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remains strong. The rollout within the Health sector represents a large
potential for the company, and at the same time it has been taking more time
than originally expected. The European partner segments also have been
experiencing more lengthy sales and consumption processes. In addition, the
integration and ERP platforms have imposed higher costs on the Company. The
Management and the Board has launched a Techstep Improvement Program to give
firm attention to increasing long-term profitability. However, the combined
factors result in need for additional funding.
The Company has secured a NOK 40 million senior secured revolving facility from
Danske Bank (the “Bridge Facility”) as bridge financing to a contemplated equity
raise. The Bridge Facility has a 4-month tenor.
The Bridge Facility has been guaranteed by the three largest shareholders of the
Company, Datum AS, Karbon Invest AS and Valset Invest AS in addition to Arisona
Holding AS and Specter Invest AS (together the “Guarantors”), who are also
represented on the Company’s board of directors.
The Company has undertaken to initiate a process of raising a minimum of NOK
83.3 million in new equity during H2. Proceeds will be used for repayment of the
Bridge Facility and release the Guarantors from their obligation towards the
bank, and to strengthen the balance sheet by settling the outstanding NOK 35
million (excluding interests) in shareholder loans. The Company contemplates
proposing to its shareholders the approval of a rights issue, expected to take
place during September/October.
The Company has obtained an undertaking from Datum AS, Karbon Invest AS, Valset
Invest AS, Arisona Holding AS and Specter Invest AS (the “Underwriters”) that
they fully underwrite any planned rights issue up to NOK 83.3 million at a price
of NOK 1 per share for an underwriting fee of 10% to be settled in shares in the
Company. The Board remains open to alternative proposals from other investors
that would support the rights issue at a higher subscription price.
“On behalf of the Board and the Company, we are grateful for the support
provided by the Company’s main shareholders and its lender, Danske Bank, in
securing both short-term and long-term operational financing in a challenging
market environment. We are also confident that the planned rights issue this
autumn will ensure equal treatment of all shareholders and give all shareholders
the opportunity to participate in the further capitalization of the Company’s
operations and development,” says Arild Hustad, Chair of the Board.
“This financing is important to safeguard our operational flexibility as we
continue to execute on Techstep’s strategic transformation. We appreciate the
confidence shown by our largest shareholders and the Board, who recognize the
potential in Techstep’s proprietary software platforms and unique mobility
expertise. This positions us strongly to deliver demanding and complex mobility
projects in the Nordics, while our European partner strategy, built on scalable
software platforms, provides a solid foundation for future profitability and
recurring revenue,” says Morten Meier, CEO of Techstep.
The planned rights issue, including settlement of the shareholder loans
represents a liquidity injection of minimum NOK 83.3 million and will contribute
to the catch-up of the higher spend over the last previous months as well as
supports the need reflected in the forward-looking profitability projections.
The Company is expected to convene an extraordinary general meeting in due
course.
As a consequence of the trading update, the Company’s board of directors have
started considering alternatives for the Company and will initiate a strategic
review following the rights issue. The strategic review will evaluate several
potential courses of action, which may include structural changes, delisting or
an alternative ownership structure.
Danske Bank A/S NUF has been retained as sole bookrunner in connection with the
planned rights issue.
For further information, please contact:
Morten Meier, CEO
+47 97057717
morten.meier@techstep.io
Håvard Haukdal, CFO
+47 48106569
havard.haukdal@techstep.io
Arild Hustad, Chair of Board
+47 95241930
About Techstep
Techstep is a mobile and circular technology enabler delivering end-to-end
device lifecycle management to more than 2,100 customers and managing over 3
million devices across Scandinavia, as well as globally through partners. The
company is listed on Euronext Oslo Børs under the ticker TECH
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading
Act. This stock exchange release was published by Håvard Haukdal, CFO Techstep,
at the time and date set out above.
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