Bli medlem
Bli medlem

Du är här

2016-10-17

Anoto enters into an investment agreement with ABLE Investment Advisors Inc.in the total amount of US$ 6 million to replace the investment agreement with SMark

Anoto Group AB
Company Announcement

Anoto enters into an investment agreement with ABLE Investment Advisors Inc.in
the total amount of US$ 6 million to replace the investment agreement with
SMark

Lund, October 17, 2016 – As previously announced, Anoto has on July 15, 2016
entered into a strategic cooperation with Digiwork, a specialist in
pattern-based image encoding technology using mobile phones and tablets for
pattern recognition. In addition, Anoto entered into an investment agreement
with Digiwork’s listed parent company SMark Co., Ltd. (“SMark”) to establish a
cross shareholding involving a US$ 2 million investment by Anoto into SMark and
a US$ 5 million investment by SMark in Anoto. The transaction whereby Anoto is
making an investment in SMark has been completed. However, the parties have now
decided to revise their plan for SMark’s investment into Anoto, due to recent
KOSDAQ Market Regulations regarding cross-investment by a listed company. To
proceed with the investment by SMark into Anoto could potentially lead to
sanctions being imposed, which indirectly would have been negative also for
Anoto’s investment in SMark.

Instead, a new investment agreement has been entered into with ABLE Investment
Advisors Inc. (“ABLE”), a related party to SMark. According to this new
investment agreement ABLE, or an entity affiliated to ABLE, shall subscribe for
shares in Anoto for a total amount of US$ 6 million in three installments of
US$ 1 million, US$ 3,927,732 and US$ 1,072,268. The subscription price for the
new shares amounts to US$0.0231348938 (the “Subscription Price”) (corresponding
to SEK 0.20 at the exchange rate of 8.64495141 for US$/SEK). The second and
third installments under the investment agreement are conditional upon
regulatory approval by authorities in Korea, which ABLE expects to receive
within two business days of filing an approval request for the investments,
currently scheduled for October 20, 2016.

The strategic cooperation between Anoto and SMark continues as planned and will
not be affected by the new investment agreement with ABLE. The joint
development between Anoto and Digiwork of “Product DNA” is progressing
according to plan.

Pursuant to the investment agreement, the Board of Directors of Anoto resolved
on October 17, 2016, by virtue of the authorization from the Annual General
Meeting held on June 9, 2016, to issue 213,000,000 common shares, corresponding
to the number of shares to be issued under the first and second instalment
referred to above, to be subscribed for by ABLE at the Subscription Price. The
Board of Directors also resolved, subject to approval by the general meeting,
to issue 46,348,500 common shares, corresponding to the number of shares to be
issued under the third instalment, to be subscribed for by ABLE at the
Subscription Price. The Board of Directors is of the opinion that the
subscription price corresponds to the market price considering the current
market conditions. The reasons for deviation from the shareholders'
preferential rights are to raise capital in a time efficient manner and to
strengthen the relationship between Anoto and SMark.

An Extraordinary General Meeting is expected to be held on or around the middle
of November 2016 with the purpose of inter alia approving the Board of
Directors resolution to issue 46,348,500 common shares and appointing a new
board member nominated by ABLE.

For further information, please contact:

Joonhee Won, CEO

For more information about Anoto, please visit www.anoto.com or email
ir@anoto.com

Anoto Group AB (publ)

Reg.No. 556532-3929, Mobilvägen 10, SE- 223 62 Lund

Tel. +46 46 540 12 00

This information is information that Anoto Group AB is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact person set out above, at 08:00
a.m. CET on October 17, 2016.

About Anoto
Anoto is a global leader in digital writing and drawing solutions. Its
technology enables high-precision pen input on nearly any surface. Anoto is
present around the world through a global network of strategic licensing
partners that deliver user-friendly writing and drawing solutions for effective
collection, transfer and storage of data. Anoto is traded on the Small Cap list
of Nasdaq Stockholm under ANOT.

Författare SSE

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.