Balder announces directed issue of 18 million Class B shares raising proceeds of approximately SEK 1.2 billion

The shares in the new issue have been subscribed for by AMF and Swedbank Robur. Through the new issue, Balder will receive SEK 1,167,300,000 before issue costs which are estimated to amount to approximately SEK 50,000. The proceeds enable the repurchase of up to EUR 200 million of Balder’s outstanding hybrid capital of approximately EUR 400 million.

– We are pleased that two well-reputed investors are increasing their ownership in Balder. We look forward to managing their trust in the best possible way, says Erik Selin, CEO.

The purpose of the new issue and the reason for the deviation from the shareholders’ preferential rights is to let reputable investors increase their ownership in Balder. Further, the new issue enables Balder to repurchase parts of the outstanding hybrid capital. Due to the extended time period required to carry out a rights issue and the current market sentiment, it is the board of directors’ assessment that a new issue with deviation from the shareholders’ preferential rights is in Balder's and all shareholders’ interest and therefore also justifies deviation from the main rule that new issues shall be carried out with preferential rights for the shareholders. The board of directors’ assessment is that the terms of the new issue is in accordance with market conditions, since they have been determined through a negotiation at arm's length between Balder and the investors where the subscription price essentially corresponds to the volume weighted average price of the company’s Class B share on Nasdaq Stockholm on 12 February 2024 of SEK 64.93 per share.

The new issue entails a dilution effect of approximately 1.5 per cent in relation to the total number of shares and approximately 1.0 per cent in relation to the total number of votes in Balder by increasing the number of outstanding shares from 1,154,000,000 to 1,172,000,000 (divided into 67,376,592 Class A shares and 1,104,623,408 Class B shares) and the number of votes increases from 176,038,932.8 to 177,838,932.8.

For further information, please contact:
Erik Selin, CEO, tel. +46 (0)31-10 95 92
Ewa Wassberg, Head of Finance, tel. +46 (0)31-351 83 99

 

This information is information that Fastighets AB Balder (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 persons set out above, at 22:15 CET on 12 February 2024.