TECO 2030 ASA
(Lysaker,
The shares will be issued at a price of
"It is with great pleasure we announce that Al-Misehal family has invested in TECO 2030 in two private placements. This strengthens our partnership and our joint project’s mission towards a net zero carbon 2060 in the
“Al-Misehal Group has a good network and solid expertise in the field of Engineering, and is the exact partner we need to fulfill the business opportunities in the Kingdom of Saudi Arabia,” Mr. Enger Adds.
“Almisehal Group is focused on the Vision 2030 for the Kingdom of Saudi Arabia. That combined with the global focus on decarbonization and finding zero emission power generation, we believe that the leader in the world of decarbonization, power applications and the maritime energy market is TECO 2030. We are proud to be in cooperation with TECO 2030, ” says
The completion of the private placement and the issuance of the new shares were resolved by TECO 2030's Board of Directors (the "Board") during a board meeting on
The Private Placement implies a deviation from the pre-emptive rights of the existing shareholders of the Company. The Board has considered this and is of the view that it would be in the best interest of the Company and its shareholders to deviate from the existing shareholders' pre-emptive right to the Offer Shares, and that this would also be in compliance with the requirements in the Norwegian Public Limited Companies Act on equal treatment of shareholders and the prohibition against giving anyone an unreasonable advantage at the Company's or the shareholders' expense and the obligations relating to equal treatment of shareholders, cf. section 3.1 of the Euronext Growth Rule Book Part II and the
In reaching this conclusion, the Board inter alia emphasized that:
* The subscription price of
* The share issue has a very limited dilutive effect of 1.15% towards existing shareholders.
* A share issue in the form of a private placement enables the Company to capitalize on current market conditions in an efficient manner. Alternative transaction structures would imply a longer lead time and potentially significant discounts.
The Company has resolved not to carry out a subsequent offering. Upon completion of registration of the private placement, the total number of shares in
The new shares will be listed on Euronext Growth on
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
Tore Enger , CEO, +47 920 83 800, tore.enger@teco.no
About TECO 2030 ASA
TECO 2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 was founded in 2019 and is headquartered at Lysaker,
Attachments
- Download announcement as PDF.pdf
- 20220220
TECO 2030 ASA raises capital.pdf
© NTB Norway, source
