The Chairman of the Board of Enersize, Thomas Bengtsson, will subscribe for his pro rata of shares corresponding to an amount of SEK 236,798. In addition, parts of the Board and management in Enersize will subscribe for shares corresponding to an amount of SEK 261,125. In total, Enersize's Board and management will subscribe for an amount of SEK 497,922, corresponding to 1,06 percent of the ongoing Rights Issue.
Conversion of salary to shares
In addition to the subscriptions in the Rights Issue mentioned above, parts of management have agreed to convert part of their salary receivables accrued since April 1, 2019 to shares in the Company according to below:
Anders Sjögren (CEO): 50 percent of salary receivables
Bo Kuura (CTO): 30 percent of salary receivables
Daniel Winkler (CSMO): 10 percent of salary receivables
Decision on issuance of such shares has not yet been made by the Board of Directors.
Summary of the Terms in the Rights Issue
- Enersize has granted all shareholders registered in Enersize's share register kept by Euroclear Finland Oy or Euroclear Sweden AB one (1) subscription right for each share held on the record date 26 September 2019. One (1) subscription right entitles the holder to subscribe for two (2) newly issued shares. When two (2) newly issued shares are subscribed, one (1) free of charge warrant of series 2/2019 is received. The subscription price is 0.65 SEK or 0.06 EUR per share.
- Subscription period for subscription of shares will be from 1 October 2019, and until 16 October 2019 in Sweden and until 18 October 2019 in Finland.
- Existing shareholders who choose not to participate in the Rights Issue, assuming that the Rights Issue is fully subscribed, will experience a dilution amounting to 67 per cent.
- The subscription period for subscription of shares by exercising the warrants will be from 31 August 2020 to 11 September 2020.
- The subscription price for subscription of shares by exercising the warrants corresponds to 70 per cent of the average volume weighted price paid for the Company’s shares according to Nasdaq First North Growth Markets official list during the period from 13 August 2020 up and until 27 August 2019. The subscription period for subscription of shares by exercising the warrants will be from 31 August 2020 to 11 September 2020. The subscription price may not be lower than 0.65 SEK (0.06 EUR) or higher than 1.30 SEK (0.12 EUR), which means that the Company can receive a minimum of approximately 24 MSEK and a maximum of approximately 47 MSEK upon full exercise of the warrants.
The Rights Issue is covered by approximately 8.3 MSEK, corresponding to approximately 17.6 per cent, by subscription undertakings from existing shareholders, of which 5.3 MSEK constitutes of conversion of loans corresponding to 11.2 per cent and approximately 19.9 MSEK, corresponding to approximately 42.4 per cent, from guarantee undertakings. In total, 60 per cent of the Rights Issue is comprised of subscription undertakings and guarantee undertakings.
Timetable for the Rights Issue
October 16, 2019: last day for subscription in the Rights Issue in Sweden
October 18, 2019: last day for subscription in the Rights Issue in Sweden
October 23, 2019: indicative date for announcement of results
Mangold Fondkommission AB is acting as financial adviser to the Company in the Rights Issue. Smartius Oy and Eversheds Sutherland Advokatbyrå AB are acting as legal advisers to the Company.