Resurs Holding AB (publ) (“Resurs” or the “Company”) today announces the outcome of the initial public offering of its shares (the “Offering”) and listing on Nasdaq Stockholm. The Offering attracted strong interest among Swedish and international institutional investors as well as Swedish retail investors. The Offering was over-subscribed multiple times.
The Offering in Brief
- The offering price has been set at SEK 55 per share, corresponding to a market capitalisation of Resurs of SEK 11,000 million.
- The number of shares sold in the Offering was increased in accordance with the terms of the Offering by 4,933,334 shares, resulting in the sale of a total of 64,933,334 shares, corresponding to 32.5% of the total number of outstanding shares in Resurs, of which Cidron Semper Ltd.[1] is selling 29,673,008 shares, Waldakt AB[2] is selling 24,277,915 shares (together the “Principal Selling Shareholders”) and RSF Invest AB[3] is selling 10,982,411 shares.
- In order to cover any over-allotments, the Principal Selling Shareholders have undertaken to sell up to 9,739,999 additional shares, corresponding to 15% of the number of shares comprised by the increased Offering (the “Over-allotment Option”).
- If the Over-allotment Option is exercised in full, the Offering will comprise a total of 74,673,333 shares, corresponding to 37.3% of the total number of outstanding shares in Resurs.
- The total value of the Offering amounts to SEK 4,107 million, assuming that the Over-allotment Option is exercised in full.
- The Offering consists of existing shares only. The Company will not receive any proceeds from the sale of the shares in the Offering.
- Following completion of the Offering and assuming that the Over-allotment Option is exercised in full, Cidron Semper Ltd. and Waldakt AB will hold 33.6% and 27.5% of the total number of shares in Resurs, respectively.
- Approximately 16,000 individuals have applied for shares in the Offering to the general public, all of which have been allotted shares
- Trading in Resurs’s shares on Nasdaq Stockholm commences today, 29 April 2016, under the symbol “RESURS”.
- Settlement will take place on 3 May 2016.
1 Ultimately owned by Nordic Capital VII Limited, acting in its capacity as General Partner of Nordic Capital VII Alpha, L.P. and Nordic Capital VII Beta, L.P., together with associated co-investment vehicles.
2 Controlled by the Bengtsson family.
3 Partially owned by, among others, certain members of the Board of Directors and management of Resurs.
Kenneth Nilsson, CEO of Resurs comments:
“We are proud and grateful of the strong support and interest we have received from institutional investors in Sweden, Europe and the US, as well as an impressive number of 16,000 private investors in Sweden. Our leading position and future growth potential are attractive features for many investors. Our IPO is an important step in increasing our ability to attract customers and recruit employees. We look forward to interacting with our new investors and are committed to delivering on our targets.”
Martin Bengtsson, representing Waldakt and the Bengtsson family comments:
“Resurs will have a solid and diverse shareholder base with well-known international and Swedish investors. The strong demand we have seen for the shares is evidence of the Company’s profitable growth and exciting prospects going forward. On behalf of the Bengtsson family, I look forward to continue to support Resurs as a listed company.”
Christian Frick, Partner, NC Advisory AB, advisor to the Nordic Capital Funds comments:
”The management team and Board of Directors of Resurs have worked well together to support the Company’s growth and development into a modern and market leading consumer finance company. We have been pleased to see the high interest that both the cornerstone investors and other investors have shown for the company. Nordic Capital looks forward to continue supporting and following Resurs as a listed company.”
Advisors
Carnegie Investment Bank AB (publ), Goldman Sachs International and Morgan Stanley & Co. International plc. are acting as Joint Global Coordinators and Joint Bookrunners, and Skandinaviska Enskilda Banken AB (publ) is Joint Bookrunner in connection with the Offering.
Latham & Watkins (London) LLP and Mannheimer Swartling are legal advisors to the Company and the Principal Selling Shareholders, and Linklaters LLP is legal advisor to the Joint Global Coordinators and Joint Bookrunners. Sundling Wärn Partners is financial advisor to Resurs and the Principal Selling Shareholders.
For more information, please contact;
Gunilla Wikman, Investor Relations manager; telephone: +46 707 638 125; email: gunilla.wikman@resurs.se.
IMPORTANT INFORMATION
This announcement is not and does not form a part of any offer for sale of securities.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.
In any member state within the European Economic Area (“EEA”), other than Sweden, that has implemented Directive 2003/71/EC as amended (together with any applicable implementing measures in any member State, the “Prospectus Directive”), this communication is only addressed to and is only directed to investors in that EEA member state who fulfill the criteria for exemption from the obligation to publish a prospectus, including qualified investors, within the meaning of the Prospectus Directive as implemented in each such EEA member state.
The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.
The securities referred to herein have also not been and will also not be registered under the applicable securities laws of Canada, Japan or Australia and, subject to certain exemptions, may not be offered or sold in or into or for the account or benefit of any person having a registered address in, or located or resident in, Canada, Japan or Australia. There will be no public offering of the securities described herein in Canada, Japan or Australia.
This announcement and any other materials in relation to the securities described herein are only directed to (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may be lawfully communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The securities described herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on information contained herein.
Any offering to acquire or subscribe for the securities referred to in this communication has been made by means of a prospectus that has been provided by the Company and that contains detailed information about the Company and management, as well as financial statements. Since 18 April 2016, the prospectus has been available on Resurs’s website (www.resursholding.com), Carnegie’s website for ongoing offerings (www.carnegie.se/om-carnegie/kontakt/pagaende-erbjudanden), SEB’s website for prospectuses (www.sebgroup.com/prospectuses) and Nordnet’s website (www.nordnet.se). This communication is an advertisement and not a prospectus for the purposes of the Prospectus Directive. Investors should not acquire any securities referred to in this communication except on the basis of information contained in the prospectus.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue,” “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, such as no changes in existing political, legal, fiscal, market or economic conditions or in applicable legislation, regulations or rules (including, but not limited to, accounting policies, accounting treatments and tax policies), which, individually or in the aggregate, would be material to the results of operations of the Resurs Group or its ability to operate its banking and insurance businesses and that Resurs does not become a party to any legal or administrative processes that may have a material effect on the Resurs Group. Although Resurs believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. In addition, the information, opinions, targets and forward-looking statements contained in this announcement are not guarantees of future financial performance and the actual results of Resurs could differ materially from those expressed or implied by these forward-looking statements. Accordingly, Resurs urges readers not to place undue reliance on any of the statements set forth above. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.