Zutec Holding AB’s Board of Directors has resolved on a directed share issue of SEK 100 million






The board of Directors of Zutec Holding AB (publ) (“Zutec” or the “Company”) has resolved,

subject to the approval by shareholders at an Extraordinary General Meeting (the “EGM”), on

a directed new issue of 16,666,666 shares, which is expected to raise proceeds to the

Company of SEK 100 million before issue costs.

The intention to carry out the directed share issue was announced earlier today. The Board of

Directors has now resolved, subject to the approval by shareholders at an EGM, on such issue

to a number of institutional investors, including Athanase Industrial Partner (“Athanase”), FE

Fonder, Norron Asset Management and AP4, on the basis of an accelerated bookbuild

conducted by Skandinaviska Enskilda Banken. The Company intends to publish a notice

convening an EGM shortly, which is expected to be held on or around June 11, 2021.

In total, 16,666,666 new ordinary shares will be issued at a subscription price of SEK 6 per

share. Accordingly, the directed issue is expected to raise proceeds to the Company of SEK

100 million before issue costs. The subscription price of SEK 6 per share implies a discount of

around 14 per cent compared to the closing price on May 25, 2021.

“We are very pleased to welcome all new shareholders to join Zutec on our ongoing journey

towards our vision of becoming a leading player within cloud based construction software. We

are proud that such an accomplished group of investors have joined us, as we are seeking to

diversify our shareholder base through an improved mix of institutional investors, high net

worth individuals and retail investors. This funding helps us to further accelerate our growth,

both organically and through acquisitions, and to build on the strong momentum we are

enjoying. We have a well-defined plan for value creation for our shareholders that includes

acquisitions, which will be of enhanced focus following this directed share issue. ” says Gustave

Geisendorf, CEO of Zutec

The Company intends to use the proceeds from the directed share issue to finance continued

organic growth through initiatives within sales, marketing and product development, as well

as for M&A purposes.

The reasons for the deviation from the shareholders’ pre-emption rights are that the Company

shall, in a timely manner, be able to secure the Company’s capital need for the operations, as

well as broaden the ownership structure of the Company with institutional investors.

The directed share issue, if approved, will result in an increase of the number of shares in

Zutec by 16,666,666 from 46,090,618 to 62,757,284, and an increase of the share capital by

SEK 3,333,333.20 from SEK 9,218,123.60 to SEK 12,551,456.80, resulting in a dilution of

approximately 27 per cent for Zutec’s existing shareholders after the directed issue. The

directed issue is conditional upon an EGM having approved the directed issue no later than

July 1, 2021 and the capital increase having been registered by the Swedish Companies

Registration office (Sw. Bolagsverket) no later than July 15, 2021. As shares have been

subscribed by Athanase, the EGM approval requires support from shareholders representing

not less than 90 per cent of the shares and votes at the EGM.

Main shareholder Athanase, representing approximately 47 per cent of the shares and votes

in Zutec, has undertaken to vote in favour of the directed issue at the EGM and not to dispose

of any such shares prior to the EGM. Subject to customary exceptions, Athanase, management

and board members of the Company and the Company have agreed to a lock-up until the

period ending 90 days after approval at the EGM.

Skandinaviska Enskilda Banken acted as Sole Bookrunner and Eversheds Sutherland acted as

legal adviser to Zutec in connection with the directed share issue.


For further information, please contact

Gustave Geisendorf, CEO, Tel: +353 1 21 3565, email: gustave.geisendorf@zutec.com

This is information that Zutec Holding AB (publ) is obliged to make public pursuant to the EU

Market Abuse Regulation. The information was submitted for publication, through the agency

of the contact person set out above, on May 25, 2021 at 23.23 CET.


About Zutec Holding AB (publ)

Zutec is a provider of cloud-based construction management software with operations in

Dublin, Abu Dhabi, London and Melbourne. Zutec’s product offering includes the Zutec

product family, CreateMaster as well as Resi-Sense. Zutec Holding AB (publ) is listed on Nasdaq

First North Growth Market and Redeye AB is the Company’s acting Certified Adviser (Tel. +46

8 121 576 90, certifiedadviser@redeye.se, www.redeye.se).


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