The shareholders were offered the opportunity to subscribe to three new shares for every ten shares held, at a subscription price of CHF 0.60 each. 24,181,122 Shares were taken up pursuant to the exercise of rights, equivalent to 46.3% of the total of 52,214,472 shares available under the offering.
After allowing for the exercise of rights by existing shareholders, approximately 28 million new shares were placed with Cargill, Inc. and institutional investors. Due to strong demand, not all pre-commitments by new investors could be satisfied in the allocation.
The capital increase also included the issuance of 14 million treasury shares to Evolva. These will be used to satisfy part of Evolva’s obligations towards APIDC/Ventureast (conversion agreement as explained in the 2011 annual report, page 28) and the SEDA arrangement with YA Global (see press release 11 August 2011).
The new shares, arising from the capital increase, are expected to be entered in the Commercial Register today, 20 March 2013, and listed on SIX Swiss Exchange on 21 March 2013. Settlement and delivery of the new shares is expected to take place on 25 March 2013.
Based on the preliminary consolidated accounts for 2012, Evolva expects a net loss of approximately CHF 17 million, compared to a loss of CHF 22.9 million in 2011. The loss of 2012 is substantially lower than our forecast of November 2012, partly driven by a one-off, non-cash release of the contingent consideration in connection with the acquisition of Abunda. The 2012 annual report will be published on 9 April 2013.
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