Anoto has resolved to conduct a rights issue of approximately SEK 160 million before issue costs.
The rights issue is fully underwritten by a combination of Anoto’s major shareholders, Carnegie Investment Bank and external investors.
the proceeds will be used to repay short-term debt and to strengthen its financial position to execute the current business plan, writes Anoto.
the complete terms of issue, including the subscription process, expected to be announced on or about april 21, 2016.
until the issue proceeds will be available Anoto has signed a short-term loan agreement with a Swedish bank with a loan facility of up to 20 million through a credit line.
the rights issue is subject to approval by the extraordinary General Meeting on april 27, 2016 and provided that such approval is given, the subscription period will run from may 4, 2016 may 19, 2016.
the President will go to the day
Stein Revelsby will leave his position as CEO of Anoto, with immediate effect. The Board has decided to appoint Joonhee Won as acting president.
According to a press release on the grounds that the company wants to bring in SEK 160 million in a rights issue.
“The mission of integrating acquisitions while improvements are made regarding the company’s financial discipline, planning and distribution of the organization’s resources in a balanced way within the new focus areas requires a new leadership “, motivated leadership change.
Joonhee Won has been a member of Anoto board of Directors for three years . Tom Webb, who was recruited to Anoto last fall, has been appointed Chief Operating Officer, COO.
Stein Revelsby has been CEO of Anoto in five years. According to his contract he will receive six months’ salary.
The recruitment process to find a long-term CEO’s options will begin in a few months.
“The board has decided that it is time for a new leadership and a new CEO who can take Anoto to the next level. ” says Jörgen Durban, Chairman of Anoto, according to the press release.
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