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Savosolar publishes EU growth prospectus in connection to its EUR 6.1 million rights issue

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Savosolar Plc
Company Announcement 4 October 2021 at 12.15 p.m. (CEST)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

Savosolar publishes EU growth prospectus in connection to its EUR 6.1 million rights issue

Following the company announcement on 6 September 2021, the Board of Directors of Savosolar Plc (“Savosolar” or the “Company”) has today decided on arranging a rights issue totalling to approximately EUR 6.1 million (the “Offering”) with additional warrants enabling the Company to additionally raise a maximum of approximately EUR 14.4 million (the “Warrants”). The Finnish Financial Supervisory Authority has today approved Savosolar’s EU growth prospectus in Finnish. The Offering consists of a maximum of 87,530,012 new shares (the "Offer Shares"). In addition, a maximum of 131,295,018 new shares can be subscribed based on the Warrants. The subscription price used in the Offering is EUR 0.07 or SEK 0.71 per Offer Share.

Summary

  • Approximately EUR 6.1 million before transaction costs is expected to be raised in the Offering if fully subscribed. In case the maximum number of Warrants is issued, and all the Warrants are exercised, the contribution from Warrants will amount to EUR 14.4 million at most.

  • The Offering is secured to 88.5 per cent, or approximately EUR 5.4 million by external underwriters.

  • The Company is offering up to of 87,530,012 Offer Shares in the Company for subscription to the shareholders in accordance with the shareholders’ preferential subscription right.

  • Savosolar will give all its shareholders registered in Savosolar’s shareholder register maintained by Euroclear Finland Ltd (“Euroclear Finland”) or Euroclear Sweden Ltd (“Euroclear Sweden”) one (1) book-entry subscription right (the “Subscription Right”) per each share held on the record date of the Offering. One (1) Subscription Right entitles their holder to subscribe for one (1) Offer Share.

  • In addition, Savosolar will issue Warrants free of charge to persons who subscribe for the Offer Shares in the Offering, so that the subscriber will receive one (1) Warrant of series TO8, one (1) Warrant of series TO9 and one (1) Warrant of series TO10 per each two (2) subscribed and paid Offer Shares, the subscription of which the Board of Directors has approved.

  • The record date for the Offering is 6 October 2021. The last day of trading including the Subscription Rights is on 4 October 2021 and the first day of trading excluding the Subscription Rights on 5 October 2021.

  • The subscription price is 0.07 EUR or 0.71 SEK per Offer Share.

  • Each Warrant will entitle its holder to subscribe for one (1) new share during the subscription period 21 March – 1 April 2022 (for TO8), 29 August – 8 September 2022 (for TO9) 6 March – 16 March 2023 (for TO10) respectively, with a subscription price that will be decided based on the volume weighted average price of the Company’s shares in First North Growth Market Finland during the period 7 March – 17 March 2022 (for TO8), 29 August – 9 September 2022 (for TO9) and 6 March – 16 March 2023 (for TO10) with a 25 per cent discount, at a maximum subscription price of EUR 0.09 (for TO8), EUR 0.11 (for TO9) and EUR 0.13 (for TO10) per share. The shares to be subscribed for based on the Warrants that are delivered through Euroclear Sweden will be payable in Swedish krona. The Swedish krona-denominated subscription price will be determined using the Swedish Riksbank’s EURSEK rate one (1) business day before the start of the subscription period.

Subscription locations of the Offering

The following function as subscription locations:

  1. In Finland, custodians, and account operators and

  2. In Sweden, Aqurat Fondkommission AB’s website at https://www.aqurat.se/ and Aqurat Fondkommission AB’s premises at Kungsgatan 58, 111 22 Stockholm, Sweden (info@aqurat.seemissioner@mangold.se, tel. +46 8-684 05 800)

Subscriptions in Sweden are also received by custodians and account operators who have an agreement with Aqurat Fondkommission AB regarding the reception of subscriptions.

EU growth prospectus

Savosolar has prepared an EU growth prospectus relating to the Offering approved by the Finnish Financial Supervisory Authority on 4 October 2021. The official Finnish language version of the EU growth prospectus as well as its unofficial English language translation, including a Swedish summary, will be available on Savosolar’s website (https://www.savosolar.com/rights-issue-2021), on the website of Augment Partners AB (https://offers.augment.se/) and on the website of Aqurat Fondkommission AB (https://www.aqurat.se/).

Planned timetable for the Offering

5 October 2021

First day of trading excluding the right to receive Subscription Rights

6 October 2021

Record date for the Offering

11 October – 19 October 2021

Trading period for subscription rights

11 October – 25 October 2021

The subscription period for the rights issue in Sweden

11 October – 27 October 2021

The subscription period for the rights issue in Finland

11 October 2021

Trading starts in intermediary shares (BTA)

1 November 2021

Announcement of the outcome of the Offering

9 November 2021

Last day of trading in the intermediary shares on First North Growth Market Finland

12 November 2021

Last day of trading in the intermediary shares on First North Growth Market Sweden

Week 46, 2021

First day of trading with the Warrants on First North Growth Market Finland and First North Growth Market Sweden (estimate)

Advisors

Augment Partners AB is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal adviser to the Company on aspects of the Offering related to the Finnish law.

SAVOSOLAR PLC

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com

Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 4 October 2021 at 12.15 p.m. (CEST).

About Savosolar

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 almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com.

The company’s Certified Adviser is Augment Partners AB, info@augment.se, phone: +46 8-604 22 55.

IMPORTANT NOTICE

This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savosolar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.

The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savosolar.


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