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2021-10-14

Scandinavian Enviro Systems AB (publ) completes a directed new share issue, raising approximately SEK 125 million

The Board of Directors of Scandinavian Enviro Systems AB (publ) ("Scandinavian Enviro Systems" or the "Company") has, in accordance with the Company's press release earlier today, resolved on and completed a new share issue of 65,789,474 shares, corresponding to approximately SEK 125 million (the "Directed New Share Issue"). The subscription price in the Directed New Share Issue was set to SEK 1.90 per share. The Directed New Share Issue is primarily carried out to finance the Company's expansion plans and growth.

N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

The Board of Directors of Scandinavian Enviro Systems has, based on the authorization given by the Annual General Meeting on May 20, 2021, and as communicated in the Company's press release earlier today, resolved on and carried out a directed new share issue of 65,789,474 shares to institutional investors. The Company's largest shareholder Michelin has subscribed for its pro-rata share corresponding to 20.0 percent of the Directed New Share Issue.

The subscription price in the Directed New Share Issue was set to SEK 1.90 and has been determined through a so-called accelerated bookbuilding procedure carried out by the Company's financial advisor Pareto Securities AB ("Pareto Securities"), why it is the Board of Directors' assessment that the subscription price is in accordance with market conditions. The subscription price corresponds to a discount of approximately 9.9 percent to the last 20 days' volume weighted average share price. Through the Directed New Share Issue, Scandinavian Enviro Systems will receive approximately SEK 125 million before deduction of transaction costs.

The rationale for carrying out the Directed New Share Issue and for the deviation from the shareholders' preferential rights is to secure financing of the Company's strategy and progress, including preparation for the previously communicated expansion plan. product development, in a time- and cost-effective manner.

The Directed New Share Issue entails a dilution of approximately 10.0 percent of the number of shares and votes in the Company. Through the Directed New Share Issue, the number of outstanding shares and votes will increase by 65,789,474, from 590,826,115 to 656,615,589. The share capital will increase by SEK 2,631,578.96, from SEK 23,633,044.60 to SEK 26,264,623.56.

In connection with the Directed New Share Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of 6 months after the announcement of the outcome of the Directed New Share Issue. Board members and senior executives, including the CEO and the CFO, have undertaken not to sell any shares in Scandinavian Enviro Systems for a period of 180 calendar days after the announcement of the outcome of the Directed New Share Issue, with customary exceptions.

Advisers

Pareto Securities AB is acting as Sole Manager and Bookrunner. Wigge & Partners Advokat KB is legal adviser to Scandinavian Enviro Systems AB and Baker McKenzie Advokatbyrå KB is legal adviser to Pareto Securities in connection with the Directed New Share Issue.

For more information, please contact:

Thomas Sörensson, CEO Scandinavian Enviro Systems AB
Tel: +46 (0) 73 510 53 43
E-mail: thomas.sorensson@envirosystems.se  

Urban Folcker, CFO Scandinavian Enviro Systems AB
Tel: +46 (0) 76 00 013 11
E-mail: urban.folcker@envirosystems.se

Alf Blomqvist, Chairman of the Board Scandinavian Enviro Systems AB
Tel: +46 (0) 733 149 700
E-mail: alf@blomqvistunlimited.com

About Scandinavian Enviro Systems

Scandinavian Enviro Systems AB offers efficient tyre recycling using patented technology. Recovering valuable resources and limiting the need for fossil exploitation. Scandinavian Enviro Systems is listed on the Nasdaq First North Growth Market Stockholm. Mangold Fondkommission AB, +46 8 503 01 550, ca@mangold.se,is the Company's Certified Adviser. For more information, please visit the Company's website, www.envirosystems.se.

This information is such that Scandinavian Enviro Systems AB (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, on October 14, 2021 at 22:25 CEST.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, where such offer would be considered illegal. This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. Scandinavian Enviro Systems has not authorized any offer to the public of shares or rights in any Member State of the EEA and no prospectus has been or will be prepared in connection with the Directed New Share Issue. In any EEA Member State, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of the Prospectus Regulation.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of 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. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into Australia, Hong Kong, Japan, Canada, New Zeeland, Singapore, South Africa, the United States or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

In the United Kingdom, this document 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 document relates is available only to, and will be engaged in only with, "qualified investors" (according to the definition in clause 86(7) of the Financial Services and Markets Act 2000) 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"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, 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 announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Directed New Share Issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by Pareto Securities. Pareto Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

This press release does not constitute an invitation to warrant, subscribe, or otherwise acquire or transfer any securities in any jurisdiction. This press release does not constitute a recommendation for any investors' decisions regarding the Directed New Share Issue. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release.

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's intentions, assessments, or current expectations about and targets for the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, ...

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