NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
Hørsholm,
The Directed Share Issues
The terms of the Directed Share Issues
The board of directors of Bawat has resolved on the Directed Share Issues of maximum 4,410,000 shares at a subscription price of
The Company will be granted a loan of
Deviation from the shareholders' preferential rights and subscription price
The reasons for the deviation from the shareholders' preferential rights are as follows. The board of directors is of the opinion that the proceeds from the Directed Share Issues will fulfill Nefco's requirement of matching Nefco-financing with equity which is seen as a favorable long-term financing for the Company at market conditions and that the Directed Share Issues are positive for the Company's further development and to secure sufficient working capital need. The board of directors has also considered the possibility to raise the required equity through a rights issue. The board of directors has concluded that a rights issue would entail significantly longer execution time and thereby increased market risk exposure compared to a directed share issue. In addition, given the limited size of the Directed Share Issues and the market volatility that has been observed during 2023 and which is still ongoing, the board of directors has assessed that a rights issue would also require significant underwriting commitments from an underwriting syndicate, which would entail additional costs and/or additional dilution depending on the type of consideration paid for such underwriting commitments. The investors participating in the Directed Share Issues have been selected on objective grounds to ensure that the Directed Share Issues can be carried out on favorable terms for the Company. The investors, consisting of both existing shareholders and an external investor, are financially strong owners which are prepared to support the Company's long-term growth plans, which the board of directors believes creates security, stability and favorable conditions for the Company's growth. It is thus deemed to be beneficial for both the Company and the Company's shareholders.
In light of the above, the board of directors has made the assessment that the Directed Share Issues with deviation from the shareholders' preferential rights is the most favorable alternative for Bawat and in the best interest of the Company's shareholders.
The subscription price in the Directed Share Issues is
Dilution
The First Directed Share Issue corresponds to a dilution of approximately 7.3 percent of the current total number of outstanding shares and votes, and the Second Directed Share issue will result in an additional dilution of approximately 0.7 percent of the current total number of outstanding shares and votes. The Directed Share Issues corresponds to a total dilution of approximately 7.9 percent of the current total number of outstanding shares and votes and the total number of shares and votes in the Company will be 55,703,621 and the total share capital will be
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About Bawat
The development of an entirely new approach to ballast water treatment utilizing onboard waste heat to treat ballast water led to the founding of Bawat in 2011. A ballast water treatment system avoids disposal of untreated water in seas and harbors.
Bawat's BWMS is a system that is simple, cost-effective, and sustainable, build on a zero environmental impact, using standard marine components. No filters, no chemicals no UV. Bawat is the first to market a USCG/IMO Type Approval BWMS that uses pasteurization to treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough, and offers ballast water solutions to the maritime industry in three categories:
- Ship BWMS (https://www.bawat.com/ship-bwms/) for Retrofit and New Builds
- Mobile containerized solution (https://www.bawat.com/mobile-bwms/) for multiple vessel usage in a port, on a ship or for rigs
- Ballast Water as a Service (https://www.bawat.com/ballast-water-treatment-as-a-service/ballast-water-treatment-as-a-service/) for contingency services in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritime innovation and with a deep maritime insight: www.bawat.com.
https://news.cision.com/bawat/r/bawat-water-technologies-ab-has-resolved-on-directed-share-issues-of-approximately-sek-7-million-to-,c3909630
https://mb.cision.com/Main/21250/3909630/2541098.pdf
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