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Cibus Nordic Real Estate AB (publ) successfully completes a directed share issue of 4,400,000 new shares and raises proceeds of approximately SEK 955 million
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY IN WHOLE OR IN PART IN THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND OR ANY JURISDICTION WHERE SUCH RELEASE, DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES
Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") has, in accordance with the Company's press release earlier today, completed an accelerated bookbuilding procedure and resolved on a directed share issue of 4,400,000 shares at a subscription price of SEK 217 per share (the "Directed Share Issue"). The subscription price for the shares in the Directed Share Issue has been determined through an accelerated bookbuilding procedure carried out by Pareto Securities AB ("Pareto Securities"). The Directed Share Issue was substantially oversubscribed. Through the Directed Share Issue, Cibus will receive proceeds amounting to approximately SEK 955 million before transaction related costs. A number of Swedish and international institutional investors, including AB Sagax, Clearance Capital, Länsförsäkringar Fonder and NRP Anaxo Management participated in the Directed Share Issue. The proceeds received by the Company through the Directed Share Issue will be used to partly finance the acquisition of a property portfolio in Denmark with a property value of approximately DKK 2,080 million (approximately EUR 280 million), which the Company announced earlier today.
Summary of the Directed Share Issue
- The subscription price in the Directed Share Issue amounts to SEK 217 per share and has been determined through an accelerated bookbuilding procedure carried out by Pareto Securities.
- Through the Directed Share Issue, Cibus will receive proceeds amounting to approximately SEK 955 million, before transaction related costs.
- The Directed Share Issue was subscribed for by a number of Swedish and international institutional investors, including AB Sagax, Clearance Capital, Länsförsäkringar Fonder and NRP Anaxo Management.
- Through the Directed Share Issue, the number of shares in the Company will increase by 4,400,000, from 44,000,000 to 48,400,000. The share capital of the Company will increase by EUR 44,000, from EUR 440,000 to EUR 484,000.
The Directed Share Issue
The board of directors of Cibus has, based on the authorisation granted by the extraordinary general meeting held on 17 February 2022, resolved on the Directed Share Issue which was directed to Swedish and international institutional, and other qualified, investors. The Directed Share Issue comprises 4,400,000 new shares at a subscription price of SEK 217 per share and the Company will hereby receive approximately SEK 955 million before transaction related costs.
The subscription price has been determined through an accelerated bookbuilding procedure and corresponds to a discount of approximately 3.0 per cent compared to the closing price of the Company's share on Nasdaq Stockholm on 24 March 2022. The board of directors' assessment is that the subscription price in the Directed Share Issue is in accordance with market conditions since it has been determined through the bookbuilding procedure led by Pareto Securities as Sole Global Coordinator and Sole Bookrunner.
The net proceeds from the Directed Share Issue will be used to finance the acquisition of a grocery-anchored property portfolio located in Denmark, with a property value of approximately DKK 2,080 million (approximately EUR 280 million) (the "Transaction"). The portfolio consists of 34 modern properties with an average lease length of 5.3 years and with Coop, Salling Group, Dagrofa and Reitangruppen as anchor tenants. The rentable surface amounts to approximately 76,600 square meters and the Company assesses that with this acquisition the net operating income on an annual basis, within its earnings capacity, will increase to EUR 102.2 million after the Transaction has been completed. The actual purchase price for the shares depends on the capital structure of the acquired group at closing and has been estimated to approximately DKK 1,045 million.
The Directed Share Issue was carried out as a directed share issue with deviation from the shareholders' preferential rights to secure part of the financing of the Transaction in a time and cost-effective manner. The board of directors has assessed that the need for additional capital is limited to such an extent that the costs for a preferential rights issue would have been high in proportion to the capital raised. Furthermore, the delay from conducting a preferential rights issue could lead to loss of the opportunity to carry out the Transaction. The board of directors has in the choice of type of share issue considered it positive that Cibus' shareholder base, through the Directed Share Issue, is further diversified among Swedish and international institutional, and other qualified, investors. The board of directors' overall assessment is therefore that the reasons for conducting the Directed Share Issue outweighs the reasons for the principal rule to issue shares to shareholders with preferential rights, and that a share issue with deviation from the shareholders' preferential rights therefore lies in the interest of the Company and all of its shareholders.
A number of Swedish and international institutional investors, including AB Sagax, Clearance Capital, Länsförsäkringar Fonder and NRP Anaxo Management participated in the Directed Share Issue.
Through the Directed Share Issue, the number of shares and votes in Cibus will increase by 4,400,000, from 44,000,000 to 48,400,000. The share capital of the Company will increase by EUR 44,000, from EUR 440,000 to EUR 484,000. The Directed Share Issue entails a dilution of approximately 9.1 per cent based on the total number of shares in Cibus after the Directed Share Issue.
In connection with the Directed Share Issue, the Company's CEO, Sverker Källgården, and CFO, Pia-Lena Olofsson, have undertaken, with certain exceptions including exercising 186,600 warrants of series "Teckningsoptioner 2019/2022" for shares and to, in connection therewith, sell shares in order to finance the exercise price of such warrants, not to sell or in other ways dispose their shares in the Company for a period of 90 calendar days after the completion of the Directed Share Issue.
Pareto Securities acts as Sole Global Coordinator and Sole Bookrunner. Roschier Advokatbyrå AB acts as legal adviser to the Company in connection with the Directed Share issue.
For additional information, please contact:
Sverker Källgården, CEO, Cibus Nordic Real Estate AB (publ)
Phone: +46 761 444 888
E-post: [email protected]
Pia-Lena Olofsson, CFO, Cibus Nordic Real Estate AB (publ)
Phone: +46 708 580 453
E-post: [email protected]
This information constitutes insider information that Cibus Nordic Real Estate AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release was submitted for publication by the contact persons set out above, for publication at the time specified by Cibus' news distributor beQuoted at the time of publication of this press release. The above persons can also be contacted for further information.
About Cibus Nordic Real Estate AB (publ)
Cibus is a real estate company listed on Nasdaq Stockholm. The Company's business strategy is to acquire, develop and manage high-quality properties in the Nordics with daily goods store chains as anchor tenants. The Company currently owns more than 400 properties in the Nordic region. The main tenants are Kesko, Tokmanni, Coop, Lidl and S Group.
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be unlawful or require additional registration or other measures.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa, Switzerland, the United States or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
This press release is not a prospectus as set forth in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. The Company has not approved any securities offering to the public in any member state of the EEA and no prospectus has been published or will be published in connection with the Directed Share issue. In each member state of the EEA, this message is only directed towards "qualified investors" in that member state in accordance with the definition in the Prospectus Regulation.
In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of Article 86(7) of the Financial Services and Markets Act 2000) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the shares. Any investment decision in connection with the Directed Share issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Manager. The Manager acts for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.
This press release does not constitute a recommendation for any investors' decisions regarding the Directed Share issue. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release.
Failure to follow these instructions may result in a breach of the Securities Act or applicable laws in other jurisdictions.
This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless this is required under law or Nasdaq Stockholm's rulebook for issuers.
Information to distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Cibus have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Cibus may decline and investors could lose all or part of their investment; the shares in Cibus offer no guaranteed income and no capital protection; and an investment in the shares in Cibus is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Directed Share issue. Thereto, notwithstanding the Target Market Assessment, it shall be noted that the Manager will only provide investors who meet the criteria for professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Cibus.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Cibus and determining appropriate distribution channels.
Cibus Nordic Real Estate AB