Evolva plans to raise 80 mln Sfr capital, possible debt financing

EvoNext Holdings SA

02/10/2017 07:23

ZURICH, Oct 2 (Reuters) - Evolva  EVE.S  aims to raise 
around 80 million Swiss francs ($82.42 million) in two capital 
increases this year and may boost debt financing to meet its 
contractual obligations with partner Cargill, the money-losing 
sweetener maker said on Monday.  
    As a first step, Swiss asset manager Pictet and British 
investment firm Cologny would acquire a total of 68 million 
shares, Evolva said, boosting Pictet's holdings to 10 percent 
and giving Cologny a 5 percent stake. The increase would total 
about 27 million Swiss francs ($28 million).  
    In a second step, Evolva plans an extraordinary general 
shareholder meeting on Oct. 26 to vote on a discounted rights 
offering aimed at raising the rest of the 80 million francs. 
    The Swiss company, which had already announced plans to cut 
43 percent of workers after a 20.3 million franc first-half 
loss, said it aims to be "close to profitability" by 2021. 
    It aims to focus initially on the sweetener stevia, health 
supplement resveratrol and nootkatone, a potential mosquito 
repellent.  urn:newsml:reuters.com:*:nL8N1LG0PW 
    Evolva said it will release terms of the possible debt 
financing related to its Cargill obligations "at the relevant 
time".  
    Cargill will manufacture Evolva's stevia-based sugar 
replacement called EverSweet, though the launch has been delayed 
until 2018.  urn:newsml:reuters.com:*:nFWN1HB0B6 
    Evolva shares have fallen by 45 percent this year, trimming 
its market capitalisation to less than 170 million francs. 
    ($1 = 0.9707 Swiss francs) 
 
 (Reporting by John Miller; editing by Jason Neely) 
 ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)) 
 
Keywords: EVOLVA HLDG CAPITAL/