Bavarian Nordic completes rights issue
Denmark's Bavarian Nordic A/S has received gross proceeds of 465.0 million Danish kroner ($83.2 million) as a result of a rights issue.
In this, the company offered 1,275,236 new shares with a nominal value of 10 kroner each at 365 kroner per share in the period from March 10 to 23. The new shares were offered with pre-emption rights for the the firm's existing shareholders at a ratio of 1:5. The rights issue was underwritten by FIH Erhvervsbank and Nordea Bank Danmark and accordingly fully subscribed.
A number of the existing shareholders, AJ Aamund, PKA and Famandsforeningen had given binding advance commitments for the exercise of their entire subscription rights equivalent to gross proceeds of 119.7 million kroner. AJ Aamund has subscribed new shares for around 80.8 million kroner. A minor part of the offering (0.7%) was subscribed according to the underwriting provided by FIH Erhvervsbank and Nordea Bank Danmark.
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