Carnegie advises Bang & Olufsen on DKK 409m rights issue

Carnegie acts as Joint Global Coordinator and Joint Bookrunner in Bang & Olufsen’s DKK 409 million fully guaranteed rights issue. The ambition with the rights issue is to strengthen the capital resources to safeguard the company through the Covid-19 crisis and to support the implementation of the company’s key strategic priorities. The rights issue was approved by the shareholders at the extraordinary general meeting on 3 June 2020.

The offering in brief:

  • Rights issue of approximately DKK 409m in gross proceeds
  • Offering of 81,848,058 new shares
  • Subscription ratio of 2:1 (i.e. two rights are allocated per existing share and one right is required to subscribe for one new share)
  • The subscription price is DKK 5 per new share
  • The offering is fully guaranteed by existing shareholders and external guarantors
  • The management and board of directors supports the transaction with a total commitment of DKK 13 million

Key dates:

  • 4 June 2020: Announcement of prospectus
  • 8 June 2020: Last day of trading in existing shares including pre-emptive rights
  • 9 June 2020: First day of trading in existing shares ex pre-emptive rights
  • 9-22 June 2020: Trading in subscription rights
  • 11-24 June 2020: Subscription period
  • 26 June 2020: Expected date of publication of the results of the Offering

About Bang & Olufsen

Bang & Olufsen is a consumer electronics company focusing on luxury audio and TV products within three different use cases: On-the-go, Flexible Living, and Staged. Products are characterised by sound, design and craftsmanship and include earphones, headphones, smaller wireless speakers, larger multiroom speakers as well as TVs and audio systems for TVs. The Company focuses on delivering transparent sound, cased in innovative Scandinavian design produced with the highest quality materials. The Company operates an asset light business model based on partnerships with ODM and OEM partners. Bang & Olufsen distribute their products in EMEA, Asia and Americas through a network of monobrand and multibrand stores, as well as online. The Company is headquartered in Struer, Denmark.

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