Exercise of the over-allotment option in the initial public offering of GARO
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE SUBJECT TO LEGAL RESTRICTIONS
Further to the announcement by GARO AB (publ) ("GARO" or "Company") on 16 March 2016, GARO today confirms that, in connection with the initial public offering and listing of its shares on Nasdaq Stockholm (the "Offering"), Carnegie Investment Bank AB (the "Global Coordinator") has exercised the over-allotment option in full in respect of 600,000 existing shares in GARO.
In connection with the Offering, the Company's main shareholders ("Lars Svensson, Jerzy Petersson and Stefan Jonsson through Stefan Jonsson Invest AB") granted the Global Coordinator an over-allotment option up to 600,000 existing shares of the Company for the purpose of covering over-allotments of shares in the Offering (the "Over-allotment Option"). The Global Coordinator has today exercised the Over-allotment Option in full.
After the exercise of the Over-allotment option, the main shareholders will hold 5,400,000 shares in GARO, corresponding to 54 percent of the shares and votes in the Company.
No price stabilization activities have been carried out since the listing, and due to the Company's share price performance, the Global Coordinator has decided to end the stabilization period.
For further information, please contact: Stefan Jonsson, CEO GARO Telephone: +46 (0)370 33 28 02 E-mail: [email protected]
Patrik Linzenbold, IR-director GARO Telephone: +46 (0)708 25 26 30 E-mail: [email protected]
About GARO
GARO develops and manufactures innovative turnkey solutions for the electric installation market under its own brand. GARO has since its inception, 75-years ago, developed strong customer relationships and a well-developed network of suppliers that in combination with the Company's own production and sales units constitutes a platform to supply innovative electrical installation solutions. The business is conducted in Sweden, Norway, Finland, Ireland and Poland, and the group is organised in two business segments: GARO Sweden and GARO Other markets. The Company has evolved from a local production focused company to a development driven and market oriented company with, according to the Company, a leading position within its selected product areas: Electrical distribution products, Project business, Temporary electric installations and EV-charging. GARO's main customers are electrical wholesalers but the Company also has strong relationships with its end customers comprising of installers, OEMs and industrial companies.
For more information, about GARO visit www.garo.se.
Important information
This press release is not an offer to sell or a solicitation of any offer to buy any securities issued by GARO Aktiebolag (publ).
This press release may not be distributed in or into the United States, Canada, Japan, Australia or any other jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, registrations or other actions in addition to what follows from Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in a manner that contravenes such restrictions or would entail such requirements.
In any EEA Member State, other than Sweden, that has implemented Directive 2003/71/EC as amended (together with any applicable implementing measures in any member State, the "Prospectus Directive"), this press release is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This press release and the information contained herein are not for distribution in or into the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.
In the United Kingdom, this press release and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this press release relates is available only to, and will be engaged in only with, "qualified investors" (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
This press release may contain forward-looking statements which reflect GARO's current view on future events and financial and operational development. Words such as "intend", "assess", "expect", "may", "plan", "believe", "estimate" and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements.
A Swedish prospectus in accordance with the Prospectus Directive was published (March 7, 2016) and is, subject to certain restrictions, available on the websites of GARO (www.garo.se) and Carnegie (www.carnegie.se).
The information in this press release is disclosed by GARO Aktiebolag in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 12.45 a.m. on March 24, 2016.