Mashup Ireland announces completion of €75,000 (SEK 862k) equity raise by way of a private placement at a share price of SEK 2.9 per share
Mashup Ireland AB (publ) (“Mashup”), the acquisitive Irish SME investor, has announced that it has completed a €75,000 (SEK 862k) equity raise by way of a private placement involving the issue of a total of 297,264 new ordinary shares at an issue price of SEK 2.9, which was a premium of 7.4% to the closing share price on Thursday 22 August 2024.
The reasons for the deviation from the shareholders’ preferential rights
Restricting equity capital raises to existing shareholders only is not an effective way for Mashup to raise equity capital as 86.5% of the company is owned by one beneficial owner and there are a range of restrictions on this shareholding increasing.
In addition, a strategic goal of Mashup is to widen its equity investor base over time, particularly in Ireland where Mashup’s activities are focused. Conducting multiple small equity private placements over time are an effective and efficient way to achieve this strategic goal; bringing in a number of new investors across a wider shareholder base.
How the issue price was determined and how a fair market price was ensured
Mashup conducted a competitive book-building exercise to determine the issue price. 7 parties participated, of which 5 of these were existing shareholders. There were 2 successful subscribers. One of these was an existing (though not major[JW1] [AB2] ) shareholder. The other is a new shareholder.
Detail on the share issue
The result of this equity issue is the issuance of 297,264 new shares. The result of this is a dilution of 0.5%. The funds shall be used for the execution of the Expanded Strategy which was approved at the AGM in May and for general corporate purposes. The total number of shares in the Company will now be 59,645,408.
Comment from the CEO, Andy Byrne
“We are delighted to complete our first small equity private placement for Mashup Ireland at a more than 7% premium to Thursday’s closing price of SEK 2.7. We look forward to utilizing this efficient route for selective future equity fundraisings as the group continues to expand its equity shareholder base over time, in accordance with its strategic development and growth.”
For additional information, please contact
Jamie Walsh, CFO
Phone: [+353] 85 871 9756