Share issue 2009
Under the authorisation given by the extraordinary general meeting on 24 November 2009, HKScan’s Board of Directors executed between 2 and 17 December 2009 a directed share issue in which shareholders were given a pre-emptive right to subscribe new series A shares in proportion to their existing series A and/or series K shares. The share issue was justifiable to strengthen the company’s capital structure and increase operative and strategic flexibility. The subscription price was EUR 5.30 per share.
A total of 14,720,329 new series A shares were subscribed in the issue. Approximately 99.0 per cent of the total were subscribed in the primary subscription and the remainder in the secondary subscription. With the issue, the company accumulated funds of approximately EUR 78.0 million before deduction of expenses and fees relating to the issue.
Due to the issue, HKScan’s total share volume increased to 54,026,522 shares and the number of A shares to 48,626,522 shares. The new shares entitle to dividends and other shareholder rights beginning from their registry date of 29 December 2009. The company’s registered share capital did not increase due to the issue, because the total sum was entered into the unrestricted equity fund (SVOP).
The company used EUR 20 million of the proceeds of the share issue to repay an equity bond which the company had taken out from its main shareholders in September 2008. The bond had been taken to strengthen the company’s equity structure.
The bond carried an annual interest of 8.5 per cent and had no maturity date. In the IFRS financial statements, it was entered as equity. HKScan paid the interest for 2009 in cash, but the creditors were also given the possibility to receive the interest as shares in the company. The remainder of the share issue proceeds was used to repay other interest-bearing liabilities.