Brief: GAM Holding Announces Terms Of Its Rights Offering

Gam Holding AG

28/10/2024 06:06

Oct 28 (Reuters) - GAM HOLDING AG  GAMH.S :
    * BOARD OF DIRECTORS OF GAM HOLDING AG ANNOUNCES TERMS OF
ITS
RIGHTS OFFERING
    * GROUP COMPANY OF GAM'S ANCHOR SHAREHOLDER NJJ HOLDING SAS,
HAS
AGREED TO PROVIDE A BACKSTOP COMMITMENT FOR OFFERING IN AN
AMOUNT OF UP TO CHF 100 MILLION ( "ROCK COMMITMENT") AND THEREBY
EFFECTIVELY UNDERWRITING IN FULL OFFERING
    * TO ISSUE IN CONTEXT OF OFFERING 904,464,247 NEW FULLY
PAID-IN
REGISTERED SHARES OF GAM WITH A NOMINAL VALUE OF CHF 0.05 EACH
    * ON BASIS OF ORDINARY CAPITAL INCREASE
    * PRICE PER OFFERED SHARE HAS BEEN SET AT CHF 0.11
    * CORRESPONDING TO EXPECTED NET PROCEEDS OF APPROXIMATELY
CHF 98.2
MILLION (AFTER DEDUCTION OF SWISS FEDERAL ISSUANCE STAMP TAX OF
1%
    * ESTIMATED COMMISSIONS AND OTHER EXPENSES ASSOCIATED WITH
OFFERING FROM EXPECTED GROSS PROCEEDS OF APPROX. CHF 99.5
MILLION)
    * EXPECTS TO USE NET PROCEEDS FROM OFFERING PRIMARILY TO
REPAY
EXISTING FINANCIAL INDEBTEDNESS
    * AND TO USE ANY RESIDUAL AMOUNT FOR GENERAL CORPORATE
PURPOSES,
PROVIDING LONG-TERM FINANCIAL STABILITY AND FINANCIAL SUPPORT
    * ELIGIBLE SHAREHOLDERS WILL BE ALLOCATED ONE SUBSCRIPTION
RIGHT
FOR EACH REGISTERED SHARE HELD AFTER CLOSE OF TRADING ON 29
OCTOBER 2024
    * EIGHT RIGHTS ENTITLE ITS HOLDER TO ACQUIRE 45 OFFERED
SHARES
AGAINST PAYMENT OF OFFER PRICE
    * EXISTING SHARES WILL BE TRADED EX-RIGHTS FROM 30 OCTOBER
2024
    * SUBSCRIPTION PERIOD DURING WHICH EXISTING SHAREHOLDERS MAY
EXERCISE RIGHTS ALLOCATED TO THEM, BEGINS ON 30 OCTOBER 2024 AND
ENDS ON 13 NOVEMBER 2024, 12:00 NOON CET
    * RIGHTS WILL NOT BE LISTED OR TRADED ON SIX SWISS EXCHANGE
OR ANY
OTHER TRADING VENUE
    * ISSUED AND REGISTERED SHARE CAPITAL IS EXPECTED TO CONSIST
OF
1,064,146,778 FULLY PAID REGISTERED SHARES WITH A NOMINAL VALUE
OF CHF 0.05
    * ROCK AND GAM ENTERED INTO AN AGREEMENT FOR ROCK TO LEND AN
AGGREGATE AMOUNT OF CHF 100 MILLION TO GAM UNDER A CREDIT
FACILITY
    * AGGREGATE DRAWN DOWN AMOUNT UNDER CREDIT FACILITY HAS
REACHED
CHF 81.5 MILLION
    * EXISTING CREDIT FACILITY REMAINS IN PLACE UNTIL JUNE 2025
WITH A
POSSIBLE MATURITY EXTENSION GRANTED BY ROCK INVESTMENT SAS / NJJ
HOLDING SAS IF REQUIRED
    * INTENDS TO USE AROUND CHF 85.5 MILLION OF NET PROCEEDS
FROM
OFFERING TO REPAY AND EFFECTIVELY CAPITALISE CREDIT FACILITY,
INCLUDING ACCRUED INTEREST ON CURRENTLY DRAWN AMOUNT

Source text:  ID:nGNE1fl5nQ 
Further company coverage:  GAMH.S 

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