Source Haldex announcement
LANDSKRONA, Sweden – The board of Haldex Aktiebolag has, pursuant to the authorization given at the 2019 annual general meeting, resolved to issue a total of 4,421,597 new shares to AMF Pensionsförsäkring and AFA Försäkring.
The new shares have been issued at a subscription price of SEK 35.56 per share, corresponding to the volume-weighted average price of the company’s share on Nasdaq Stockholm during the last five trading days prior to the board’s resolution to issue new shares.
The move comes after Haldex reached an agreement with the Company’s lenders including to extend the maturity of the existing syndicated credit facility of €90 million and the existing short-term loan of SEK 270 million to April 2022 and to make certain adjustments to the terms of the loans regarding financial ratios and the interest rates. The agreement also stipulates that the company be provided with new equity. The parties intend to conclude final agreements shortly.
Through the new share issue, the company raises proceeds of approximately SEK 157.2 million before issue costs.
The company intends to use the issue proceeds mainly to finance continued value-creating investments in new technology.
The reason for deviating from the shareholders’ preferential rights in the new share issue is to carry out the capital raise in a time- and cost-effective manner and to further strengthen the institutional ownership base of the Company. The situation following from Covid-19 has reinforced the need to carry out the capital raising in a time-efficient manner.
Through the new share issue, the number of shares and votes in Haldex increases from 44,215,970 to 48,637,567 shares and votes and the share capital increases from SEK 221,079,850 to SEK 243,187,835. The new share issue entails a dilutive effect for existing shareholder of about 9 percent based on the total number of shares in the Company at the time of the new share issue.
In connection with the new share issue, the company has engaged Gernandt & Danielsson Advokatbyrå as legal advisor.
More than 100 years of powerful innovation gives Haldex unsurpassed expertise when it comes to braking systems and air suspension systems for heavy trucks, trailers and buses. The company lives and breathes its business with the goal to deliver robust and technically superior solutions which is founded in a deep insight in the customer’s reality. Through focusing on its core competences and the passion shared throughout Haldex, it achieves the agility and flexibility that the market demands. Innovative collaborations are not only the core of its products, but the company’s philosophy. The 2,200 employees, spread out across four continents, challenge the conventional daily in order to secure that the products the company delivers create a unique value for its customers and the end users. Haldex is listed on Nasdaq Stockholm and have a turnover of approx. 5 billion SEK.