Seamless has issued SEK 29 million of convertible debentures. The issue, which
was fully subscribed, was sold to private and institutional investors, arranged
by Evli Bank PLC, who acted as bookrunners for the deal. The successful
completion of this issue gives Seamless an adequate working capital buffer.
The board of directors of Seamless resolved to issue these bonds pursuant to the
authorization granted at the latest annual general meeting of the company.
The convertible loan amounts to a nominal value of not more than SEK 29,000,000
and carries interest at an annual rate of seven (7) per cent. The convertible
debentures have been subscribed at a value corresponding to 100 per cent of the
nominal value and the conversion price is based on the VWAP of the Seamless
share on 13 July 2015. The conversion price is SEK 8.55.
The issue has been implemented with deviation from the shareholders’
preferential rights. The reason for the deviation is that the company wants to
have a working capital buffer. A private placement of convertible debentures
has, at this point in time, been deemed to be the most favourable way to obtain
such financing for the company. The convertible loan will mature 364 days after
the date of issue, unless conversion or distribution has occurred prior to this
date.
The payment for the convertible debentures shall be made in connection with the
subscription, or such later date as the board of directors resolves. The issue
of convertible debentures will entail, upon full conversion, a dilution for the
current shareholders of Seamless of approximately 7.49 per cent after full
dilution.
For further information, please contact:
Peter Fredell, CEO, phone +46 8 564 878 00, peter.fredell@seamless.se
Daniel Hilmgård, CFO, phone +46 70 996 83 33, daniel.hilmgard@seamless.se
This information is such information that Seamless Distribution AB (publ) is
required to disclose pursuant to the Swedish Securities Market Act and/or the
Swedish Financial Instrument Trading Act. The information was released for
publication on 16 July 2015 at 07.50 am (CET).
About Seamless / SEQR
SEQR (se·cure) is Europe’s most used mobile payment solution in stores and
online. SEQR enables anybody with a smartphone to pay in stores, at restaurants,
parking lots and online, transfer money at no charge, connect loyalty programs,
store receipts digitally and receive offers and promotions directly through one
mobile app. Through the SEQR app, the user simply scans or taps a QR-code/NFC at
check-out and approves the purchase by entering a PIN code. Fast, smooth and
safe, SEQR’s payment solution enables merchants to lower interchange fees
significantly compared to those charged by traditional card companies. SEQR’s
unique transaction platform has been developed by Seamless, one of the world’s
largest suppliers of payment systems for mobile phones.
Founded in 2001 and active in 26 countries, Seamless handles more than 3,1
billion transactions annually through 525 000 active sales outlets. 6 200
merchants have chosen SEQR including the largest grocery chains, fast food
chains and national retailer chains in the markets where SEQR is established.
Currently SEQR is established in Sweden, Finland, Romania, Belgium, Portugal,
Netherlands, Germany, Spain, France, Italy, UK and US. In 2013, SEQR won the
Mobile Money Global Award for Best Mobile Money Deployment in Europe. Seamless
is traded on Nasdaq OMX Stockholm, under the SEAM ticker. www.seqr.com
