ÅAC Microtec's Board of Directors proposes a rights issue of SEK 82,5M and advance the date for the interim report for the first quarter

The Board of Directors of ÅAC Microtec AB ("ÅAC" or "the Company") proposes to launch a rights issue with pre-emptive right for the Company's current shareholders ("the Rights Issue"). The Board's proposal will be processed at the Extraordinary General Meeting on 8 May 2019. According to the proposal, ÅAC will, at full subscription, raise SEK 82,5M through the issue of 27 487 931 shares. Due to the Rights Issue, the Company will advance the date for the Company's interim report for the first quarter to 8 May 2019.

NOT FOR DISTRIBUTION, PUBLICATION OR PUBLIC RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO, THE US, CANADA, AUSTRALIA, JAPAN, HONG KONG, SWITZERLAND, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE THE PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE MAY BE ILLEGAL OR WOULD REQUIRE REGISTRATION OR OTHER ACTION OTHER THAN REQUIRED FOLLOWING SWEDISH LAW. ADDITIONAL RESTRICTIONS ARE APPLICABLE, SEE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

The Board of ÅAC proposes to issue a new share issue of a maximum of 27,487,931 shares with preferential rights for the Company's existing shareholders. The Board's proposal will be discussed at the Extraordinary General Meeting on May 8, 2019. Notice of Extraordinary General Meeting will be published through a special press release. Upon full subscription rights issue, ÅAC will receive approximately SEK 82.5 million before issue costs. For further information on the Rights Issue, see "Terms and further information about the Rights Issue" below.

The purpose of the Rights Issue is to capitalize the Company and strengthen ÅAC's capacity to take advantage of the opportunities that exist in the commercial space market. ÅAC has started the year in a strong fashion and has won several orders during the initial months, including a space-as-a-service order to the Nasdaq listed company ORBCOMM. An increased inflow of orders and increased intensity of production entail an increased need for operating and expansion capital in order to assure a higher delivery capacity in the future. To further ensure the company's ambition to grow and become the leading company in the small satellite sector additional funds for continued investments in development of subsystems and modular satellite platforms is required. In order to fully capitalize on current business opportunities, the Company has raised a bridge loan totaling SEK 5M from Erik Penser Bank. The bridge loan together with accrued interest will, in its entirety, be repaid in connection with the settlement of the net proceeds from the Rights Issue. The rights issue is secured to approximately 82 percent through subscription commitments and guarantee undertakings. Neither the subscription commitments nor the guarantee undertakings are secured through bank guarantee, pawnbroking, blocked accounts or similar arrangements.

Terms and further information about the Rights Issue

The proposed terms of the Rights Issue state that for each (1) share held on the record date on May 15, 2019, one (1) subscription right is obtained. Five (5) subscription rights confer right to subscribe for two (2) new shares. The subscription price per share amounts to SEK 3.00. In total, a maximum of 27,487,931 shares will be issued corresponding to an issue amount of approximately SEK 82.5M before transaction costs. Insofar as all shares are not subscribed for with preferential rights, allotment of the remaining shares shall be made within the highest amount of the issue, firstly, to those who have subscribed for shares with subscription rights (regardless of whether they were shareholders on the record date or not) and who have applied for subscription of shares without subscription rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of subscription rights that each and every one of those, who have applied for subscription of shares without subscription rights, have exercised for subscription of shares, secondly, to those who have subscribed for shares without subscription rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the total number of shares the subscriber has applied to subscribe for; and thirdly, to those who have provided guarantee undertakings with regard to subscription of shares, and if allotment to these cannot be made in full, allotment shall be made in proportion to such guarantee undertakings. To the extent that allotment in any section above cannot be done pro rata, allotment shall be determined by drawing of lots. The board of directors shall have the right to extend the time period for subscriptions and payments.

Effectuation of the Rights Issue's requires that the Extraordinary General Meeting resolve on the Rights Issue on 8 May 2019. Notice of the Extraordinary General Meeting will be published through a separate press release.

Shares and share capital

At full subscription, a total of 27,487,931 shares will be issued at a subscription price of SEK 3.00 per share and the proceeds will be approximately SEK 82.5M before deduction of transaction costs. At full subscription the Company's share capital will increase by SEK 1,099,517.24 to SEK 3,848,310.40. The number of shares will be increased by no more than 27,487,931 shares to 96,207,760 shares. The dilution of the shareholders who do not participate in the Rights Issue will amount to no more than 28.6 percent. Shareholders do have the possibility of financial compensation for the diluting effect by disposal of the subscription rights received.

Subscription commitments and guarantee undertakings

The company has received subscription commitments from an existing shareholder and a new investor totaling SEK 23.5M, corresponding to 28.6 percent of the Rights Issue. The new investor receives subscription rights free of charge from a couple of the Company's major shareholders. The new investor's commitment amounts to SEK 22.6 million, corresponding to 27.4 percent of the Rights Issue. In addition, the Company has received underwriting guarantees from existing and external investors totaling SEK 44.0M, corresponding to 53.4 percent. The sum of subscription commitments and underwriting guarantees amount to SEK 67.5M, corresponding to 81.9 percent.

Prospectus

ÅAC will, because of the Rights Issue and under the condition that the Extraordinary General Meeting resolves on the Rights Issue, establish a prospectus which will be published when the Swedish Financial Supervisory Authority, Finansinspektionen, has approved the prospectus, which is expected to around 17 May 2019.

Timetable for the Rights Issue

The timetable for the Rights Issue below is preliminary and may be changed.

  • 8 May 2019 Extraordinary General Meeting resolves on Rights Issue
  • 13 May 2019 Last day of trading in the share including the right to receive subscription rights
  • 14 May 2019 First day of trading in the share excluding the right to receive subscription rights
  • 15 May 2019 Record date for the right to participate in the Rights Issue
  • 17 May 2019 Estimated date for publication of the prospectus
  • 20 May - 3 June 2019 Subscription period
  • 20 - 29 May 2019 Trading in subscription rights
  • 10 June 2019 Estimated date for announcement of the outcome of the Rights Issue

Advanced date for release of interim report

Due to the Rights Issue, the Company will advance the date to 8 May 2019 for the publication of the interim report for the first quarter of the financial year.

Advisors

Erik Penser Bank AB is financial advisor and Setterwalls Advokatbyrå AB is legal advisor to ÅAC in relation to the Rights Issue.

Important information

The information in this press release does not constitute an offer or solicitation to acquire, subscribe or otherwise trade in shares or other securities in ÅAC. No action has been taken and no measures will be taken to allow an offer to the public in any other jurisdictions other than Sweden. Invitation to the persons concerned to subscribe for shares in ÅAC will only take place through the prospectus that ÅAC plans to publish on 17 May 2019.

The information in this press release may not be published, published or distributed, directly or indirectly, within or to the United States (including its territories and provinces, any US state, District of Columbia) ("USA"), Canada, Australia, Japan, Hong Kong, Switzerland, New Zealand, Singapore, South Africa or any other jurisdiction where such action would be illegal, is subject to legal restrictions or require action other than those of Swedish law. Measures contrary to this instruction may constitute a violation of applicable securities legislation.

No shares or other securities in ÅAC have been registered, and no shares or other securities will be registered, according to the United States Securities Act of 1933 (US Securities Act) or the securities law of any state or other jurisdiction in the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except in accordance with an applicable exception to, or in a transaction not covered by, the US registration requirements The Securities Act and in accordance with the securities law of the relevant state or other jurisdiction in the United States.

2019-04-18 ÅAC Microtec AB

FOR MORE INFORMATION:

Please visit: www.aacmicrotec.com and www.clyde.space or contact:

Acting CEO Mats Thideman, investor@aacmicrotec.com
Chairman of the Board Rolf Hallencreutz, investor@aacmicrotec.com 

The information in this press release is such that ÅAC Microtec AB (publ) is obliged to publish in accordance with EU Regulation No. 596/2014 on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on 18 April 2019 at 8:30 CET.

ABOUT ÅAC MICROTEC AB
ÅAC Microtec, and its subsidiary Clyde Space, offer a full turnkey mission service from design to on-orbit operations including reliable platforms in the range of 1 to 50 Kg; customizable to suit our customers' requirements. Their end-to-end service package enables our customers to reach their mission goals with a single, trusted point of contact. In addition, they supply a full range of subsystems for cube satellites and small satellites. The company has offices in Sweden, the UK and USA.

Certified Adviser ÅAC's share is admitted to trading on Nasdaq First North Premier. The company's Certified Adviser is G&W Fondkommission, e-mail ca@gwkapital.se, telephone 08-503 000 50.

ÅAC offentliggör prospekt samt bjuder in till investerarpresentationer

Det prospekt som ÅAC Microtec AB (publ) ("ÅAC" eller "Bolaget") har upprättat med anledning av den förestående nyemissionen av aktier med företrädesrätt för ÅAC:s aktieägare om cirka 82,5 MSEK ("Företrädesemissionen") har idag godkänts och registrerats av Finansinspektionen. Med anledning av Företrädesemissionen bjuder ÅAC in till investerarträffar torsdagen den 23 maj och tisdagen den 28 maj 2019.


ÅAC publishes prospectus and invites to investor presentations

The prospectus that ÅAC Microtec AB (publ) ("ÅAC" or "the Company") has prepared in connection with the new share issue of approximately SEK 82.5 million with preferential rights for ÅAC's shareholders (the "Rights Issue") has today been approved and registered by the Swedish Financial Supervisory Authority ("Finansinspektionen"). On account of the Rights Issue, ÅAC invites to investor meetings on Thursday, May 23, and Tuesday, May 28, 2019.


ÅAC Microtec vinner order på Siriusavionik från Loft Orbital Solutions Inc.

ÅAC Microtec AB har valts att leverera ombordteknik som möjliggör multipla nyttolaster på mikrosatelliter utvecklade av amerikanska Loft Orbital Solutions Inc. Ordern som har ett värde om ca 4,7 MSEK (490 kUSD), planeras att levereras under andra halvåret 2019.


ÅAC Microtec wins order for Sirius Avionics from Loft Orbital Solutions Inc.

ÅAC Microtec AB has been selected to supply electronics for an onboard technology to enable Payload Rideshares on micro satellites developed by Loft Orbital Solutions Inc. The order with a value of approx. 4.7 MSEK (490 kUSD) is planned to be delivered in the second half of 2019.




Yorks första satellit framgångsrikt i drift

ÅAC Microtec ABs amerikanska partner York Space Systems rapporteras framgångsrikt ha tagit sin första satellit, en S-CLASS satellit, i drift efter uppskjutningen till omloppsbana den 5 maj. ÅACs Sirius-produkter, inkluderande omborddator och massminne, samt kraftsystem fungerar planenligt.


York's first satellite successfully commissioned

ÅAC Microtec AB's partner U.S. York Space Systens is successfully operating its first satellite in orbit, the S-CLASS satellite after its launch on 5 May 2019. ÅAC's Sirius range, including onboard computer and mass memory, and power system are working according to plan.




Delårsrapport för ÅAC Microtec AB (publ) januari - mars 2019

GENOMBROTT FÖR SPACE-AS-A-SERVICE

Första kvartalet, januari - mars 2019 (jämfört med januari - mars 2018)

  • Nettoomsättningen uppgick till 14,9 (16,4) MSEK
  • Rörelseresultatet före avskrivningar, EBITDA, uppgick till -6,5 (-12,2) MSEK. Föregående periods resultat inkluderar förvärvskostnader om 8,8 MSEK.
  • Rörelseresultatet efter avskrivningar uppgick till -9,9 (-15,6) MSEK.
  • Resultat efter skatt uppgår till -10,1 (-15,0) MSEK.
  • Resultat per aktie före och efter utspädning uppgick till -0,15 (-0,27) SEK

Interim report for ÅAC Microtec AB (publ) January - March 2019

BREAKTHROUGH FOR SPACE-AS-A-SERVICE

First quarter, January - March 2019 (compared to January - March 2018)

  • Net sales amounted to 14.9 (16.4) MSEK
  • Operating profit before depreciation, EBITDA, amounted to -6.5 (-12.2) MSEK. Earnings for the previous period include acquisition costs of 8.8 MSEK
  • Operating profit after depreciation amounted to -9.9 (-15.6) MSEK.
  • Profit after tax amounts to -10.1 (-15.0) MSEK
  • Earnings per share before and after dilution amounted to -0.15 (-0.27) SEK

Ledningsförändring i amerikanska dotterbolaget

Brent Abbot lämnar posten som CEO AAC Microtec North America Inc., ett dotterbolag till ÅAC Microtec. CSO Craig Clark utses till tf CEO.


Change of management in the US subsidiary

ÅAC Microtec AB Brent Abbot steps down as CEO AAC Microtec North America Inc., a subsidiary of ÅAC Microtec. CSO Craig Clark will be acting CEO until a replacement is appointed.


Anita Bernie föreslås till ÅAC Microtecs styrelse

ÅAC Microtecs valberedning har beslutat att föreslå Anita Bernie som ledamot i styrelsen. Anita Bernie är välrenommerad inom rymdindustrin efter att ha inlett sin karriär som Spacecraft Design Engineer på Airbus Stevenage, därefter börjat på småsatellittillverkaren SSTL där hon avancerade till att bli medlem av koncernledningen. Sedan 2018 har Anita Bernie arbetat på KISPE Space Systems Limited med ansvar för strategi och genomförande.


Anita Bernie proposed to ÅAC Microtec's Board

ÅAC Microtec AB's nomination committee has decided to propose Anita Bernie to the Board of Directors. Anita Bernie is well reputed in the space industry, having started her career at Airbus Stevenage as a Spacecraft Design Engineer, later joining  the small satellite manufacturer SSTL, where she progressed to a position on the Senior Executive Team and since 2018 has been at KISPE Space Systems Limited where she leads strategy and execution.





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