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Pandox engages bank to evaluate potential class B share issue

Pandox authorized investment bank ABG Sundal Collier to carry out an evaluation of the conditions for a new issue of up to 7,499,999 class B shares.

Two of the company's shareholders, Eiendomsspar Sverige AB and Christian Sundt AB, have indicated interest in subscribing for shares corresponding to an estimated 150 million Swedish kronor, according to a release. Two other existing Pandox shareholders, AMF and Swedbank Robur Fonder, have also expressed their willingness to participate in the share issue.

The hotel property owner says it will channel the proceeds from the potential share issue toward acquisitions. Pandox announced in November that it had agreed to acquire seven European hotels from Invesco Real Estate for €415 million.

The mandate for a share issue was granted at Pandox's annual general meeting earlier in May.

As of Dec. 8, US$1 was equivalent to 9.14 Swedish kronor.