Better Collective raises DKK1.1bn in preparation for future M&A opportunities
Affiliate giant eyes further growth following completion of Playmaker acquisition at the start of February
The post Better Collective raises DKK1.1bn in preparation for future M&A opportunities first appeared on EGR Intel.
Better collective raised DKK1,081.9m (£124.3m) after selling over five million shares as it prepares for future M&A opportunities.
The affiliate giant announced on Wednesday afternoon, 28 February, that it was “offering” roughly 10% of “new shares” via an accelerated bookbuild, aimed at institutional and professional investors in Denmark, Sweden and several other countries.
The subscription price of the market shares prior to selling were DKK189.4 with implied 0% discount.
A total of 5,712,284 “new shares” were sold, each with a value of €0.01, raising gross proceeds of DKK1,081.9m.
In the affiliate’s expected timetable, settle and payment against the delivery of the new shares is expected to take place on 4 March 2024, the same day the registration of the capital increase will be logged with the Danish Business Authority.
Following the Danish Business Authority registration, the share capital of the Danish affiliate will consist of 62,835,131 shares at €0.01 each.
Admission to the trading and official listing of the new shares on both Nasdaq Copenhagen and Nasdaq Stockholm is expected to take place on 5 March 2024.
In a regulatory release, Better Collective provided an explanation on how the new shares will work alongside the affiliate’s existing shares.
The statement read: “The new shares will rank pari passu [equally] in all respects with existing shares in Better Collective.
“The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry or will carry any special rights.
“Rights conferred by the new shares, including voting rights and dividend rights, will apply from the time when the capital increase is registered with the Danish Business Authority.
“The new shares must be registered in the name of the holder in the company’s register of shareholders,” the announcement concluded.
Since 2017, Better Collective has completed 34 acquisitions, most recently Playmaker Capital at the start of the February in a €176m deal first announced last November.
The post Better Collective raises DKK1.1bn in preparation for future M&A opportunities first appeared on EGR Intel.
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