LONDON – Flyr has announced its Private Placement has been successfully completed, raising gross proceeds of NOK600m (US$71.45m) through the allocation of NOK120m (US$14.29m) new shares at a price of NOK5 (US$0.60) per share.
The Company intends to use the net proceeds from the Primary Offering to execute the Company’s business plan and finance the ramp-up of the airline operation and for general corporate purposes.
The Private Placement attracted strong interest from Norwegian, Nordic and international high-quality institutional investors and was multiple times oversubscribed.
- Four cornerstone investors were allocated shares for NOK 165m (US$19.65m):
- Nordea Investment Management NOK60m (US$7.15m);
- Tycoon Industrier AS NOK50 (US$5.95m);
- Sissener AS NOK30m (US$3.57m);
- Apollo Asset Limited NOK25m (US$2.98m).
Following the Private Placement, the airline will have 150 million outstanding shares. The company and a large number of shareholders, board members, and management of the company have entered into customary lock-up arrangements with the Manager.
These arrangements will restrict, subject to certain exceptions, their ability to, without the prior written consent of the Manager, issue, sell or dispose of shares, as applicable, for a period of twelve months after the start of shares trading on Euronext Growth Oslo.
Allocation to Investors
Allocation to investors will be communicated on February 15, 2021. The Private Placement will be settled by the Manager on a delivery-versus-payment basis on or about March 1, 2021, following the registration of the new share capital in the Norwegian Registry of Business Enterprises and the issuance of the new shares in VPS.
The delivery-versus-payment settlement in the Private Placement is facilitated by a pre-funding agreement between the Company and the Manager.
Featured image: Boeing 737. Photo: Flyr