Strategic Investor Manor Exercise Subscription Rights For ~6.5m New Shares in Agrinos
Reference is made to the bridge loan announced November 8th, 2013 and the subsequent equity balance sheet strengthening announced December 11th, 2013 that combined included the issuance of in total 9 817 567 independent subscription rights for shares in Agrinos.
The company today announces that Manor Investment S.A. (“Manor”), Agrinos’ largest shareholder and strategic investor, represented on the Agrinos’ Board of Directors by Jean Baptiste Oldenhove, has exercised 6 489 128 independent subscription rights (the “rights”) for new shares in Agrinos.
The rights are exercised for the subscription of new shares in Agrinos at a price 15% below the volume weighted average price per share over the last 60 trading days prior to the notification of exercise. The 6 489 128 shares will be subscribed for at NOK 1.7 per share, providing NOK 11 million (USD ~1.7 million) in proceeds.
Agrinos announced Friday November 14th, 2014 that companies associated with board member Morten Bergesen, and board member Gerardo Esquer had exercised 1 061 335 rights for new shares in Agrinos, providing NOK 1.8 million (USD ~0.3 million) in proceeds.
Combined, the exercise of rights by Manor, companies associated with board member Morten Bergesen, and board member Gerardo Esquer, will provide NOK 12.8 million (USD ~2.0 million) in proceeds.
“We welcome this confirmation of the strong support our largest owners have shown for Agrinos in this important period in the company’s development. The proceeds from the new shares issued related to the rights exercises announced today, and announced on Friday of last week, complements the ongoing strengthening of our balance sheet that will enable the implementation of our sharpened growth strategy set in motion earlier this year.” said Chief Executive Officer, D. Ry Wagner.
After the issuance of new shares related to the above mentioned rights, number of shares outstanding in Agrinos will increase by 7 550 463 to 72 441 751 shares. Based on today’s holdings and the new shares to be issued, Manor will hold 23 220 760 shares equal to 32.1%, while the companies associated with board member Morten Bergesen (Havfonn, Snefonn, Breifonn, Langfonn and Solfonn) will hold 7 856 779 shares equal to 10.8%.
The rights have been open for exercise since April 1st 2014 and the remaining 2 267 104 rights can be exercised in full or in part, on one or several occasions, on or before 5 weeks following the annual general meeting in Agrinos approving the annual accounts of 2014, but not later than 15 July 2015.
For further information, please contact:
EVP Corporate Communications and IR
Mobile: +47 908 58 221
Agrinos is a biological crop input provider committed to improving the productivity and sustainability of modern agriculture. Agrinos’ range of High Yield Technology® (“HYT®”) products helps farmers to practice profitable agriculture by providing increased crop productivity, improved efficiency of conventional fertilizer and a reduced environmental footprint.
Certified as organic and based on Agrinos’ proprietary technology, the HYT® products provide benefits by strengthening the soil-based microbial ecosystem, stimulating crop development at key points in the growth cycle and boosting natural plant resistance to pathogens and threats. With solutions for a variety of crop categories, the technology comprising the HYT® products has demonstrated its value in third-party trials in key agricultural regions worldwide.« Return to News