11 December 2020

Announcement of the combined result of the Open Offer, the SDR Rights Issue and the Additional Subscription

21 December 2020

Last day of trading in the Paid Subscribed SDRs

on or around 21 December 2020

Record date for conversion of the Paid Subscribed SDRs into New SDRs

on or around 23 December 2020

New SDRs credited to VPC Accounts of subscribers and, where applicable, their nominees

on or around 29 December 2020

Swedish admission to trading on Spotlight Stock Market and commencement of dealings in the New SDRs

on or around 29 December 2020

These times and dates and those mentioned throughout this announcement are indicative only and may be adjusted by the Company in consultation with the Brokers, in which event details of the new times and dates will be notified to the FCA, the London Stock Exchange and Spotlight.

Exchange rate:

This announcement contains certain translations of pounds sterling into amounts in SEK for convenience of the reader based on the exchange rate of £1.00 = SEK 11.2272, being the relevant exchange rate on 8 December 2020. These exchange rates were obtained from the homepage of the Central Bank of Sweden.

Definitions:

Words and phrases defined in the Prospectus bear the same meaning in this announcement.

Enquiries:

Beowulf Mining plc

 

Kurt Budge, Chief Executive Officer

Tel: +44 (0) 20 3771 6993

 

 

SP Angel

(UK Financial Adviser, Nominated Adviser & Broker)

 

Ewan Leggat / Stuart Gledhill

Tel: +44 (0) 20 3470 0470

 

 

Sedermera Fondkommission

 

Swedish Financial Adviser and Broker

Tel: +46 (0) 40-615 14 10

 

 

Bird & Bird

 

Legal adviser to the Company as to Swedish law

Tel: +46 (0)8 506 320 00

 

 

Blytheweigh

 

Tim Blythe / Megan Ray

Tel: +44 (0) 20 7138 3204

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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