The shareholders of SSM Holding AB (publ) (“SSM” or “the Company”) gathered on Tuesday, March 17, 2020 in Stockholm for an Extraordinary General Meeting. The meeting resolved to approve the proposal of the Board of Directors regarding SSM’s rights issue, to authorize the Board to resolve on a new issue of shares and/or convertibles, to approve the proposal of the Board to carry out a share transfer 3,625 shares in Fastighetsaktiebolaget Älvsjö Quarters AB to Clear Real Estate Holding AB and to approve the Board’s resolution regarding a cooperation agreement with Masugnen 1 Fastighets AB.
Approval of the Board of Directors’ resolution on a new share issue (rights issue)
The Extraordinary General Meeting resolved to approve the resolution of the Board of Directors on a rights issue of shares of a maximum of 157 010 168 SEK with preferential rights for the Company’s existing shareholders. The new issue will increase SSM’s share capital by a maximum of 19 626 271 SEK through the issue of a maximum of 19 626 271 shares.
Existing shareholders have preferential rights to subscribe for new shares in proportion to the number of shares they already own. For each existing share held on the record date, the shareholder will receive one (1) subscription right. Two (2) subscription rights entitle the holder to subscribe for one (1) new share (i.e. a subscription ratio of 1:2).
The record date to participate in the rights issue is March 19, 2020. The subscription period will run from March 23, 2020 until April 6, 2020. The subscription price is 8,0 SEK per share, which means that if fully subscribed, the rights issue will contribute 157 010 168 SEK to SSM before issue costs.
Resolution on issue authorization
In accordance with the resolution of the Board of Directors, the Extraordinary General Meeting resolved to – on one or on several occasions or at the most adjacent to the next Annual General Meeting – authorize the Board of Directors to resolve on the issue of new shares and/or convertibles. The issue may be possible with or without deviating from shareholders’ preferential rights and with or without provisions regarding compensation or offsetting or any other conditions.
Approval of share transfer to Clear Real Estate Holding AB
The Extraordinary General Meeting resolved to approve the Board’s resolution to transfer 3,625 shares in Fastighetsaktiebolaget Älvsjö Quarters AB to Clear Real Estate Holding AB, which corresponds to half of the total number of shares in Fastighetsaktiebolaget Älvsjö Quarters AB. The purchase price for the shares in Fastighetsaktiebolaget Älvsjö Quarters AB is based on an agreed market value of 66.0 MSEK for the Stockholm Herrgården 1 plot in the Municipality of Stockholm.
Approval of cooperation agreement with Masugnen 1 Fastighets AB
The Extraordinary General Meeting resolved to approve the Board’s resolution to enter into a cooperation agreement with Masugnen 1 Fastighets AB regarding the land allocation for part of the Masugnen 1 property in the Municipality of Stockholm. Pursuant to the cooperation agreement, in return for the transfers and SSM’s other commitments under the agreement, Masugnen 1 Fastighets AB will pay 0.5 MSEK to SSM.
Complete documentation regarding decisions
Complete documentation related to the above decisions is available on the Company’s website at ssmlivinggroup.se
For more information, please contact:
EVP Communications & IR
Phone: +46 761 65 17 71
About SSM Holding AB (publ)
SSM produces functionally smart and affordable homes with attractive common areas, close to public transport and the city center for the company’s target group – the urbanites of tomorrow. The company envisions a housing market that is accessible to as many people as possible. SSM is the leading property developer in its niche within the Greater Stockholm area and at end of December 2019, the company has approximately 4,500 building permits in its portfolio. SSM has been listed on Nasdaq Stockholm’s mainlist since April 6, 2017. www.ssmlivinggroup.com