AAC Clyde Space AB (publ) acquires Swedish space company Omnisys Instruments

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" or the "Company") today announces that the Company has entered into a conditional agreement for the acquisition of the privately owned Swedish company Omnisys Instruments AB ("Omnisys"), a leading developer and manufacturer of measuring instruments for advanced space projects (the "Acquisition"). The purchase price amounts to approximately SEK 75 million, where SEK 25 million is paid in cash and approximately SEK 50 million is paid through 17,340,100 newly issued consideration warrants in AAC Clyde Space. The completion of the Acquisition of Omnisys is, inter alia, conditional on the issue of the consideration warrants being approved at an extraordinary general meeting.

The Acquisition of Omnisys

Gothenburg based Omnisys, develops and manufactures measuring instruments for advanced space projects. Omnisys has 20 years of experience developing profitable high-performance electronics hardware, including world-class sensors. Omnisys has a proven track record developing sensors for weather data in order to create reliable weather forecasting and data for climate research. Several interesting areas within AAC Clyde Space's growth plans including Space Data as a Service offerings.

Among Omnisys' customers are ESA, Airbus Defense & Space, the Swedish Space Agency, as well as a wide range of commercial companies in Europe and the USA. Omnisys is renowned for complex problem solving and innovation. Omnisys has recently developed a new type of microwave-based sensor that provides weather data with superior quality, which has gained strong interest from both public and private customers. In 2020, Omnisys generated revenue of SEK 34.9 million and EBITDA of SEK 1.9 million. Omnisys currently has an order book valued at SEK 133 million, and AAC Clyde Space had, per 31 December 2020, an order book valued at SEK 156 million.

Earlier in March, Omnisys was awarded a EUR 12.2 million (SEK 124 million) contract to supply Microwave sounding sensors to the ESA project Artic Weather Satellite (AWS). AAC Clyde Space is the intended provider of avionics systems to the same contract. This is the pilot project, laying the path to a potential next phase, a constellation of 16 satellites.

"We have tracked Omnisys for several years and have grown increasingly impressed with the quality of the instruments they provide for advanced space projects, among other sensors that will allow us to build constellations that can provide high quality data with great sampling frequency to a data hungry market. An excellent example is Omnisys microwave sounders where we will gain a leading position in space based weather data, a field set to grow strongly as new technology enables dramatically improved forecasts" says Luis Gomes, CEO of AAC Clyde Space.

"We are delighted to be joining the AAC Clyde Space group at this exciting stage of our development. The combination of our advanced sensor technology with AAC Clyde Space's leading capabilities in small satellite design, manufacture and deployment offers exciting opportunities to a fast growing and truly global market. Our track record in providing sophisticated sensors will allow the group to gradually open up new market segments in need of data from space" says Martin Kores, Managing Director of Omnisys.

Preliminary unaudited consolidated accounts

Below is a preliminary unaudited consolidated pro forma income statement and balance sheet for the FY 2020 in order to describe a hypothetical income statement and balance sheet if the Acquisition had been completed as of December 31, 2020. It is important to note that the preliminary consolidated income statement and the balance sheet should not be seen as an estimate for the current year or the next twelve months. Omnisys applies K2 as accounting standard, while AAC Clyde Space applies IFRS

2020

AAC Clyde Space Group (IFRS)

Omnisys Instruments AB (K2)

Eliminations

Proforma

Unaudited financial accounts

(SEK '000)

Net revenue

98,384

34,931

-

133,315

Work performed by the company for its own use and capitalized

8,334

-

-

8,334

Other operation income

12,732

817

-

13,549

Total

119,450

35,748

0

155,198

COGS

-50,262

-5,501

-

-55,763

Gross profit

69,188

30,247

0

99,435

Gross margin %

70.3%

86.6%

74.6%

Personnel expenses

-61,146

-22,879

-

-84,025

Other external expenses

-19,504

-5,424

-

-24,928

Other operating expenses

-15,357

-

-

-15,357

Total OPEX

-96,007

-28,303

-

-124,310

EBITDA

-26,819

1,944

0

-24,875

EBITDA margin %

Neg

5.6%

Neg

D&A

-10,713

-277

-

-10,990

EBIT

-37,532

1,667

0

-35,865

EBIT margin %

Neg

4.8%

Neg

Net interest expenses

-1,274

-256

-

-1,530

EBT

-38,806

1,441

0

-37,365

B/S per 2020-12-31

AAC Clyde Space Group (IFRS)

Omnisys Instruments AB (K2)

Share issue

& Acquisition

Proforma

Unaudited financial accounts

LTM (SEK 000')

ASSETS

Non-current assets

Intangible assets

67,913

-

-

67,913

Tangible assets

28,715

293

-

29,008

Financial assets

110

-

-

110

Goodwill

426,338

-

70,412

496,750

Total non-current assets

523,076

293

70,412

593,781

Current assets

Inventories etc.

12,848

11,402

24,250

Accounts receivables and other current assets

37,893

8,651

46,542

Cash & bank

62,434

-2

68,100

130,534

Total current assets

113,175

20,051

68,100

201,326

Total assets

636,251

20,344

138,512

795,107

EQUITY AND LIABILITIES

Equity

557,770

4,588

138,512

700,870

Total equity

557,770

4,588

138,512

700,870

Liabilities

Non-current liabilities

18,823

8,999

-

27,822

Current liabilities

59,658

6,757

-

66,415

Total provisions and liabilities

78,481

15,756

-

94,237

Total equity and liabilities

636,251

20,344

138,512

795,107

Further information about the Acquisition and the preliminary unaudited consolidated balance sheet and income statement can be found in an investor presentation published on AAC Clyde Space's website today.

Transaction terms

The issue of the consideration warrants is subject to approval at an extraordinary general meeting, which is planned to be held end-April, 2021. Shareholders who together hold approximately 22 per cent of the total number of shares and votes in AAC Clyde Space have undertaken to vote in favour of the consideration warrant issue at the extraordinary general meeting.

The consideration warrants will be exercisable at a 1:1 ratio (1 warrant will convert into 1 share), at a price equal to the quota value of the shares (SEK 0.04), 6 months (1/3), 12 months (1/3) and 18 months (1/3), respectively after the completion of the Acquisition. Additional earn-out, amounting to a maximum of SEK 25 million may be paid out if Omnisys achieves certain earn-out milestones. Payment of potential earn-out will be made in both cash (60%) and consideration warrants (40%) at the earliest 2021-2023. The earn-out warrants will be exercisable at a 1:1 ratio (1 warrant will convert into 1 share) at a price equal to the quota value of the shares (SEK 0.04) within two months from the date of the final determination of the agreed earn-out milestones. The cash earn-out will be paid out within 15 days from the final determination of the agreed earn-out milestones.

Background and rationale

AAC Clyde Space is expanding its range of space services and growing sales fast. The Company aims to change the economics of space-based services, through controlling the design, manufacture, and deployment of ever increasingly capable constellations of small satellites. Part of this strategy is achieved through internal and organic development, but AAC Clyde Space also seeks to acquire companies that bring additional value, either through technology or commercial relationships. Omnisys, with its strong business and market position, particularly in sensor technology, meets both these criteria.

Omnisys develops a new type of sensor that provides superior quality of weather data, which has gained strong interest from both public and private customers. In constellations of cube satellites, weather forecasting can be greatly improved through more frequent data collection at very competitive cost, revolutionizing the weather prediction capability, a fast-growing market currently worth about USD 1.5 billion. The ability to predict weather more precisely is highly sought-after in many important sectors, such as agriculture, shipping, and aerospace. The Acquisition will allow AAC Clyde Space to extend its product and service offering with this sought-after technology and will enable the group to also offer weather data to customers in its subscription format, Space Data as a Service. Omnisys also produces instruments and systems for other attractive application areas that AAC Clyde Space will benefit from bringing in-house. Alongside its microwave radiometer sensors, Omnisys also manufactures satellite power systems (PCDU:s), optical instruments and electrochemical instruments, which have attractive applications for AAC Clyde Space's existing customers.

Omnisys Instruments AB

Omnisys develops and manufactures customized scientific instruments for advanced science applications, mainly used in space projects. Omnisys has successfully delivered several satellite subsystems and scientific payloads. Important products are power systems, (PCDU:s), microwave radiometer payloads, optical instruments and electrochemical instruments. Based on its track record and unique know-how, the company has reached a position as technology leader in the area of satellite-based microwave sensors for weather and climate data collection. Omnisys also has significant experience from delivering radiometer equipment for ground-based radio astronomy, e.g. for the ALMA telescope in Chile. Omnisys Instruments was founded in 1992, has 26 employees and is based in Gothenburg, Sweden. Omnisys is currently privately held and is headed by its Managing Director and two founders.

Advisers

Setterwalls Advokatbyrå is legal counsel and PwC is financial advisor to the Company in connection with the Acquisition.

FOR MORE INFORMATION:
Please visit: www.aac-clyde.space or contact:
CEO Luis Gomes investor@aac-clydespace.com
CFO Mats Thideman, investor@aac-clydespace.com, mobile +46 70 556 09 73

The information in this press release is such that AAC Clyde space AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 17:31 CET on 31 March 2021.

ABOUT AAC CLYDE SPACE
The group AAC Clyde Space offers turnkey solutions and services from mission design to on-orbit operations, including reliable customizable satellite platforms in the range of 1 to 50 Kg and a full range of subsystems for cube and small satellites. With unrivalled flight heritage and end-to-end service, AAC Clyde Space enables customers to reach their mission goals through a single, trusted point of contact.

AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market. Erik Penser Bank AB, e-mail certifiedadviser@penser.se, telephone +46 8 463 83 00, is the Certified Adviser. The share is also traded on the US OTCQX-market under the symbol ACCMF.

AAC Clyde Space vinner 0,2 MEUR (ca 2 MSEK) order på datorsystem till en månfärd

2021-05-04 AAC Clyde Space AB (publ)
AAC Clyde Space har valts ut av UAE:s Mohammed Bin Rashid Space Center (MBRSC) för att leverera ett datorsystem för ca 2 MSEK (0,2 MEUR) till månrovern Rashid. Detta är den fjärde månfärden som AAC Clyde Space deltar i.


AAC Clyde Space wins 0.2 MEUR (approx. 2 MSEK) computer system order for lunar mission

2021-05-04 AAC Clyde Space AB (publ)
AAC Clyde Space has been selected by UAE's Mohammed Bin Rashid Space Centre (MBRSC) to deliver a 0.2 MEUR (approx. 2 MSEK) computer system for the Rashid lunar rover. This is the fourth lunar mission in which AAC Clyde Space will take part.


Hyperions stjärnkamera växer fram som ny standard

2021-05-04 AAC Clyde Space AB (publ)
AAC Clyde Spaces dotterbolag Hyperion fortsätter att fira segrar med sina stjärnkameror som raskt växer fram som en de facto-standard för europeiska småsatelliter. Hittills under 2021 har Hyperion fått rekordstora order motsvarande ca 5 MSEK (0,5 MEUR) för de populära produkterna.


Hyperion's Star Trackers emerge as a new standard

2021-05-04 AAC Clyde Space AB (publ)
AAC Clyde Space's subsidiary Hyperion continues to celebrate wins with its star trackers, that are rapidly emerging as a de facto standard for European small satellites. So far in 2021, Hyperion has received a record €0.5milion of orders for the popular products.


Förvärvet av Omnisys Instruments AB är genomfört

2021-04-30 AAC Clyde Space AB (publ)


The acquisition of Omnisys Instruments AB is completed

2021-04-30 AAC Clyde Space AB (publ)


Nicole Robinson nominerad till AAC Clyde Space styrelse

2021-04-27 AAC Clyde Space AB (publ)
Nicole Robinson föreslås att väljas in i styrelsen för det svenska satellitföretaget AAC Clyde Space AB.


Nicole Robinson proposed to AAC Clyde Space's Board

2021-04-27 AAC Clyde Space AB (publ)
AAC Clyde Space AB, the Swedish New Space company, today announces the nomination of Nicole Robinson to its board of directors.


Kallelse till årsstämma i AAC Clyde Space AB (publ)

2021-04-27 AAC Clyde Space AB (publ)
Aktieägarna i AAC Clyde Space AB (publ), org.nr 556677-0599 ("Bolaget"), kallas härmed till årsstämma torsdag den 27 maj 2021 klockan 10.00. Närvaro på stämman sker uteslutande genom poströstning. VDs anförande kommer att publiceras på bolagets hemsida efter årsstämman.


Notice to attend the annual general meeting in AAC Clyde Space AB (publ)

2021-04-27 AAC Clyde Space AB (publ)
The shareholders in AAC Clyde Space AB (publ), reg. no. 556677-0599 (the "Company"), are hereby given notice to attend the annual general meeting on Thursday 27 May 2021 at 10.00 a.m. (CET). Attendance at the meeting is only possible via postal ballot. The CEO's statement will be published on the company's website after the annual general meeting.


Kommuniké från extra bolagsstämma i AAC Clyde Space AB (publ)

2021-04-22 AAC Clyde Space AB (publ)
Vid extra bolagsstämma i AAC Clyde Space AB (publ) ("Bolaget") torsdag den 22 april 2021 klockan 09.30 genom poströstning fattades följande beslut:


Bulletin from extraordinary general meeting in AAC Clyde Space AB (publ)

2021-04-22 AAC Clyde Space AB (publ)
At the extraordinary general meeting in AAC Clyde Space AB (publ) (the "Company") held on Thursday 22 April 2021 at 09.30 a.m. (CET) via postal ballot, the following resolutions were adopted:


Kallelse till extra bolagsstämma i AAC Clyde Space AB (publ)

2021-04-01 AAC Clyde Space AB (publ)
Aktieägarna i AAC Clyde Space AB (publ), org.nr 556677-0599 ("Bolaget"), kallas härmed till extra bolagsstämma torsdag den 22 april 2021 klockan 09.30. Närvaro på stämman sker uteslutande genom poströstning.


Notice to attend the extraordinary general meeting in AAC Clyde Space AB (publ)

2021-04-01 AAC Clyde Space AB (publ)
The shareholders in AAC Clyde Space AB (publ), reg. no. 556677-0599 (the "Company"), are hereby given notice to attend the extraordinary general meeting on Thursday 22 April 2021 at 09.30 a.m. (CET). Attendance at the meeting is only possible via postal ballot.


AAC Clyde Space genomför, under förutsättning av godkännande från extra bolagsstämma, en riktad nyemission om cirka 100 miljoner kronor i samband med förvärvet av Omnisys

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space ("AAC Clyde Space" eller "Bolaget") har, i enlighet med vad som offentliggjordes i Bolagets pressmeddelande tidigare idag, beslutat om en riktad nyemission av 39 215 686 aktier under förutsättning av godkännande av extra bolagsstämma (den "Riktade Nyemissionen"). Teckningskursen för aktierna i den Riktade Nyemissionen uppgår till 2,55 kronor per aktie. Genom den Riktade Nyemissionen tillförs AAC Clyde Space cirka 100 miljoner kronor före avdrag för transaktionskostnader. Delar av emissionslikviden ska användas som en del i finansieringen av förvärvet av det svenska bolaget Omnisys Instruments AB ("Omnisys") ("Förvärvet") som Bolaget offentliggjorde tidigare idag samt till investeringar i nya marknadsmöjligheter.


AAC Clyde Space carries out, conditional on approval from the EGM, a directed new share issue of approx. SEK 100 million in connection to the acquisition of Omnisys

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" or the "Company") has, in accordance with what was communicated in its press release earlier today, resolved on a directed new share issue of 39,215,686 shares conditional on approval granted by the extraordinary general meeting (the "Directed New Share Issue"). The subscription price of the shares in the Directed New Share Issue amounts to SEK 2.55 per share. Through the Directed New Share Issue, AAC Clyde Space will receive proceeds amounting to approximately SEK 100 million before deduction of transaction costs. Parts of the gross proceeds will be used as part of the financing of the acquisition of the Swedish company Omnisys Instruments AB ("Omnisys") (the "Acquisition") which the Company announced earlier today, and investments in new market opportunities.


AAC Clyde Space AB (publ) avser genomföra en riktad nyemission av aktier i samband med förvärvet av det svenska bolaget Omnisys Instruments

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" eller "Bolaget") offentliggör härmed sin avsikt att genomföra en riktad nyemission om cirka 100 miljoner SEK till svenska och internationella institutionella investerare (den "Riktade Nyemissionen"). Den Riktade Nyemissionen genomförs i samband med förvärvet av det svenska bolaget Omnisys Instruments AB ("Omnisys") ("Förvärvet") som Bolaget offentliggjorde idag, och investeringar i nya marknadsmöjligheter.


AAC Clyde Space AB (publ) intends to carry out a directed new share issue in connection with the acquisition of the Swedish company Omnisys Instruments

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" or the "Company") hereby announces its intention to carry out a directed new share issue of approximately SEK 100 million directed to Swedish and international institutional investors (the "Directed New Share Issue"). The Directed New Share Issue is carried out in connection with the acquisition of the Swedish company Omnisys Instruments AB ("Omnisys") (the "Acquisition") which the Company announced today, and investments in new market opportunities.


AAC Clyde Space AB (publ) förvärvar svenska rymdbolaget Omnisys Instruments

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" eller "Bolaget") meddelar idag att Bolaget ingått ett villkorat avtal om förvärv av det privatägda svenska bolaget Omnisys Instruments AB ("Omnisys"), en ledande utvecklare och tillverkare av mätinstrument för avancerade rymdprojekt ("Förvärvet"). Köpeskillingen uppgår totalt till cirka 75 miljoner SEK varav cirka 25 miljoner SEK erläggs kontant and cirka 50 miljoner SEK erläggs med
17 340 100 nyemitterade teckningsoptioner i AAC Clyde Space. Genomförandet av Förvärvet av Omnisys är villkorat av, bland annat, att emissionen av vederlagsteckningsoptionerna godkänns vid en extra bolagsstämma.


AAC Clyde Space AB (publ) acquires Swedish space company Omnisys Instruments

2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC Clyde Space" or the "Company") today announces that the Company has entered into a conditional agreement for the acquisition of the privately owned Swedish company Omnisys Instruments AB ("Omnisys"), a leading developer and manufacturer of measuring instruments for advanced space projects (the "Acquisition"). The purchase price amounts to approximately SEK 75 million, where SEK 25 million is paid in cash and approximately SEK 50 million is paid through 17,340,100 newly issued consideration warrants in AAC Clyde Space. The completion of the Acquisition of Omnisys is, inter alia, conditional on the issue of the consideration warrants being approved at an extraordinary general meeting.


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