FirstFarms holders subscribe for DKK 32.25 million of convertibles

By Susanna Moon

Chicago, July 7 – FirstFarms A/S received DKK 32.25 million of subscription requests for convertible bonds by the end of the subscription period on Wednesday.

If all of the bonds were converted, the capital increase would be DKK 7,015,450 corresponding to 701,545 shares, according a company announcement.

Proceeds will be used to supplement the company's cash resources and for possible expansions and adjustments according to the company’s strategy, in combination with other sources of financing.

Skiold Holding ApS, closely related to chairman Henrik Hougaard, has subscribed for DKK 10 million; Anders Holger Invest ApS, closely related to chief executive officer Anders H. Norgaard, has subscribed for DKK 750,000; NBK Invest ApS, closely related to board member Asbjorn Borsting, has subscribed for DKK 1 million; and board member Bent Juul Jensen has subscribed for DKK 1.5 million. Other investors have subscribed for the remaining DKK 19 million.

FirstFarms invests in agriculture and land in Eastern Europe. The company is based in Billund, Denmark.

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