In April, Exel Composites announced its plans to conduct a rights issue to accelerate the implementation of its strategy and strengthen its capital structure. The extraordinary general meeting that took place today authorized the issue.
Following the approval from the meeting held on May 17, 2024, the board of directors at Exel Composites has approved a subscription rights issue totaling approximately EUR 21.8 million. This offer consists of a maximum of 94,831,552 new shares for subscription, available to current shareholders based on their subscription rights.
Each new share available for subscription is priced at EUR 0.23. The main objective of the share issue is to enhance Exel Composites’ capital structure and expedite the execution of the company’s transformation strategy. The company aims to secure adequate working capital, accelerate essential growth investments, optimize its factory network for efficiency gains, and fund the working capital requirements for anticipated business growth.
Current shareholders of Exel Composites have the primary right to subscribe to the shares being offered. Shareholders registered in the shareholder register maintained by Euroclear Finland on May 21, 2024 will receive one subscription right per share they own in the company. Each subscription right allows holders to subscribe for eight new shares at the specified subscription price.
Trading of Exel Composites’ shares without subscription rights will commence on May 20, 2024. The registration period for subscription rights begins on May 24, 2024 at 9:30 a.m Finnish time and closes on June 7th , 2024 at 4:30 p.m Finnish time .
