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Valora Group (“Valora” or the “Company”) launches a private placement of up to 400,000 new registered shares with a nominal value of CHF 1.00 per share sourced from existing authorised capital (the “New Shares”) and up to 40,000 treasury shares (together with the New Shares, the “Placement Shares”) by way of an accelerated bookbuilding. Following the placement (“Share Placement”), the number of Valora shares issued is expected to increase by about 10% to 4,390,000.
The issue price will be determined via the accelerated bookbuilding process which will start immediately. The issue price as well as the exact number of Placement Shares to be issued will be announced upon completion of the bookbuilding process, which is expected prior to market opening on 17 November 2020. The Placement Shares to be placed will be offered via a private placement exclusively to professional investors in Switzerland and qualified investors outside of Switzerland and the US (in reliance on Regulation S under the U.S. Securities Act). The Share Placement excludes subscription rights for existing shareholders.
Peter Ditsch, the largest shareholder of Valora Group, has committed to purchase New Shares at the issue price in proportion to his current shareholding of 17.2% in Valora.
Valora intends to use the gross proceeds from the Share Placement to increase the Company's financial flexibility in a persistently dynamic environment (incl. in view of the upcoming maturity of the EUR 72 million bonded loan in April 2021), to protect against planning uncertainty and to be able to implement strategic priorities to continue the strengthening of the company's market position.
The New Shares are expected to be listed and admitted to trading on SIX Swiss Exchange on 19 November 2020. Payment and settlement are expected to take place on or around 19 November 2020. The New Shares will rank pari passu with the existing shares.
In connection with the Share Placement, both Valora and Peter Ditsch have agreed to a 6-month lock-up period after the listing of the New Shares, subject to customary exceptions.
This media release is available online at www.valora.com/newsroom.