Pricer AB (publ) strengthens its financial situation and cash position through the issue of convertible debentures of SEK 74.9M. The Board of Directors of Pricer decided on February 19th , 2007, subject to shareholders’ approval, to issue convertible debentures to an amount of SEK 74.9M. The debentures are subscribed for, without prior right to the shareholders, by Straumur-Burdaras Investment Bank for SEK 50M and Alted AB and Monterro Holdings Ltd with SEK12.45M respectively. The duration of the debentures is two years with approximately 8 percent annual interest (6 months STIBOR + 4.5 percent) and can be converted to shares in Pricer to a share price of SEK 0.70, corresponding to a dilution of about 9 percent. The debentures can be drawn in three equal tranches until August 15 2007 of which at least SEK 25M must be drawn. Pricer can elect to capitalize due interest to convertibles on which the annual interest on the capitalized interest component is increased by one (1) percent. This would have a limited effect on the dilution. As security for the debentures the creditors have been granted securities in floating charges and in shares in certain subsidiaries of Pricer AB. The company maintains existing credit facilities and possible additional credit facilities with first right in floating charges up to SEK 60M.
The Swedish Securities Council has on request from Pricer commented on the transaction and stated that it does not violate generally accepted standards on the stock market, see AMN 2006:48.
Straumur-Burdaras is the largest investment bank in Iceland with a market value exceeding SEK 20 billion. The bank owns approximately 11 percent of the shares in Pricer. Alted AB and Monterro Holdings Ltd are privately held investment companies.
”We see a great potential in the market were Pricer is active and we have followed the development of the company for almost two years as a shareholder“ says Emil Sunvisson, President of Scandcap AB and financial advisor of Straumur-Burdaras in Sweden.
“I am pleased that this financing is realized to ensure the continued development of Pricer and I welcome Straumur-Burdaras, Alteds and Monterros long term commitment to the company”, says Jan Forssjö, President and CEO of Pricer.
The Board of Directors will within short call for an extraordinary shareholders meeting in March in order for the shareholders to approve the above mentioned issue of convertible debentures. 1(2)
The Board will furthermore also recommend the shareholders to decide on a warrant program to all employees in the Pricer group.
The nomination committee of the company, consisting of Salvatore Grimaldi, Emil Sunvisson, David Goldschmidt and John Örtengren, has proposed to the shareholders meeting that Akbar Seddigh is elected Director of the Board of Pricer. Akbar Seddigh is the chairman of the board in Elekta AB, Hedson Technologies AB, Mentice AB and Ortivus AB as well as member of the board of among others Affärsstrategerna AB, Biolight International AB and Tobii Technology AB. At the same time Margareta Norell Bergendahl has decided to leave the Board of Directors after four years as director.
For further information, please contact: Jan Forssjö, President and CEO, Pricer AB: +46 8 505 582 00
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