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Analytikerkommentar

Bawat: Receives final approval from Nefco and decides to carry out directed share issues

Af Kasper LihnHead of Research
Bawat Water Technologies

Today, shortly before the market closed, Bawat announced its final approval from Nefco of a loan agreement and hence the decision to carry out directed share issues. Referring to Bawat’s financing plan communicated on 17 April 2023, the Nefco-financing has received final approval regarding the financing of SEK 25m divided into two tranches. Consequently, Bawat carries out two directed share issues with total proceeds of SEK 18.8m (before transaction costs) at a subscription price of SEK 1.60 per share.

The first tranche of the loan is approx. SEK 15m, which will be disbursed in the first half of 2023. The second tranche consists of a convertible loan of approx. SEK 10m, which will be disbursed in 2024.  

The first directed share issue of SEK 17.1m (before costs) is to two family offices with knowledge and insights into the shipping industry (anchor investors), as well as other existing larger shareholders and a few other external investors. The second direct share issue is for Bawat’s Chairman and CEO with total proceeds (before costs) of SEK 1.7m. This will be subject to a resolution by the annual general meeting, which indicatively is expected to be on 7 June 2023. A bridge loan of SEK 4.5m from Selfinvest Aps and Klaus Nyborg is to be partly set off in the directed share issue and partly repaid with the proceeds from the directed share issue. The total dilution of the directed share issues corresponds to approx. 22.9%.

Read the full announcement here: https://view.news.eu.nasdaq.com/view?id=beb8f2b5d6aaa768102d721e0910528c7&lang=en&src=listed

Disclaimer: HC Andersen Capital receives payment from Bawat for a DigitalIR/Corporate Visibility agreement. /Kasper Lihn 20:27, 26 April 2023.

Bawat Water Technologies operates in the maritime and industrial sectors. The company provides heat-based BWMS systems used for ballast water treatment. The system is suitable for ship solutions on board and for container facilities. Today, the company operates on a global level with the largest presence in the Nordic region and Europe. Bawat Water Technologies was founded in 2011 and is headquartered in Stockholm.

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3.11.2022, 12.33
by Asbjorn Scheller
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