Beowulf Mining PLC Beowulf SDR Rights Issue Oversubscribed (1122I)
December 09 2020 - 8:00AM
UK Regulatory
TIDMBEM
RNS Number : 1122I
Beowulf Mining PLC
09 December 2020
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9 December 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Beowulf SDR Rights Issue Oversubscribed
Beowulf (AIM: BEM; Spotlight: BEO) is pleased to announce the
outcome of the Company's rights issue of Swedish Depository
Receipts ("SDR Rights Issue"), which ended on 4 December 2020. The
SDR Rights Issue was oversubscribed with total subscription
requests of approximately SEK 74.2 million (approximately GBP6.6
million), corresponding to a subscription rate of approximately 131
per cent. As a result, underwriting commitments will not be
activated. Through the SDR Rights Issue, a total of 153,172,548 New
SDRs will be issued and Beowulf will receive approximately SEK 56.7
million (approximately GBP5.1 million) (gross). Settlement notes
are expected to be sent out today, 9 December 2020.
Background:
Beowulf is conducting an open offer of new Ordinary Shares on a
pre-emptive basis of up to approximately GBP 7.3 million in total
(gross) ("Open Offer"). The subscription period for the Open Offer
ends at 11.00 a.m. (London time) on 18 December 2020. To enable
existing holders of Swedish Depository Receipts ("SDRs") to
participate in the Open Offer, the Company has offered entitlements
to New Ordinary Shares under the Open Offer by way of the SDR
Rights Issue, which ended on 4 December 2020. New SDRs in the SDR
Rights Issue have also been offered for subscription without
preferential rights to institutional investors, other professional
investors and the general public in Sweden. Beowulf had prior to
the launch of the SDR Rights Issue received underwriting
commitments of up to 80 per cent. (approximately SEK 45.3 million)
of the SDR Rights Issue.
Subscription and allotment in the SDR Rights Issue:
The SDR Rights Issue ended on 4 December 2020 and was subscribed
to a total of approximately SEK 74.2 million (approximately GBP6.6
million), including pre-subscription commitments, corresponding to
a subscription rate of approximately 131 per cent. A total of
153,172,548 New SDRs will be issued and Beowulf will therefore
receive approximately SEK 56.7 million (approximately GBP5.1
million) (gross) as part of the Open Offer. 136,009,107 New SDRs,
corresponding to approximately SEK 50.3 million (approximately
GBP4.5 million) and 89 per cent. of the SDR Rights Issue, were
subscribed for with the support of subscription rights. 64,482,026
New SDRs, corresponding to approximately SEK 23.9 million
(approximately GBP2.1 million) and 42 per cent. of the SDR Rights
Issue, were subscribed for without support of subscription rights.
Allotment of New SDRs has been decided upon by the Board of
Directors in accordance with the principles stated in the Company's
prospectus dated 16 November 2020 ("Prospectus"). Settlement notes
are expected to be sent out today, 9 December 2020.
Number of New SDRs:
When the New SDRs are registered with Euroclear Sweden AB, the
total number of SDRs in Beowulf will amount to 561,632,677.
Indicative timetable for the SDR Rights Issue:
Latest date for payment without 11 December 2020
preferential rights under the SDR
Rights Issue
Announcement of the combined result 21 December 2020
of the Open Offer, the SDR Rights
Issue and the Additional Subscription
Last day of trading in the Paid on or around 21 December 2020
Subscribed SDRs
Record date for conversion of the on or around 23 December 2020
Paid Subscribed SDRs into New SDRs
New SDRs credited to VPC Accounts on or around 29 December 2020
of subscribers and, where applicable,
their nominees
Swedish admission to trading on on or around 29 December 2020
Spotlight Stock Market and commencement
of dealings in the New SDRs
These times and dates and those mentioned throughout this
announcement are indicative only and may be adjusted by the Company
in consultation with the Brokers, in which event details of the new
times and dates will be notified to the FCA, the London Stock
Exchange and Spotlight.
Exchange rate:
This announcement contains certain translations of pounds
sterling into amounts in SEK for convenience of the reader based on
the exchange rate of GBP1.00 = SEK 11.2272, being the relevant
exchange rate on 8 December 2020. These exchange rates were
obtained from the homepage of the Central Bank of Sweden.
Definitions:
Words and phrases defined in the Prospectus bear the same
meaning in this announcement.
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771
6993
SP Angel
(UK Financial Adviser, Nominated Adviser
& Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
0470
Sedermera Fondkommission
Swedish Financial Adviser and Broker Tel: +46 (0) 40-615
14 10
Bird & Bird
Legal adviser to the Company as to Swedish Tel: +46 (0)8 506 320
law 00
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138
3204
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