Elanders' rights issue fully subscribed, raising approximately SEK 125 million
Elanders AB announced that its rights issue of approximately SEK 125 million has been fully subscribed. The company saw strong demand, with applications for approximately 18.5 percent more shares than offered.
Elanders AB reported in June 2014 that its rights issue, aiming to raise approximately SEK 125 million, was fully subscribed. The subscription period concluded with a high level of uptake, including applications for shares without subscription rights that exceeded the available amount, leading to the issue being oversubscribed.
The rights issue will provide Elanders with proceeds of approximately SEK 125 million before transaction costs. This capital injection will increase the company's share capital by SEK 37,883,160 to SEK 265,183,140. The total number of shares will rise by 3,788,316 to 26,518,314.
Shares not subscribed for with subscription rights were allocated to other subscribers. Elanders stated that the underwriting commitment from Carl Bennet AB was not exercised due to the successful subscription rate. The new shares are expected to be registered with the Swedish Companies Registration Office and commence trading on NASDAQ OMX Stockholm in June 2014.
Elanders provides manufacturing and supply chain services. The capital raised is intended to support the company's ongoing operations and its strategic development.