Verve Successfully Completes Directed Issue of 27,108,434 Shares Raising SEK 450 Million

On June 18, 2024, Verve Group SE successfully completed a directed issue of 27,108,434 new shares, generating proceeds of approximately SEK 450 million. This action followed a press release announcement and authorization from the annual general meeting held on June 13, 2024. The subscription price was SEK 16.60 per share, determined through an accelerated book-building process led by Pareto Securities AB and Swedbank AB.

The directed share issue was oversubscribed, attracting Swedish and international institutional investors, including Verve's major shareholders Bodhivas GmbH and Oaktree Capital Management. Verve plans to use the net proceeds to maintain its capital structure post-acquisition of Jun Group and strengthen its financial position.

The company chose the directed share issue over a rights issue due to its time efficiency and lower costs. The move also broadens Verve's shareholder base by attracting new qualified investors. The company's share capital will increase by EUR 271,084.34, with settlement expected around June 25, 2024, and for Oaktree, around July 12, 2024.

Verve has agreed not to issue additional shares for 90 days post-settlement, and major shareholders and executives have committed not to sell shares during this period. The transaction was advised by Pareto Securities AB and Swedbank AB.