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.
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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.
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.
Erik Penser Bank AB is financial advisor and Setterwalls Advokatbyrå AB is legal advisor to ÅAC in relation to the Rights Issue.
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:
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 email@example.com, telephone 08-503 000 50.
AAC Clyde Space har ingått avtal om analystjänsten Penser Access med Erik Penser Bank. Den första analysen publiceras då Erik Penser är klar med genomgången av AAC Clyde Space.
AAC Clyde Space has signed an agreement for the analytical service Penser Access with Erik Penser Bank. The first analysis will be published when Erik Penser has finalised the review of AAC Clyde Space.
ÅAC Microtec AB och dotterbolaget Clyde Space Ltd lanserar ny branding och en ny hemsida. Från och med måndag 5 augusti verkar företagen under namnet "AAC Clyde Space"; ett namn som bibehåller arvet från båda företagen i Sverige och Skottland och återspeglar att de arbetar som en enhet. Det nya gemensamma namnet åtföljs av en ny design och logotyp.
ÅAC Microtec AB, and its subsidiary Clyde Space Ltd, announce the unveiling of the company's new combined branding and website. From Monday 5th August, both business will operate under the name 'AAC Clyde Space'; a name that maintains the heritage of both businesses in Sweden and Scotland and combined to reflect the fact that both sites work together as one operation. The change in name will be accompanied by a new logo and branding.
Fredag 5 juli kl. 07:41 CEST avfyrades NSLSat-1 via EXOLAUNCH på raketen Soyuz 2.1b. Raketen sköts upp från Vostochny Cosmodrome i Ryssland in i låg omloppsbana (Low Eart Orbit, LEO). AAC Clyde Space har etablerat kontakt med satelliten från sin markstation i Glasgow och alla system fungerar planenligt. AAC Clyde Space ansvarar för hela uppdraget kring NSLSat-1, från design och produktion av satelliten, till dataleveranser till israeliska NSLComm.
NSLSat-1, was successfully launched on Friday 5 July at 07:41 CEST by EXOLAUNCH on the Soyuz 2.1b launch vehicle from the Vostochny Cosmodrome, Russia, into Low earth Orbit (LEO). AAC Clyde Space has since made contact with spacecraft from their Glasgow based ground station, with spacecraft systems performing as planned. AAC Clyde Space are providing a full end-to-end mission service package for this mission, from mission design and satellite manufacture to data supply for Israel's NSLComm.
ÅAC Microtec AB ÅAC Microtec AB:s (publ) ("ÅAC" eller "Bolaget") nyemission med företrädesrätt för aktieägarna ("Företrädesemissionen") har avslutats. Intresset var stort och sammanlagt tecknades Företrädesemissionen till 139 procent. Bolaget tillförs därmed 82,5 MSEK före emissionskostnader.
ÅAC Microtec AB's (publ) ("ÅAC" or "the Company") rights issue with preferential rights for the shareholders ("the Rights Issue") has been completed. The interest was high, and the total subscription amounted to 139 percent. Consequently, ÅAC will receive proceeds of SEK 82.5 million before issue costs.
ÅAC Microtec har utsett MID Co Ltd som ny distributör på den sydkoreanska marknaden. MID Co. Ltd bildades 2018 av ett sydkoreanskt team som har lång erfarenhet inom rymdindustrin. Distributionsavtalet omfattar alla AAC Clyde Space produkter och syftar till att tillgodose behoven av delsystem och plattformar till den växande sydkoreanska kubsatellit- och småsatellitmarknaden.
ÅAC Microtec has appointed MID Co. Ltd as their new distributor in the South Korean Market. MID Co. Ltd was formed in 2018 by a South Korean team that has a long experience of operating in the Space Industry. The distribution agreement covers all products across the group and aims to address the needs of the South Korean market which is a growing market for CubeSat and SmallSat platforms and sub-systems.
ÅAC Microtec ABs dotterbolag, Clyde Space, har levererat sin första 6U kubsatellit, NSLSat-1, för uppskjutning. Denna banbrytande kommunikationssatellit är en del av "space-as-a-service"-kontraktet med NSLComm där AAC Clyde Space designar, tillverkar, skjuter upp och driftar satelliten för NSLComms vägnar. Syftet med missionen är att revolutionera kommunikationsnätverket i rymden med ett innovativt, högpresterande, utfällningsbart antenn- och reflektorsystem. Satelliten är avsedd att vara den första i en framtida konstellation av cirka 80 satelliter.
ÅAC Microtec AB's subsidiary, Clyde Space, has delivered its first 6U CubeSat, NSLSat-1, to the launch provider. This groundbreaking communications satellite is part of a space-as-a-service contract under which AAC Clyde Space designs, manufactures, launches, and operates the satellite on behalf of NSLComm. The mission is set to revolutionize the space communications network with the introduction of an innovative, high-performance, deployable antenna & sub-reflector system. The satellite is intended to be the first in a future constellation of about 80 satellites.
ÅAC Mictrotec medverkar i den första skotsk-irländska förbindelsen i rymden genom att Clyde Space, Skottlands största rymdbolag och dotterbolag till ÅAC Microtec AB, ingår avtal med University College Dublin. Avtalet, som har ett mindre värde, innebär att Clyde Space tillhandahåller delsystemen till plattformen för Irlands första satellit, EIRSAT-1, som är en 2Us kubsatellit. EIRSAT-1 är ett samarbetsprojekt som utvecklats av studenter och anställda på universitetet och kommer att innehålla ny irländsk teknik. EIRSAT-1 är planerad att skjutas upp 2020.
We are delighted to announce the first Celtic connection in space as Clyde Space, Scotland's largest space company and subsidiary of ÅAC Microtec AB, signs a contract with University College Dublin (UCD). The contract is of minor value but will see Clyde Space supply CubeSat platform equipment for Ireland's first satellite, EIRSAT-1, which is a 2U CubeSat. EIRSAT-1 is a collaborative project developed by students and staff of UCD and will incorporate novel Irish technology. EIRSAT-1 is planned to launch in 2020.
ÅAC Microtec AB