Not for release, publication or distribution in Australia, Canada, Japan or the
United States
This announcement does not constitute an offer to sell or the solicitation of
an offer to buy the securities of TK Development A/S (the “Securities”) in
Australia, Canada, Japan or the United States or in any other jurisdiction. The
securities may not be offered or sold in the United States absent registration
or an exemption from the registration obligation under the U.S. Securities Act
of 1933, as amended. TK Development A/S has not registered and does not intend
to register the Securities or any portion thereof in the United States or in
any other jurisdiction outside Denmark and does not intend to make a public
offering of the Securities, whether directly or indirectly, in the United
States or any other jurisdiction outside Denmark.
TK Development A/S completes rights issue and capital reduction
Today, TK Development A/S (the “Company”) completed the offering of shares with
preemptive rights for the Company's existing shareholders (the “Offering”), see
Announcement No. 10/2010 of 5 August 2010. 14,021,905 new shares of nominally
DKK 15 each, corresponding to 100% of the offered shares, have been subscribed
for. The new shares were subscribed for at a price of DKK 15 per share,
generating gross proceeds of DKK 210.3 million for the Company. After deducting
expenses related to the Offering, anticipated net proceeds of DKK 198.3 million
will be available to the Company.
In order to ensure that all offered shares were subscribed for, thus resulting
in gross proceeds of DKK 210.3 million, advance commitments had been obtained
in connection with the rights issue from a group of existing shareholders to
subscribe for a total of 3,870,676 new shares by exercising their respective
subscription rights, corresponding to total gross proceeds of DKK 58.1 million.
In addition, a number of investors (collectively called the “Group of
Underwriters”) had issued binding underwriting commitments to subscribe for up
to 10,152,884 of the offered shares, corresponding to total gross proceeds of
up to DKK 152.3 million. At the expiration of the subscription period,
13,976,886 new shares had been subscribed for, equivalent to a subscription
ratio of 99.7 %. In total, the Group of Underwriters had subscribed for 45,019
new shares in accordance with their underwriting commitments, corresponding to
0.3 % of the full Offering. Technical issues relating to the offering structure
make up the prime explanatory factor for the utilization of the underwriting
commitments.
The Lead Manager, Nordea Bank Danmark A/S, has notified the Company that no
stabilisation measures were taken with respect to subscription rights in
connection with the Offering.
The new shares have been registered with the Danish Commerce and Companies
Agency as of today, simultaneously with registration of the capital reduction
adopted at the Company's Extraordinary General Meeting on 1 July 2010.
After registration of the new shares and the capital reduction, the Company's
nominal share capital amounts to DKK 630,985,725, divided into 42,065,715
shares each with a nominal value of DKK 15.
The new shares are expected to be admitted to trading and official listing on
NASDAQ OMX Copenhagen A/S on 31 August 2010 under the ISIN code for the
Company's existing shares, DK0010258995.
The new shares carry the same rights as the Company's existing shares and are
eligible for dividend as from the 2010/11 financial year.
Further information is available from Frede Clausen, President and CEO, on tel.
+45 8896 1010.
This announcement has been prepared in both a Danish and an English version. In
case of doubt, the Danish version shall prevail.
