Following up on their promise given on January 14, 2020, the founders of STENOCARE announce that they will deliver free shares to all subscribers in STENOCARE’s upcoming Rights Issue corresponding to a total value of about 20mDKK and corresponding to an instant value increase in the share of about 5%.
In the upcoming Rights Issue, announced today, STENOCARE’s founders deliver on their promise made on January 14 where they received a large portion of shares from a previous supplier. In the January 14 announcement, the founders pledged to surrender 50-60% of these shares. With today’s announcement, this percentage may be as high as 80% at full subscription in the new Rights Issue. This is the foundation for the unique offer to buy 3 New Shares and get 1 free share directly from the founders, adding up to four shares for the price of three, in the upcoming Rights Issue.
All existing shareholders receive additional 5% in value
The structure of the Rights Issue is classic with subscription rights granted for all existing shareholders and each share receives one subscription right. For each 6 rights it is possible to purchase one New Share in the issue and for each 3 New Shares purchased in the issue, ONE free share is delivered by the Founders. Therefore, as an example, for each 18 shares held, 3 new shares can be purchased at the price of 20dkk each. This way the shareholder has 21 shares. Then, the free share is added to a total of 22 shares which means an increase in value of the share of 1/21 or about 5% which benefits all shareholders, apart from the Founders.
All subscribers receive a 25% discount relative to the offer price of 20dkk/share
Measured only in relation to the individual subscribers, the calculation is that for every 3 shares subscribed for, one bonus share is received, adding up to 4 shares in total or a discount of 25% triggered by the Bonus Share.
This discount model is “non-dilutive” and leads to an immediate value increase in the share rather than the dilution that tends to occurs when a normal Rights Issue is launched with a discount given on the general subscription price, paid for by everybody, so to speak.
Thomas Skovlund Schnegelsberg, CEO and co-founder, comments:
“As Founders, we see many exciting opportunities in front of STENOCARE. With today’s announcement, we are putting additional skin-in-the-game by giving existing shares worth DKK 20 mill from our personal holdings to the upcoming capital raise transaction. It is our hope, that this will be appreciated by our +4000 shareholders, that it will be seen as a clear sign of our commitment to the success of STENOCARE”
The Prospectus and additional information regarding the Rights Issue is available on the investor homepage https://stenocare.com/investor-relations/
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on May 11th, 2020.