TRUSTBUDDY raises €6.20m in directed share issue subject to EGM and €12.30m in P2P lending capital
TrustBuddy has raised new capital from selected international investment funds and high-net-worth individuals, bringing in a total of €18.5 million in new capital of which €3m is direct P2P lending capital and of the remaining €15.5m 40% is a directed share issue (€6.2m, 51m shares, SEK 1.10/share) and 60% is a sale of shares from the 10 largest shareholders (€9.3m, 76m shares, SEK 1.10/share). To avoid a high degree of dilution, the largest shareholders agree to sell part of their holdings to the new investors. All proceeds from this sale will be injected as lending capital into the P2P platform with a 12 month lock-up. This group of shareholders is partly compensated by receiving warrants with the issue price of SEK 1.20 for a second directed share issue 24 months later.
The total share count will go from 275m to 326m post share issue (if all warrants are exercised the share count will go from 326m to 366m). Minority shareholders (not participating in the sale of shares) will have their ownership diluted by 5% (from approx. 33% to 27% in the first share issuance) and when/if all warrants are exercised the dilution will increase by another 3%. The directed share issue and warrants are subject to an EGM planned to take place in Stockholm on the 9th of December 2013 (notice to EGM will be published in a separate press release on Monday the 25th of November).
The fully subscribed amount in the transaction was more than twice the €18.5 million allocated amount, and the interest from institutional investors has been exceptional both in Europe and the US.
The new investors bring not only capital but also years of experience and will be a vital part of TrustBuddy’s future. The new capital is the final cornerstone in the preparation of TrustBuddy in the total transformation the company is undergoing, gearing up for a completely new level of business and international growth. Full details on the transaction and the new business of TrustBuddy will be issued in separate press releases in the near future.
Liberum Capital has acted as advisor and bookrunner and Erik Penser Bankaktiebolag will act as Issuing Agent. DLA Nordic is the legal advisor for TrustBuddy in this transaction.
For further information, please contact:
Jens Glasø, CEO, TrustBuddy International AB (publ)
+47 40 40 47 50, investorcare@trustbuddy.com
http://trustbuddy.com/
http://trustbuddyinternational.com/
http://tbdy.com/
About TrustBuddy International AB (publ)
TrustBuddy International AB (publ) is the first P2P Lending company in the world to go public (on NASDAQ FIRST NORTH in 2011), and is currently the largest P2P Lending company in the world by loan numbers and customer growth. The company is continuously expanding, and is present throughout Scandinavia and in other selected countries in Europe. The company is listed at NASDAQ OMX First North in Stockholm with the ticker code TBDY. Mangold Fondkommission AB is TrustBuddy International AB (publ)’s Certified Adviser and market maker, contact number: +46 8-503 015 50.
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