HKScan Calls Extraordinary General Meeting to Vote on Financing Arrangement
HKScan Corporation has called an Extraordinary General Meeting for May 29 to vote on a proposed financing arrangement including a share issue of up to EUR 60 million and amendments to the company's articles of association.
HKScan Corporation has announced an Extraordinary General Meeting to be held on May 29, 2019. Shareholders will be asked to approve a significant financing arrangement designed to strengthen the company's financial position and capital structure.
The proposed arrangement includes a share issue of new Series A shares for cash consideration, offered to the public in Finland and to institutional investors in the EEA. The subscription price is intended to be no more than EUR 1.60 per share. The Board of Directors may increase the issue size by up to EUR 12 million in case of over-subscription.
As of May 8, 2019, HKScan had secured commitments totaling EUR 54.8 million from existing shareholders and institutional investors, subject to certain conditions. The company plans to publish a prospectus for the share issue around May 31, 2019.
Additionally, the meeting will consider amending the articles of association to increase the maximum number of Series A shares to 100 million. The Board is also seeking authorization to issue shares, potentially deviating from pre-emptive rights, for a maximum of 50 million Series A shares. This authorization would be valid until September 30, 2019.