Flyr is pleased to announce that the Private Placement (as defined below) has been successfully completed and raised gross proceeds to the Company of NOK 600 million through the allocation of 120,000,000 new shares at a price of NOK 5 per share.
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 165 million: (i) Nordea Investment Management NOK 60 million; (ii) Tycoon Industrier AS NOK 50 million; (iii) Sissener AS NOK 30m; and (iv) Apollo Asset Limited NOK 25 million.
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.
Following the Private Placement, the Company will have 150,000,000 shares outstanding.
The Company and certain of the large shareholders in the Company as well as members of the Company's management and board have entered into customary lock-up arrangements with the Manager that 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 commencement of trading in the shares on Euronext Growth Oslo.
Allocation to investors will be communicated on 15 February 2021. The Private Placement will be settled by the Manager on a delivery-versus-payment basis on or about 1 March 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.
Flyr has applied for, and will, subject to the necessary approvals from the Oslo Stock Exchange, list the shares of the Company on Euronext Growth Oslo (the “Listing”). The first day of trading on Euronext Growth Oslo is expected to be on or about 1 March 2021.