Scandinavian Property Development (SPDE) has unveiled an oversubscribed private placement which will raise NOK 700 mln (EUR 77.3 mln) to strengthen the company's financial position. In a press release, SPDE said that the placement is subject to the approval of the company's general meeting on 14 July.
Scandinavian Property Development (SPDE) has unveiled an oversubscribed private placement which will raise NOK 700 mln (EUR 77.3 mln) to strengthen the company's financial position. In a press release, SPDE said that the placement is subject to the approval of the company's general meeting on 14 July.
SPDE plans to issue 700 million new shares at a price of NOK 1 per share. The issue price represents a discount of 60% to the market price on 24 June 2009.
SPDE said it has retained SEB Enskilda AS as Sole Lead Manager to advise on, and effect, the private placement.
