By Lisa Kerner
Charlotte, N.C., Feb. 19 – Savo-Solar Ltd. announced a directed share offering and applied for listing of its class A shares on the Nasdaq First North Sweden marketplace under the symbol “SAVOS.”
The fully underwritten offer will consist of a maximum of 2,036,850 new class A shares at a subscription price of €2.00 per share, according to a company news release.
Savo-Solar expects to raise €4.1 million for net proceeds of €3.5 million. The company could raise an additional €1.5 million, for net proceeds of €1.4 million, if 750,000 shares are sold under an over-allotment option.
There will be a retail offering in Finland, a retail offering in Sweden and an institutional offering in Finland, Sweden and internationally.
The subscription period begins on Feb. 24 and is expected to end on March 11.
Shares will be delivered on March 25, and trading is expected to begin on April 2.
Savo-Solar will use the net proceeds for first priority investments in an increase in capacity, working capital and inventories and debt repayment.
The company has received subscription undertakings from current shareholders amounting to about €1.6 million, or 38.4% of the offering, and underwriting commitments from external investors amounting to about €2.6 million, 62.8% of the offering.
“By listing Savo-Solar we offer everyone the possibility to participate in the solar economy and help to solve the challenges of continuously rising and unpredictable energy costs, combined with the political dependency and CO2 emissions of fossil fuels,” said managing director Jari Varjotie.
As previously reported, the company first announced plans to list its shares on the Nasdaq OMX First North Sweden in mid-November. Savo-Solar would be the first solar thermal company listed in the Nordic countries, Varjotie said.
Mangold Fondkommission AB is acting as financial adviser.
Savo-Solar manufactures solar thermal collectors and provides solutions for large district heating plants. The company is based in Mikkeli, Finland.
| Issuer: | Savo-Solar Ltd.
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| Issue: | Class A shares
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| Amount: | €4.1 million
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| Shares: | 2,036,850
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| Greenshoe: | 750,000 shares
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| Price: | €2.00 per share
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| Subscription period: | Feb. 24-March 11
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| Settlement: | March 25
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| Trading date: | April 2
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| Stock symbol: | Nasdaq OMX First North: SAVOS
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