Norditek Group today publishes a Company Description due to the Board of Directors' decision to carry out a new share issue and shareholder distribution (the "Offering") and apply for listing of the Company's shares on Nasdaq First North Growth Market. The Offering amounts to SEK 26 million corresponding to 2,365,000 shares. In connection with the issue, subscription commitments corresponding to SEK 17 million have been obtained from both existing and new investors. The subscription period runs from October 18-29, 2021, and the first day of trading is expected to be November 10, 2021. On October 12, 2021, Nasdaq Stockholm AB announced that the Company meets the listing requirements of Nasdaq First North Growth Market, provided that customary conditions, including the distribution requirement for the Company's shares, are met no later than on the listing date.
Norditek Group is an environmental technology company focusing on mobile and flexible recycling facilities in the Waste, Gravel and Rock and Biomass segments. The company both develops and sells facilities through a well-proven offer that enables cost savings for its customers while contributing to a more circular society. During its more than twenty-year history, the company has built up a proven profitable business model with self-financed growth. The flexible business model enables recurring revenue by the Company offering the customer an individually customized concept solution where the customer can choose to first rent a concept and then buy it and can then receive parts of the paid rent. Through a constant focus on technical solutions in recycling, Norditek drives the transition to a more sustainable future.
BACKGROUND TO THE OFFER
The recycling industry is growing stronger both in Sweden and in the EU as the amount of waste increases as a result of increased consumption. For several years, more and more policies have been implemented to promote a circular economy with a focus on recycling, reuse and waste prevention. With increased demands for a more sustainable and circular economy, Norditek sees great potential in further developing its current offering. A listing on Nasdaq First North Growth Market means a strengthened financial position through new capital, which improves the opportunities to carry out strategic acquisitions and finance the Company's future expansion. By extension, it also means that the Company can expand the current range and deliver new technology to the current customer base and initiate projects with new customer segments and in new markets. As a listed company, Norditek can also highlight the value growth that the Company is facing and increase interest in the Company among new groups of investors, media, potential employees and other stakeholders.
"Norditek Group has all the epithets that I consider a good foundation for a future success journey; a fantastic entrepreneurial team, a profitable and historically proven business model and a credible growth agenda for many years to come. The fact that Norditek Group also works for a more circular society makes an investment in the Company even more exciting and inspiring" says Göran Nordlund, Chairman of the Board of Norditek Group.
THE OFFER IN BRIEF AND USE OF PROCEEDS FROM THE ISSUE
- The offer comprises a maximum of 2 365 000 shares
- The Offer is made at a fixed price of SEK 11 per share.
- The size of the Offer amounts to SEK 26 million, based on the subscription price and existing number of shares, the Company is valued at SEK 110 million before the Offer.
- In connection with the Offering, unsecured subscription commitments of approximately SEK 17 million have been obtained, corresponding to approximately 65 percent of the Offering.
- The subscription period is October 18-29, 2021. The outcome of the Offering is planned to be announced on November 2, 2021, the estimated settlement date is November 4, 2021 and the preliminary first day of trading is estimated to be November 10, 2021.
If the Offer is fully subscribed, the Company will receive approximately SEK 26 million before issue costs, which are estimated to amount to approximately SEK 2.2 million. The Company intends to use the net proceeds from the Offering to;
- Acquisitions. The Company has identified a number of potential acquisitions and acquisition areas. There are two strategic categories of acquisitions that the company is focusing on, broadening the service offering through further integration of the value chain, and broadening the company's geographical presence.
- Working capital. The new capital will be used to expand the company's lease purchase business, which will contribute to increased sales and increasing margins. The lease purchase business is an important and unique part of the company's sales process and contributes to the high margins the company has been able to show historically.
- Product development. Norditek's range of proprietary products will be further developed. The company is currently developing a new concept that includes new proprietary products developed in collaboration with the company's partners.
- Internationalization. Export markets have begun to demand Norditek's own products, as there is no other player who has manufactured similar products today. This opens up the possibility of selling our own products on an international market as pure product sales.
Lock-up agreements
The Principal Owners have undertaken not to sell any shares in Norditek Group for a period of up to 36 months from the day the Company's shares start trading on Nasdaq First North Growth Market. This lock-up agreement covers the main owners' existing shareholdings.
TIMETABLE
Subscription period: October 18-29, 2021
Publication of outcome: November 2, 2021
Settlement date: November 4, 2021
Preliminary first day of trading: November 10, 2021
COMPANY DESCRIPTION AND APPLICATION FORM
Company description with complete terms and conditions and instructions are available from today on the Company's website www.norditek.se and on Partner Fondkommission's website www.partnerfk.se (https://corporate.vertiseit.se/mfn_news/vertiseit-offentliggor-prospekt-teckningsperioden-inleds/partnerfk.se) where application forms and other information about the Offer will also be available from October 18, 2021.
ADVISORS
Financial advisor to the Company in connection with the Offer is Partner Fondkommission. Advokatfirman Vinge has acted as legal advisor to the Company in connection with the Offer.
For further information about Norditek, please contact:
Daniel Carlberg, CEO Norditek Group AB (publ)
E-mail daniel.carlberg@norditek.se
Phone (+46) 702 19 04 91
About Norditek
Norditek is an environmental technology company focusing on mobile and flexible recycling facilities in the Waste, Gravel and Rock and Biomass segments. The company both develops and sells facilities through a well-proven offer that enables cost savings for its customers while contributing to a more circular society. During its more than twenty-year history, the company has built up a proven profitable business model with self-financed growth. The flexible business model enables recurring revenue by the Company offering the customer an individually customized concept solution where the customer can choose to first rent a concept and then buy it and can then receive parts of the paid rent. Through a constant focus on technical solutions in recycling, Norditek drives the transition to a more sustainable future.
IMPORTANT INFORMATION
This press release does not constitute an offer to sell or buy Norditek Group AB (publ) securities in any jurisdiction where such offer would be unlawful. Copies of this press release will not be made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction where such distribution would be unlawful or require registration or other measures. In any member state of the European Economic Area ("EEA"), other than Sweden, that has implemented Directive 2003/71/EC as amended (together with any applicable implementing measures in such member state, the "Prospectus Directive"), this press release is only addressed to investors in such EEA member state who fulfill the criteria for exemption from the obligation to draw up a prospectus, including qualified investors, within the meaning of the Prospectus Directive, as implemented in each such member state.
This press release and the information contained in this press release may not be distributed in or into the United States. This press release does not constitute an offer to sell or buy securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration, an applicable exemption from, or in a transaction not subject to, registration under the Securities Act. No offer will be made to the public in the United States to acquire the securities referred to herein.
Furthermore, the securities referred to in this press release have not been and will not be registered under any applicable securities laws in Australia, Japan or Canada and, subject to certain exceptions, may not be offered or sold to or within, or for the account or benefit of, any person resident or located in Australia, Japan or Canada. No offer will be made to the public in Australia, Japan or Canada to acquire the securities referred to in this press release.
Any offer to subscribe for or purchase securities referred to in this press release will be made by means of a prospectus to be provided by the Company, which will contain detailed information about the Company and its management, as well as financial reports. This press release constitutes advertising and is not a prospectus for the purposes of the Prospectus Directive. Investors should not acquire any securities referred to in this press release except on the basis of information contained in a prospectus.
FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements. Such statements are all statements that do not relate to historical facts and may include words such as "believes", "expects", "anticipates", "intends", "may", "plans", "estimates", "will", "should", "could", "seeks" and "may", as well as their negatives and similar expressions. The forward-looking information in this press release is based on various estimates and assumptions, which in several cases are based on additional assumptions. Although the Company believes that these assumptions were reasonable when made, such forward-looking information is subject to significant known and unknown risks, uncertainties, contingencies and other important factors that are difficult or impossible to predict and are beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by the forward-looking information. The Company does not guarantee that the assumptions underlying the forward-looking information in this press release are correct. Furthermore, the Company assumes no responsibility for the future accuracy of the opinions expressed herein or for updating or revising statements in this press release to conform to actual events or developments. Undue reliance should not be placed on the forward-looking information in this press release.
Information, opinions and forward-looking statements in this press release are made only as of this date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or announce any revisions to any forward-looking information to reflect events that occur or circumstances that arise in relation to the content of this announcement.