STOCKHOLM - 6 March 2017. Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) announces that its Board of Directors has resolved on the final terms and conditions of the Company’s set-off issue
Karolinska Development AB (publ) (the “Company”) announced on 6 February 2017 that the Board of Directors of the Company has resolved on, subject to approval by the Extraordinary Shareholder Meeting, a new issue of B-shares to the Company’s convertible holders, with payment by set-off (set-off issue) (the “Offer”). The Board of Directors of the Company today announces the final terms for the set-off issue.
The subscription price shall be SEK 6.17 for each B-share, which corresponds to the higher of the volume weighted average share price (VWAP), of the Company’s share, 90 trading days ending (i) two trading days prior to announcement of the board’s resolution to convene the Extraordinary Shareholder Meeting (SEK 6.17 per share), or (ii) two trading days before the Extraordinary Shareholder Meeting (SEK 6.06 per share).
Not more than 73,133,313 new B-shares will be issued, corresponding to an increase of the share capital of not more than SEK 36,566,656.50. Assuming that all convertible holders have the possibility to accept the Offer, it will result in a set-off of in total SEK 451 million of the outstanding convertible debt.
The resolution requires approval by the Extraordinary Shareholder Meeting to be held on Wednesday 8 March 2017 at 17:00 (CET), at Tomtebodavägen 23 A in Solna, Sweden. For further information about the Extraordinary Shareholder Meeting, please see the separate press release with the notice to the Extraordinary Shareholder Meeting announced on 6 February 2017.
For further information on the Offer, please see the press release announced on 6 February 2017.
Indicative timetable for the Offer
The timetable below is preliminary and may be subject to changes.
2017 8 March Extraordinary Shareholder Meeting in the Company
17 March Preliminary date for publication of the prospectus
Information letter and application form is distributed to the holders of convertibles
20 March-31 March Subscription period
5 April Result of the Offer is published
11 April The new shares are admitted to trading on Nasdaq Stockholm
