📋 Tender Overview
Pandox AB publ Pandox or the Company has based on the authorisation granted by the annual general meeting on 10 April 2019 and in accordance with what the Company indicated in a press release on 4 November 2019 resolved to carry out a directed share issue of 16350000 class B shares at a subscription price of SEK 186.5 per share. The subscription price has been determined through an accelerated book-building procedure.The directed issue has been subscribed by approximately 130 selected Swedish and international institutional investors among others AMF Frskring Fonder Eiendomsspar AS Lannebo Fonder Swedbank Robur Lnsfrskringar the Fourth Swedish National Pension Fund Christian Sundt AB and Helene Sundt AB.The reason for the deviation from the shareholders pre-emptive rights is to in a timely and cost efficient manner increase Pandoxs financial flexibility for acquisitions and further strengthen the Companys competitive position in the international hotel property market. The Company has recently completed and is currently evaluating additional potential acquisitions. The increased financial flexibility that this share issue entails will strengthen Pandoxs position as a relevant and competitive buyer on the real estate market. Through the share issue Pandox will obtain approximately BSEK 3 before transaction costs.Anders Nissen CEO of Pandox saidSince going public in 2015 Pandox has invested approximately BSEK 24 in acquisitions and growth investments in hotel properties mainly outside the Nordic region which in combination with a positive development of the hotel market has resulted in a twofold increase of the Companys property portfolio value and net operating income. Underlying hotel market demand remains favourable and we see attractive opportunities for future acquisitions and growth investments in Pandoxs current portfolio. The increased financial flexibility created by this share issue will strengthen Pandoxs ability to continue to deliver attractive shareholder returns based on the companys highly specialized and integrated hotel property strategy.After the share issue the total number of shares in the Company will amount to 183849999 distributed between 75000000 class A shares and 108849999 class B shares. The share issue entails a dilution effect of approximately 8.9 per cent based on the total number of shares in Pandox after the share issue. In conjunction with the share issue the Company has engaged ABG Sundal Collier DNB Markets a division of DNB Bank ASA Swedish Branch Handelsbanken Capital Markets and Skandinaviska Enskilda Banken as Joint Bookrunners as well as Advokatfirman Vinge as legal advisor.
