The Board of Directors of Collector AB (publ) (”Collector” or the “Company”) has
resolved to launch an issue of shares of approximately SEK 500m with
preferential rights for Collector’s shareholders.
The rights issue in brief:
· The rights issue is carried out to enable continued growth and meet the
Company’s financial target regarding capital adequacy
· The subscription period will run from September 27, 2016 up to and
including October 11, 2016
· Shareholders in Collector have preferential right to subscribe for one (1)
new share per ten (10) existing shares, i.e. a subscription ratio of 1:10
· The subscription price is SEK 55 per share, which amounts to maximum issue
proceeds of not more than SEK 513m before transaction costs
· Collector has received subscription undertakings and intentions to subscribe
corresponding to 78 percent of the rights issue
Lena Apler, Collector’s founder and Chairman of the Board, comments:
”We are delighted to see that Collector’s strong growth continues. As previously
communicated, we are now strengthening our capital base in order to enable our
growth journey to continue.”
Stefan Alexandersson, Collector’s CEO, comments:
”We have a high level of activity in Collector and continue to deliver on our
growth targets. In order to capture business opportunities and meet our targets
regarding capital adequacy we are now carrying out a rights issue. We are
pleased by the strong support that the rights issue has received from our
shareholders.”
Background and reasons
Collector is a niche player in the banking and financial market and offers
creative, customized and efficient financial services. The Company’s offering
includes financial products for both private individuals and corporates.
Collector has the last five quarters since the Company’s initial public offering
on June 10, 2015 increased total income with 38 percent and earnings after tax
with 74 percent. The strong total income and earnings growth have been driven by
strong growth of lending volumes and the Company assess that the positive trend
will continue. Collector has a long-term focus and continues to invest for the
future. During the end of 2016 and beginning of 2017 Collector expects to launch
new products, foremost to small and medium enterprises.
To enable the continued growth and meet the Company’s financial target regarding
capital adequacy, the Board of Directors has decided to carry out a rights issue
of not more than SEK 513 million before transaction expenses. Adjusted for the
issue proceeds the total capital ratio for the financial corporate group would
amount to 20.1[1] (http://#_ftn1) percent as of June 30, 2016.
The Offer
Collector’s Board of Directors has resolved, with support of the authorization
which was obtained at 2016’s AGM, to launch a rights issue of shares with
preferential rights for Collector’s shareholders. Persons registered as
shareholders in Collector by Euroclear Sweden AB on the record date September
22, 2016 have preferential right to subscribe for new shares in the rights
issue. Shareholders are entitled to one (1) subscription right for each share
held. The subscription rights entitle the shareholder to subscribe, with
preferential right, for new shares, where ten (10) subscription rights entitle
subscription of one (1) new share. The subscription price is SEK 55 per share.
In addition, subscription will also be possible without the exercise of
subscription rights.
The record date of Euroclear Sweden AB for determining which shareholders who
are entitled to receive subscription rights is September 22, 2016. The shares
are traded including the right to participate in the rights issue up to and
including September 20, 2016.
Provided that the Offer is subscribed for in full, the share capital will
increase with SEK 933,500 through rights issue of 9,335,000 ordinary shares.
Assuming full subscription, the total issue proceeds amounts to SEK 513m before
transaction expenses.
Subscription of new shares shall be made during the period from and including
September 27, 2016 up to and including October 11, 2016. Collector's Board of
Directors has the right to extend the subscription period.
Shareholders who choose not to participate in the rights issue will have their
ownership diluted by approximately 9.1 percent, but are able to financially
compensate for this dilution by selling their subscription rights.
Shareholder support
Fastighets AB Balder, StrategiQ Capital, Ernström Finans, Erik Selin (privately
and through company), the Second Swedish National Pension Fund, Lena Apler
(through company), Stefan Alexandersson and Pia-Lena Olofsson who in total hold
71 percent of the shares in Collector, have committed to subscribe for their pro
rata shares of the rights issue. In addition, Swedbank Robur Fonder, who holds 7
percent of the shares in Collector, has expressed an intention to subscribe for
its pro rata share of the rights issue.
In total, the subscription undertakings and intentions to subscribe corresponds
to 78 percent of the rights issue.
Timetable
September 20, Last day of trading of Collector’s share including right to
2016 participate in the Offer
September 21, First day of trading of Collector’s share excluding the right
2016 to participate in the Offer
September 22, Record date for participation in the rights issue, i.e.
2016 shareholders who are registered in the share register as of
this day will receive subscription rights for participation
in the rights issue
September 22, Expected date for the publication of the prospectus
2016
September 27 – Trading in subscription rights
October 7, 2016
September 27 – Subscription period
October 11,
2016
October 17, Announcement of preliminary outcome of the offering
2016
Financial and legal advisors
SEB Corporate Finance is acting as financial advisor and Setterwalls Advokatbyrå
as legal advisor to Collector in connection with the rights issue.
Gothenburg September 16, 2016
Collector AB (publ)
For more information, please contact:
Stefan Alexandersson, CEO Collector I Phone +46 10 161 00 00
E-mail stefan.alexandersson@collectorbank.se
Pia-Lena Olofsson, CFO & Head of IR Collector I Phone +46 10 161 00 00
E-mail pia-lena.olofsson@collectorbank.se
Åsa Hillsten Eklund, CCO & IR Manager Collector I Phone +46 10 161 00 00
E-mail asa.hillsteneklund@collectorbank.se
This information is information that Collector 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 persons set out above, at 07:30
CET on 16 September 2016.
About Collector
Collector is a niche bank that offers innovative financial solutions to private
and corporate customers. Operations are carried out in two segments; Retail and
Corporate. Within Retail, Collector offers personal loans, invoicing and
instalment solutions to e-commerce and retail customers, credit cards through
Collector Easycard and Collector Easyliving, and deposits. The Corporate segment
includes factoring and corporate loans primarily to SMEs, junior property
financing solutions, third party debt collection services and acquisitions of
portfolios of overdue receivables. The Company has offices in Gothenburg
(headquarter), Stockholm, Malmö, Helsinki and Oslo.
Important information
The information in this press release does not constitute an offer to acquire,
subscribe for or otherwise trade in shares, subscription rights or other
securities in Collector. Any invitation to the persons concerned to subscribe
for shares in Collector will only be made through the prospectus that Collector
estimates to publish on or around 22 September 2016.
This press release may not be released, published or distributed, directly or
indirectly, in or into the United States, Australia, Canada, 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. Failure to comply with this instruction may result in a violation
of applicable securities laws.
No subscription rights, BTAs (interim shares) or new shares have or will be
registered under the U.S. Securities Act of 1933, as amended, (“Securities
Act”), or securities legislation in any state or other jurisdiction in the
United States and may not be offered or sold, directly or indirectly, in or into
the United States, except pursuant to an available exemption from the
registration requirements of the Securities Act and in compliance with the
securities laws of any state or other jurisdiction of the United States.
This press release may contain forward-looking statements which reflect
Collector’s current view on future events and financial and operational
development. The words “intend”, “estimate”, “expect”, “may”, “plan”,
“anticipate” or similar expressions regarding indications or prognoses of future
developments or trends and which are not statements based on historical facts
constitute forward-looking information. Although Collector believes that these
statements are based on reasonable assumptions and expectations, Collector
cannot give any assurances that such statements will materialize. Forward
-looking statements are in its nature involved with both known and unknown risks
and uncertainties, since it is depending on future events and circumstances.
Forward-looking statements do not constitute any representations and warranties
and the outcome could differ materially from the information set out in the
forward-looking statements.
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[1] (http://#_ftnref1) Before transaction costs
Collector announces rights issue of approximately SEK 500m
| Source: Collector AB
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