Invitation to subscription of shares in Savosolar Oyj
Erbjudande
| Emittent: | Savosolar Oyj |
| Teckningspris: | 0.005 EUR / 0.05 SEK |
| Teckningsperiod: | 1 mars - 15 mars 2019 |
About the company
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH.
Reasons for the Offering and use of proceeds
After increased market activity in 2017, the positive development continued in 2018. Solar heating is, during 2018, for the first time expected to produce more than 1 TWh worldwide (= 1 billion kilowatt hours) and according to market forecasts solar photovoltaic capacity is expected to rise to 240 TWh by 2050. This is due to the fact that solar heating is, in suitable applications, a very competitive form of clean energy production. In addition, international institutions and states continue to encourage companies’ environmentally friendly energy solutions through support programs, taxes and subsidies, resulting in interest from many different customer groups.
Savosolar, in turn, has experienced strong sales growth with a turnover of EUR 5.6 million in 2018, which is 578 per cent higher than in 2017. Although Savosolar is well positioned with respect to production capacity, new orders and generally growing demand, the Company needs additional working capital and financial capacity due to projects that will be implemented in 2019 and, therefore, the Company arranges the Offering.
In order to carry out the ongoing and future projects in 2019 and to be able to effectively manage the future workload variations in projects, the Company needs additional working capital. The Company aims to raise approximately EUR 5.3 million through the Offering. If the Offering is fully subscribed, the Company expects to receive approximately EUR 4.3 million in net proceeds after transaction costs amounting to approximately EUR 0.9 million. In connection with the Offering, the Company also issues Warrants free of charge to investors who have subscribed for Offer Shares in the Offering. The Company may therefore additionally raise up to a maximum of approximately EUR 3.5 million in net proceeds, after deducting the estimated expenses for the subscriptions with Warrants payable by the Company, totaling approximately EUR 0.2 million.
The proceeds from the Offering and the Warrants will be used to amortise EUR 0.8 million of capital loans and secure the Company’s working capital need of approximately EUR 4.9 million (including the repayment of capital and interest of the bridge loan financing of approximately EUR 0.8 million) so that the Company can deliver signed and potential upcoming orders in 2019 and to pursue a systematic streamlining of operations, achieve profitability targets and be able to respond to increased demand.
Subscription price: 0.005 EUR / 0.05 SEK per share
Subscription period: 1 March 2019 – 19 March 2019 FI / 1 March 2019 – 15 March 2109 SE
Offering size: 5.3 MEUR
Maximum number of shares in the Offering: 1,057,615,242
Financial Statement Release ENG
Financial Statement Release FIN
Jarl Securities Analysis of Savosolar
Anmälningssedel – Teckning med företräde
Anmälningssedel – Teckning utan företräde
Anmälan av erbjudande i
Savosolar Oyj
| Aktie: | Savosolar Oyj |
| Anmälningsperiod: | 1 mars - 15 mars 2019 |
| Teckningskurs: | 0.005 EUR / 0.05 SEK |
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