HKScan Shareholders Authorize Financing Arrangement Up to EUR 72 Million
HKScan Corporation's Extraordinary General Meeting authorized the board to arrange financing, including a potential share issue of up to EUR 60 million, which could be increased to EUR 72 million. Amendments to the company's articles of association were also approved.
Helsinki – HKScan Corporation announced that its Extraordinary General Meeting has authorized the Board of Directors to arrange financing aimed at strengthening the company's capital structure and financial position. This includes a potential share issue of up to EUR 60 million in cash consideration.
The proposed financing arrangement allows for the offering of new series A shares to the public in Finland and to institutional investors in the EEA. Subscribers will have the option to pay in cash or through company bonds. The Board of Directors is empowered to increase the size of the share issue by up to EUR 12 million in the event of over-subscription. Additionally, the board may prioritize allocating shares to existing shareholders before offering them to new investors.
Shareholders also approved an amendment to Article 3 of the Articles of Association. This change increases the maximum number of Series A shares from 60,000,000 to 100,000,000. The updated article also clarifies the minimum number of Series K and Series A shares.
Furthermore, the general meeting granted the Board of Directors authorization to resolve on a share issue of up to 50,000,000 new Series A shares, representing approximately 47.6% of all shares. This authorization is valid until September 30, 2019, and permits directed issues, deviating from shareholders' pre-emptive rights, if there is a weighty economic reason.