First day of trading in the GARO share
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, OR ANY OTHER JURISDICTION IN WHICH THE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
GARO Aktiebolag (publ) ("GARO" or the "Company") today announces the outcome of the offer to acquire shares in the Company in connection with the Company's Initial Public Offering (the "Offering"). The Offering attracted very strong interest from both Swedish and International institutional investors as well as the general public in Sweden and employees of GARO. The Offering was substantially over-subscribed.
The Offering in brief:
- As previously announced, the price in the Offering was SEK 73 per share, corresponding to a value of the total number of outstanding shares in GARO of SEK 730 million.
- The Offering comprised of 4,000,000 existing shares which was offered by Lars Svensson, Jerzy Petersson and Stefan Jonsson Invest AB (the "Owners").
- In order to cover any potential over-allotment in relation to the Offering, the Owners has, on request from Global Coordinator, undertaken to offer up to 600,000 additional shares (the "Over-Allotment Option"), corresponding to up to 15 per cent of the number of shares in the Offering.
- Approximately 7,500 investors have been allotted shares in GARO.
- Assuming a full exercise of the Over-Allotment Option, the Offering will comprise 4,600,000 shares, corresponding to a total value of the Offering of SEK 335.8 million (corresponding to 46 per cent of the total number of outstanding shares in GARO).
- Svolder AB and Vätterledens Invest AB ("Cornerstone Investors") have committed to acquire shares in the Offering corresponding to 30.4 per cent of the total number of shares in the Offering assuming the Over-Allotment Option is fully exercised and 7 respectively 7 percent, 14 per cent in total, of the total number of outstanding shares in the Company, corresponding to SEK 102.2 million.
- Following completion of the Offering, the Owners will remain among the largest shareholders in GARO and Lars Svensson will remain as the main owner. The Owners will, assuming that the over-allotment option is exercised in full, hold 54 per cent of the total number of outstanding shares in the Company.
- Trading in the GARO share on Nasdaq Stockholm commences today March 16, 2016, with the ticker symbol "GARO".
Stefan Jonsson, CEO, board member and one of GARO's Owners, comments
"The interest from investors has been great, we are happy and of course very proud of GARO. We welcome our new shareholders and are very positive about the growth opportunities that the planned listing of the Company will enable. Members of the management team and the Board of directors look forward to continue our journey as a listed company and continue to create value for both existing and new shareholders."
Advisors
Carnegie is Global Coordinator and Bookrunner. Mannheimer Swartling is legal advisor to GARO and the Owners. Baker & McKenzie is legal advisor to Carnegie.
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 07.00 a.m. on March 16, 2016.