Brief: ITAB Intends To Conduct Recapitalisation

Itab AB

04/12/2020 07:20

Dec 4 (Reuters) - ITAB Shop Concept AB  ITABb.ST :
    * ITAB ANNOUNCES ITS INTENTION TO CONDUCT A RECAPITALISATION
THROUGH A RIGHTS ISSUE OF MSEK 768 AND THE ENTRY OF A NEW
LONG-TERM, ACTIVE OWNER
    * TO PROPOSE A RECAPITALISATION OF COMPANY COMPRISED OF A
RIGHTS
ISSUE OF APPROXIMATELY MSEK 768
    * WQZ INVESTMENTS GROUP LTD ( "INVESTOR"), WILL INVEST
APPROXIMATELY MSEK 410 IN ITAB.
    * ITAB RECONFIRMS ITS GUIDANCE FOR AN EXPECTED EBITDA FOR
FINANCIAL YEAR 2020 IN RANGE OF MSEK 380 TO MSEK 420 (BEFORE
NON-RECURRING COSTS)
    * CURRENTLY ANTICIPATES A RESULT TOWARDS MID-TO-UPPER END OF
THIS
RANGE.
    * TRANSACTION WILL BE ACHIEVED BY INVESTOR ACQUIRING AND
SUBSCRIBING FOR MAJORITY OF SUBSCRIPTION RIGHTS ISSUED TO
POMONA-GRUPPEN
    * IT IS ALSO PROPOSED THAT ALL OUTSTANDING CLASS A SHARES
WILL BE
RECLASSIFIED INTO CLASS B SHARES
    * NET PROCEEDS FROM RIGHTS ISSUE WILL PRIMARILY BE APPLIED
TOWARDS
DEBT REDUCTION AND TO SECURE LONG-TERM FINANCING
    * SUBSCRIPTION PRICE FOR RIGHTS ISSUE HAS BEEN SET TO SEK
7.50 PER
SHARE
    * SUBSCRIPTION PRICE  WILL PROVIDE TOTAL PROCEEDS OF
APPROXIMATELY
MSEK 768 BEFORE TRANSACTION COSTS
    * SUBSCRIPTION PRICE REPRESENTS A DISCOUNT OF 24% TO
THEORETICAL
EX-RIGHTS PRICE (TERP) OF SEK 9.91
    * WILL CONVENE AN EXTRAORDINARY GENERAL MEETING ( "EGM") TO
BE
HELD ON 15 JANUARY 2021 AT LATEST

Source text for Eikon:  ID:nWkrbFzQz1 
Further company coverage:  ITABb.ST 

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