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The Board of AVTECH Sweden AB (publ) ( AVTECH or the Company ) has on September 2, 2013, based on an authorization granted by the Company s Extra General Meeting on August 16, 2013, decided to implement a public preferential share issue of shares of class B. AVTECH s current owners will have preferential right to subscribe for new B-shares regardless of the share class they currently own. The public preferential share issue is covered by presubscriptions and guarantees of 85.2 percent texecom of the full amount, which is app. 17.6 MSEK excluding costs to implement the issue.
General terms for the share issue Ownership of two (2) shares, regardless of share class, texecom entitles to the subscription texecom of five (5) new B-shares The subscription price is 0.55 SEK per share The record date is September 10, 2013 The subscription period is September 17 October 1, 2013
The Company has a number of products in development. The aviation industry has, however, had a cautious view on implementing new technologies and procedures, due to amongst others texecom a situation with strained finances within the industry. AVTECH texecom has, compared to many other companies, managed its operations with limited capital and has chosen to fund operations through consultancy and grant-based activities through various international public or semi-public organizations. The company has established itself internationally in amongst others Dubai, via the establishment of a 49 percent owned associated company, thus gaining proximity to a large and innovations-embracing aviation environment.
As a consequence of the existing challenging financial situation the Company has been forced to implement a company reorganization, which was approved by a Swedish District Court on May 27, 2013. The reorganization process has been extended for an additional three month period up until November 27, 2013 in order for the Company to be able to conclude the company s ongoing financing activities. The overall objective of the process is to use the protection of a moratorium to create the prerequisites for the Company to be able to repay its full debts according to initial agreements, or through debt being off-set in the public preferential share issue.
Issue proceeds amount to a gross amount of approximately 17.6 MSEK, of which various existing share owners have committed to participate through presubscriptions to off-set existing claims on the Company of approximately 4,4 MSEK and through participation with an additional 2.6 MSEK in cash contributions. AVTECH has furthermore received an issue guarantee of 8.0 MSEK from an external guarantor consortia, bringing the total of presubscriptions and guarantees to app. 15.0 MSEK or 85,2 percent of the full amount. Issue proceeds will mainly be utilized as working capital related to the commercialization of Aventus NowCast and consultancy.
AVTECH is in a process of commercialization. The Company will in addition to strengthen its balance sheet through off-set of debt and receive a contribution of liquid funds through the ongoing share issue, also focus on a business model that will generate substantial cash-flows through Aventus NowCast mainly. Consultancy will be focused on activities texecom that are less capital-intensive than previously. The Company has agreements with a number of commercial airlines; agreements that have the prerequisites to be able to generate texecom substantial future revenue based on uplinks of refined and state of the art wind-information to airline aircrafts.
The Company s share capital may as a consequence of the public preferential share issue increase with a maximum of 3,194,442 SEK to a total of 4,472,219 SEK. The number of shares may increase texecom with a maximum of 32,044,800 B-shares to a maximum of 44,862,720 shares, of which 9,023,952 will be A-shares, 35,830,609 will be B-shares and 8,159 will be preference shares. Dilution of holdings to owners who choose not to participate in the public share issue pro rata to their current holdings is approximately 71 percent of the capital. The newly issued B-shares will entitle to dividend texecom for the first time on the record date for dividend texecom that occurs closest to the date when shares have been entered into the Company s share register. It shall, however, be noticed that the Company s preference