Klövern AB committed to acquire 7.5 million ordinary shares of Tobin Properties AB in a directed share issue at a cash price of 20 Swedish kronor per share, or 150 million kronor in the aggregate.
The issue would result in Klövern becoming a new main owner of Tobin, owning about 40% of its shares and holding roughly 42% of voting rights in Tobin.
Klövern also agreed to guarantee a rights issue of at most 2,592,383 ordinary shares at a subscription price of 20 kronor per ordinary share for a total subscription price of 52 million kronor. If it satisfies its guarantee for the entire rights issue, Klövern's ownership will equate to 47% of the number of shares and 49% of voting rights in Tobin.
Once the newly issued shares are registered at the Swedish Registration Office and entered into the share register by Euroclear Sweden AB, Klövern will hold shares representing more than 30% of the voting rights in Tobin and will be obliged to initiate a mandatory offer for the latter within four weeks.
The planned directed issue and the rights issue, which are conditional on each other, will be up for a vote at an extraordinary general meeting Jan. 8, 2018. Subscription in the directed issue will occur Jan. 12, 2018, at the earliest and Jan. 20, 2018, at the latest.
As of Dec. 4, US$1 was equivalent to about 8.42 Swedish kronor.
