https://newsweb.oslobors.no/message/528319

EcoOnline is pleased to announce that the Offering has been successfully completed with a total transaction size of NOK 1,840 million through the allocation of 73,600,000 shares at a price of NOK 25.00 per share (the “Offer Price”).

The Offering in summary:

• The Offering comprised a primary offering of 20,000,000 new shares (the "New Shares") raising gross proceeds of NOK 500 million and a secondary offering of 44,000,000 existing shares (the "Sale Shares"), equivalent to NOK 1,100 million.
• In addition, the Joint Global Coordinators (as defined below) have over-allocated 9,600,000 additional existing shares (the “Additional Shares” and, together with the New Shares and the Sale Shares, the “Offer Shares”), representing 15% of the New Shares and Sale Shares.
• The Offering attracted strong interest from leading Nordic and international institutional investors and was substantially oversubscribed.
• Five investors have been allocated a total of NOK 1,150 million in the Offering through a cornerstone tranche; i) Premier Miton Investors (NOK 300 million), ii) Swedbank Robur (NOK 300 million), iii) funds managed and advised by Capital World Investors (NOK 250 million), iv) Ophir Asset Management (NOK 200 million), and v) Didner & Gerge Fonder (NOK 100 million).
• The Company intends to use the net proceeds from the New Shares to strengthen the Company’s inorganic growth capabilities and for general corporate purposes.
• The Sale Shares were offered by Nitro Newco AS (controlled by Summa Equity Fund I and Summa Equity Fund II) and funds or entities managed by Goldman Sachs Asset Management Division (collectively, the "Principal Selling Shareholders"), Viking Venture and certain other existing shareholders, including CEO Göran Lindö and CFO Morten Floberg Evensen and other management shareholders selling up to 17.5% of their holdings (together with the Principal Selling Shareholders, the “Selling Shareholders”). Approximately 11% of the shares owned by employees, management and board representatives were sold in the Offering.
• Following the allocation of the Sale Shares, the Principal Selling Shareholders will retain approximately 75 million shares, equivalent to approximately 45% of the issued share capital in the Company. Assuming full exercise of the Greenshoe Option (as defined below), the Principal Selling Shareholders will hold approximately 65 million shares, equivalent to approximately 40% of the issued share capital in the Company.
• There will be in total 163,929,962 issued shares in EcoOnline following the issuance of the New Shares, resulting in a post-money market capitalisation of the Company of approximately NOK 4.1 billion based on the Offer Price.
• The first day of trading on Euronext Growth Oslo is expected to be on or about Wednesday 24 March 2021 under the trading symbol "ECO” (subject to the necessary approvals from the Oslo Stock Exchange and the registration of the Company’s shares in the Norwegian Central Securities Register, VPS).

Allocation to investors will be communicated on 22 March 2021 and the Offering is expected to be settled by the Managers (as defined below) on a delivery-versus-payment basis on or about 24 March 2021.