GomSpace has announced the direct share issue of ~10.5m new shares, corresponding to SEK ~103m (SEK 96.4m post costs related to the issue) or ~20% new shares. The direct issue was done solely to a newly established family fund of Peter Kendal Hargreaves, called “The Hargreaves Family No. 14 Settlement”. The issue was done at a weighted avg. share price from the proceeding Monday-Thursday period. This lead to an issue price of SEK 9.81 pr. share (98.3% to previous close on Friday). This means that GomSpace has not had to offer any share discount, to issue the capital and thus not diluting the existing shareholder more than pro rata (as they did not have an ability to partake in the share issue).
Stamp of approval by new sophisticated cornerstone
The reason for the share issue, deviating from the shareholders’ preferential right, was the wish to bring a sophisticated, long-term cornerstone investor into the company and at the same time strengthen the company’s financial position. Peter Kendal Hargreaves, is the co-founder of Hargreaves Landsdown, one of the United Kingdom’s largest financial services businesses, and currently holds the title as the 680th wealthiest person in the world (according to forbes). The family fund and its beneficiaries (or closely connected persons) did not own any shares in the company prior to the share issue.
Increased stability, with cashflow’s further secured
The new issue is expected to take effect, by the latest, Monday 28th of March, with the net proceeds from the directed share issue intended to be used for working capital to execute on order book and further investment in R&D with the purpose of facilitating a reuse of GomSpace’s standard platform to a higher degree and improve the Company’s profitability. Overall, ...
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