Anoto Group Approves Convertible Bond Issuance to Inhye Kim
An Extraordinary General Meeting of Anoto Group AB has approved a resolution by the Board of Directors to issue convertible bonds totaling up to SEK 9.2 million. The bonds can be converted into shares.
Lund, Sweden – Anoto Group AB announced that its Extraordinary General Meeting (EGM) on January 12, 2017, approved a board resolution to issue convertible bonds with a principal value of no more than SEK 9.2 million.
The EGM unanimously resolved to allow Inhye Kim to subscribe for the convertible bonds, with a deviation from the shareholders' pre-emptive rights. The bonds will be issued and subscribed for at 100 percent of their principal amount.
Subscription for the bonds will be paid for through set-off against part of a loan amounting to 2.4 million Singapore dollars (approximately SEK 15.5 million) provided by Inhye Kim to the company. Bondholders are entitled to convert all or part of the loan amount into Anoto shares at any time between 20 days after the subscription date and November 15, 2018. The initial conversion price is set at SEK 0.135 per share.
The loan is due on December 5, 2018, to the extent it has not been converted into shares before that date. Anoto Group AB is listed on Nasdaq Stockholm.