SAS oversubscribed AB’s rights issue
09-Apr-2009 |
Airline Code [SAS]
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Tags :Continental Europe, SAS, sas group, Shares
Preliminary results of SAS AB's rights issue, for which the subscription period ended 6 April 2009, indicate that approximately 98.6% of the offered shares were subscribed for with subscription rights and approximately 24.7% were subscribed for without subscription rights. Thus, the rights issue is oversubscribed by approximately 23.3% , and the underwriting commitments do not need to be utilised.
Through the rights issue SAS will receive proceeds amounting to approximately SEK 6 billion before transaction costs.
Mats Jansson, President and CEO of SAS Group explained, "We are pleased that our shareholders, as well as new investors, have shown their confidence in and support for SAS and our new strategy, Core SAS. We will use the rights issue proceeds to strengthen our capital structure and to facilitate the implementation of Core SAS. After the implementation of Core SAS, we will have a more focused commercial offering, a more cost and decision efficient organisation, and be better positioned for improved profitability and to meet future challenges.",
Those who have subscribed for new shares without subscription rights will be allocated shares as described in the prospectus published on 17-Mar-09.
The final results of the rights issue will be published on or around
15-Apr-09, and subscribers who have been allocated shares subscribed for without subscription rights will be notified shortly thereafter.
The final day for trading in the BTA 1 is expected to be on or around 17-Apr-09. Trading in the new shares subscribed for with subscription rights on NASDAQ OMX Stockholm, NASDAQ OMX Copenhagen and Oslo Børs is expected to commence on or around 20-Apr-09. The first day of trading in the BTA 2 is expected to be on or around 21-Apr-09 and the final day of trading in the BTA 2 is expected to be on or around 30-Apr-09 on NASDAQ OMX Stockholm and on or around 01-May-09 on NASDAQ OMX Copenhagen. |
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SAS oversubscribed AB’s rights issue 
