- Total demand of approximately €11.8 million, i.e. an oversubscription rate of 128% of the offer
- Full exercise of the extension clause bringing the issue size to €10.7 million
DEINOVE (Alternext Paris: ALDEI), a biotech company developing innovative processes for producing biofuels and bio-based chemicals from non-food biomass with its Deinococcus bacteria, announced today the great success of its capital increase with preferential subscription rights – launched on November 30, 2015 – oversubscribed by 128%.
Following the subscription period, which ended on December 14, 2015, the total demand amounted to approximately €11.8 million, for an initial amount of €9.3 million, i.e. a global subscription rate of 128%:
- 1,873,590 new shares were subscribed on an irreducible basis, representing approximately 90.9% of the new shares to be issued; and
- Reducible subscriptions amounted to 759,178 new shares and will, as a result, be satisfied only in part, i.e. for 497,046 new shares.
Consequently, the Company decided to fully exercise the extension clause of 15% of the size of the initial offer, raising the number of new shares to be issued from 2,061,423 to 2,370,636 shares. After the full exercise of the extension clause, the total gross proceeds of the transaction amounts to €10,667,862, issue premium included.
The Company’s share capital, following the capital increase, will amount to €3,421,962.80, represented by 8,554,907 shares with a par value of €0.40 each.
The settlement and delivery as well as the admission to trading on the Alternext Paris market of the new shares are expected to take place on December 23, 2015. The new shares will carry full dividend rights and will be immediately fungible with existing shares of the Company and will be traded on the same trading line under the ISIN code FR0010879056.
The share capital increase with shareholders’ preferential subscription rights was led by SwissLife Private Banking acting as Lead Manager and Bookrunner of the transaction. Brunswick Société d’Avocats was DEINOVE’s counsel for the legal aspects of the operation.
“The unquestionable success of our share capital increase, in a complicated market environment, demonstrates our shareholders’ confidence, both historic ones and newcomers. We would like to warmly thank all of them for their strong commitment”, states Emmanuel Petiot, CEO of DEINOVE. “While the COP21 Conference concluded successfully with an historic agreement last week, these funds will be used to move toward the industrialization of our bioprocesses, and thus make us contribute to the transition toward an oil-free economy.”