Mavshacks Board of Directors decided on July 13 to utilize SEK 7 million of the SEK 30 million investment guarantee as previously agreed with Abara Equities Ltd. The funds will be used as working capital for the growing the business in relation to the recent launch of live sports, news and current shows.
On September 24, 2015, Mavshack announced that the company had entered into an investment agreement with Abara Equities Ltd wherein Abara guaranteed new share issues of up to SEK 30 million. 10 MSEK of this guarantee was utilized during 2015. The board decided yesterday to utilize an additional SEK 7 million of this guarantee.
"Now that we have grown our content library and made it more comprehensive with the offering of the latest shows, news and live sports, it is now crucial that we capitalize on these assets by enhancing our undertakings and marketing strategy to ensure a subscription conversion oriented thrust aimed at securing new and engaged paying subscribers. This is necessary for the continued growth of Mavshack," says Rainier David, CEO Mavshack.
Mavshack will issue a total of 30 000 000 new shares to Abara Equities at a subscription price of SEK 0.2448. In accordance with the agreement, the subscription price has been set at 90 % of the average share price during the five days before the issue date. After the issue, the number of shares in Mavshack will be 147 106 943 and the registered share capital 14 710 694,555 kronor.
Mavshack has the option to use the remaining part of the investment guarantee until October 2016.
July 14, 2016
For more information please contact
CEO Rainier David, Phone +46 8 12451790
CFO P-O Östberg, Phone +46 8 12451790
This information is information that Mavshack AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CET on July 14th 2016.
About Mavshack AB
Mavshack operates a global Internet TV services with Asian entertainment. The service, which is available through Internet connected devices, is genuinely global with users in over 80 countries. With the largest library of Filipino and Indian titles, as well as agreements with Asia's leading content providers, Mavshack is the obvious choice for Asian entertainment around the world. The company operates its business on a proprietary technology platform.
Mavshack AB (publ) is a publicly traded company listed on Nasdaq First North under the ticker MAV. Certified adviser is Erik Penser Limited. More information about the company is available at www.mavshack.se
Prenumerera på nyheter och rapporter
E-post: ir@mavshack.com
Telefon: 08-124 517 90
Mavshack gruppen
Mavshack AB (publ) är noterat på Nasdaq First North Growth Market och handlas som MAV.
Carnegie Investment Bank AB är
Certified Adviser
Mavshack AB
Karlavägen 58
SE-114 49 Stockholm
Sverige
Telefon +46-8-124 517 90
Copyright 2022 @ Mavshack AB. All rights reserved.
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