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Analytikerkommentar

Bawat: Receives final approval from Nefco and decides to carry out directed share issues

Av Kasper LihnHead of Research
Bawat Water Technologies

Today, shortly before the market closed, Bawat announced its final approval from Nefco of a loan agreement and hence the decision to carry out directed share issues. Referring to Bawat’s financing plan communicated on 17 April 2023, the Nefco-financing has received final approval regarding the financing of SEK 25m divided into two tranches. Consequently, Bawat carries out two directed share issues with total proceeds of SEK 18.8m (before transaction costs) at a subscription price of SEK 1.60 per share.

The first tranche of the loan is approx. SEK 15m, which will be disbursed in the first half of 2023. The second tranche consists of a convertible loan of approx. SEK 10m, which will be disbursed in 2024.  

The first directed share issue of SEK 17.1m (before costs) is to two family offices with knowledge and insights into the shipping industry (anchor investors), as well as other existing larger shareholders and a few other external investors. The second direct share issue is for Bawat’s Chairman and CEO with total proceeds (before costs) of SEK 1.7m. This will be subject to a resolution by the annual general meeting, which indicatively is expected to be on 7 June 2023. A bridge loan of SEK 4.5m from Selfinvest Aps and Klaus Nyborg is to be partly set off in the directed share issue and partly repaid with the proceeds from the directed share issue. The total dilution of the directed share issues corresponds to approx. 22.9%.

Read the full announcement here: https://view.news.eu.nasdaq.com/view?id=beb8f2b5d6aaa768102d721e0910528c7&lang=en&src=listed

Disclaimer: HC Andersen Capital receives payment from Bawat for a DigitalIR/Corporate Visibility agreement. /Kasper Lihn 20:27, 26 April 2023.

Bawat Water Technologies är verksamt inom sjö- och industrisektorn. Bolaget tillhandahåller värmebaserade BWMS-system som används för ballastvattenbehandling. Systemet lämpar sig för fartygslösningar ombord och för containeranläggningar. Idag innehar bolaget verksamhet på global nivå med störst närvaro inom Norden och Europa. Bawat Water Technologies grundades 2011 och har sitt huvudkontor i Stockholm.

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