[August 30, 2016] |
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Seamless Distribution AB: The Board of Directors' of Seamless Has Resolved on a Directed Issue of Convertible Debentures
Regulatory News:
Seamless Distribution AB (STO:SEAM)
The board of directors' of Seamless Distribution AB (publ) ("Seamless")
has, pursuant to to an authorisation granted by the latest annual
general meeting, resolved on a directed issue of convertible debentures.
The offering was fully subscribed, whereupon Seamless has issued
convertible debentures of SEK 42 million to private and institutional
investors who have been identified by Evli Bank Plc.
The convertible loan amounts to a nominal value of SEK 42 million and
carries interest at an annual rate of seven (7) per cent which shall be
paid every quarter. The convertible debentures have been subscribed at a
value corresponding to 100 per cent of the nominal value and the
conversion price has been set to SEK 9 based on a book building process
to private and institutional investors completed in August 2016.
"This convertible refinances a previous convertible debentures that was
not converted into shares", says Peter Fredell, CEO of Seamless.
The issue has been implemented with deviation from the shareholders'
preferential rights and the right to subscribe for the convertible
debentures was only granted to a limited number of private and
institutional investors who have been identified through a book-building
process, arranged by Evli Bank Plc. The reason for the deviation from
the shareholders' preferential right was that the company is in need of
financing of operations and a directed issue of convertible debentures
has been deemed to be the fastest and the most favourable way to obtain
such financing for the company. The convertible loan will mature 364
days after the date of issue, unless conversion or distribution has
occurred prior to this date. The issue brought SEK 42 million to
Seamless. The payment for the convertible debentures shall bemade in
cash in connection with the subscription, or such later date as the
board of directors resolves.
The issue of convertible debentures will entail, upon full conversion, a
dilution for the current shareholders of Seamless of approximately 7.36
per cent after full dilution.
About Seamless
Seamless is one of the world's leading providers of mobile phone payment
systems and handles more than 3.9 billion transactions each year via
525,000 active sales outlets. Combined with more than eleven years'
experience and a presence in about 30 countries, this gives Seamless a
strong position in the mobile phone payment market. It is the company's
unique transaction platform that makes SEQR possible. Seamless is traded
on Nasdaq Stockholm, under the SEAM ticker.
www.seamless.se
About SEQR
SEQR, developed by Seamless, is the fastest and easiest mobile payments
solution currently available on the market. All customers need to do is
use the SEQR app to scan the QR/NFC code at the POS terminal and approve
the payment by entering their PIN. SEQR works just as well for physical
transactions as for e-commerce, and is both faster and more secure than
card payments. The technology behind the solution means that there is no
investment cost for retailers. All that is required is a QR/NFC code
sticker at the POS terminal. In addition, the low transaction charges
allow the retailer to save money.
www.seqr.se
- Twitter (News - Alert): @seqrse (https://twitter.com/SEQRse)
- facebook.com/seqrse (https://www.facebook.com/SEQRse)
This information is information that Seamless Distribution AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation. This
information was submitted for publication, through the agency of the
contact person set out above, at 08.50 a.m. CET on August 30, 2016.
This information was brought to you by Cision http://news.cision.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830005476/en/
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