Tellus Group's rights offering was heavily oversubscribed
Published: April 22, 2021
IR - Regulatory
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On Tuesday, April 20, 2021, the subscription period for Tellusgruppen AB (publ) (“Tellusgruppen” or “the Company”)’s unit offering ahead of its planned listing on the Nasdaq First North Growth Market (“the Offering”) closed. The SEK 20 million Offering was heavily oversubscribed, with total subscriptions amounting to approximately SEK 56 million from over 1,500 investors, corresponding to a total subscription rate of approximately 280 percent. Eighty percent of the SEK 20 million Offering was underwritten, corresponding to SEK 16 million. In addition to the underwriters’ commitment, SEK 4 million remained in the open offering, which was oversubscribed by approximately 1,000 percent. The company thus gains 546 new shareholders through the Offering.
“The high subscription rate shows that the school and preschool industry is attractive to investors. The school sector is a stable industry with exciting potential. The positive response we’ve received also reflects interest in our company as a long-term owner with very exciting growth potential. This strong interest gives us a broader foundation from which to operate, which has been one of our priorities with the listing. We welcome all new shareholders to Tellusgruppen,” says Bijan Fahimi, CEO of Tellusgruppen.
Subscription
The offering was oversubscribed by approximately 280 percent, which means that 2,500,000 shares and 2,500,000 warrants will be issued, thereby raising SEK 20 million in cash proceeds for the Company prior to issuance costs.
Allocation
Due to the high level of interest, not all subscribers have received an allocation. The allocation of units subscribed for as part of the offerings will be made in accordance with the principles set forth in the investment memorandum published on March 31, 2021. Subscribers who have been allocated units through their custodian will receive notification of their allocation via their respective custodian. As soon as the offering is registered with the Swedish Companies Registration Office, Series TO1 warrants will be delivered to the respective custody account or VP account. Settlement notices are scheduled to be sent out on April 22, 2021.
Shares and Share Capital
Following the registration of all shares and warrants issued in the offerings, the number of shares in the Company will increase from 10,032,100 to 12,532,100, and the number of Series TO1 warrants will amount to 2,500,000. The Company’s share capital will increase from SEK 500,000 to SEK 624,600.03. If all Series TO1 warrants are exercised to subscribe for shares, an additional 2,500,000 new shares will be issued, and the Company’s share capital will thereby increase by an additional SEK 124,600.03.
Preliminary Timeline
The settlement date for the offering is estimated to be April 26, 2021.
The first day of trading for the Company’s shares on the Nasdaq First North Growth Market is expected to be April 28, 2021, subject to approval of the application, which will be announced in a separate press release.
- The warrants related to the Offering will be issued to the holder once the issuance has been registered with the Swedish Companies Registration Office. The Company will apply for admission to trading of the warrants in connection with the registration, and the first day of trading will be announced in a separate press release.
, Mangold Fondkommission, is serving as financial advisor, and the law firm Delphi is serving as legal advisor to the Company in connection with the Offering.
For more information, visit
Bijan Fahimi, CEO of Tellusgruppen AB
bijan.fahimi@tellusgruppen.se
+46 70 716 74 53
Certified Adviser
The Company’s Certified Adviser is Mangold Fondkommission AB, which can be reached by phone at 08-5030 1550 and by email at ca@mangold.se.
This information is information that Tellusgruppen AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication by the contact person listed above on April 22, 2021, at 10:45 a.m. CEST.
About Tellusgruppen AB (publ)
Tellusgruppen is a long-term owner of well-managed companies in the education and child care sectors. The Group currently operates 23 preschools and four elementary schools, and also provides babysitting and homework assistance.
Tellusgruppen was founded in 2012 as the parent company of Tellusbarn (Tellusbarn was founded in 2007) and as a platform for future expansion in the education and child care sectors.
Tellusgruppen's business concept is to establish, operate, and develop profitable and growing subsidiaries in the childcare and education sectors. The company will serve as the parent company of a group that offers and delivers high-quality, innovative, and in-demand services in their respective fields.
Important Information
The publication, release, or distribution of this press release may be subject to restrictions in certain jurisdictions. Recipients of this press release in jurisdictions where this press release has been published or distributed must inform themselves of and comply with such restrictions. This press release does not constitute an offer or an invitation to acquire or subscribe for any securities in the Company in any jurisdiction, either from the Company or from any other party. The offer directed to the general public in Sweden and selected institutional investors is made solely through the investment memorandum published by the Company.
This press release may contain forward-looking statements that reflect the Company’s current views regarding future events and financial and operational developments. Expressions such as “intends,” “aims,” “expects,” “anticipates,” “may,” “estimates,” “plans,” “calculates,” and other expressions that indicate or predict future developments or trends and are not based on historical facts. Such forward-looking statements are based on assumptions or estimates, and the Company makes no guarantees that such statements will be realized or prove to be accurate. Nor is the Company responsible for the future accuracy of the information.
This press release neither identifies nor purports to identify risks (direct or indirect) that may be associated with an investment in the Company’s securities, and the press release does not constitute a recommendation to potential investors regarding the Offer. Any investment decision regarding the Offer should be made based on all publicly available information concerning the Company and the Company’s shares and warrants. The information in this press release is published solely as background information and does not claim to be complete. An investor should therefore not rely solely on the information in this press release or its accuracy or completeness. The price and value of the securities may decrease as well as increase. Past performance is not indicative of future results.
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