The financial package also included a so-called "repair issue" of up to 20.2 million, which the Extraordinary General Meeting June 4, 2015 approved. The Annual General Meeting decided on a rights offering a share issue in which existing shareholders are offered for every three (3) shares to subscribe for one (1) new share at a subscription price of SEK 1.00. The subscription period for the rights issue was 9 June to 13 July 2015. The shares traded during most of the period of subscription for SEK 1.00 which is why the interest was initially limited. The share issue is now complete and total signed 14,729,545 shares of which 1,796,808 shares were subscribed by shareholders with preferential rights and the rest of the shareholders, without preference. In this "repair issue" Mavshacks current main shareholders subscribed for 8,635,000 shares without preferential rights and Mavshacks board of directors subscribed for a total of 1,211,537 shares without preferential rights.
Through the "repair issue" the number of shares increased by 14,729,545 and the share capital by 7,364,773 SEK.
In total Mavshack has through these share issues added SEK 38,7 million of which SEK 26,1 million in cash and the remainder was subscribed by set-off. The number of shares has increased by 38,710,189 to 75,194,421 and the share capital by SEK 19,355,095 to SEK 37,597,210.50.
"We are pleased with the outcome of these share issues, especially considering that the share has traded below the exercise price during the subscription period. It has been a tough spring during which shareholders confidence in us has been ailing. Its therefore reassuring that the Board of Directors and the main owners demonstrated their commitment to the company's new strategy and plan ahead," says Anders Lindén, CEO Mavshack.