- Offer period to last from 18 February 2021 to 4 March 2021
- Subscription price fixed at EUR 1.00 per new share
- Subscription ratio fixed at 10:3
- Issue proceeds earmarked mainly for acquisition of joint venture partner KMI Cleaning Solutions Inc.
The Executive Board of OTI Greentech AG (‘OTI’, WKN A2TSL2) today adopted a resolution, approved the Supervisory Board, to implement a cash capital increase by way of a rights issue. Up to 2,177,235 new shares will be issued at a subscription price of EUR 1.00 per share, making use of a portion of Authorised Capital. Subject to BaFin’s approval of OTI’s Securities Information Sheet, the offer period will run from 18 February 2021 to 4 March 2021 (midnight). The subscription ratio is 10:3, which means that 3 new shares can be subscribed for 10 old shares. There are no plans to trade in subscription rights. Shares not subscribed will subsequently be offered in a private placement to a limited number of qualified investors at a price of at least EUR 1.00 per share. The gross issue volume amounts to up to around EUR 2.18 million, with the largest portion being earmarked for financing the acquisition of joint venture partner KMI Cleaning Solutions Inc. (see ad hoc announcement dated 15 October 2020). The remaining funds are to be used for further acquisitions, investments in product development and the expansion of the company’s sales organisation. The new shares carry dividend rights from 1 January 2020. As a result of the issuance of the new shares, the share capital of OTI Greentech AG will increase from EUR 7,257,458.00 to up to EUR 9,434,693.00, divided into the same number of shares. After completion of the capital increase, the new shares are to be introduced into existing trading on the Regulated OTC Market of the Düsseldorf Stock Exchange. The capital increase is backed by the Executive Board and major shareholders.
The public offering will be made without a prospectus pursuant to Section 3 No. 2 of the German Securities Prospectus Act (exemption from the obligation to publish a prospectus). Before deciding to exercise, acquire or dispose of any pre-emptive rights or acquire or dispose of shares, shareholders and investors are therefore advised to read carefully, in particular, the Securities Information Sheet of OTI Greentech AG, which will be available on the company’s website (www.oti.ag) in the investor relations section after receiving approval by BaFin.
OTI Greentech AG’s rights issue is managed by Small & Mid Cap Investment Bank AG, Munich.
Explanatory section
Together with KMI Cleaning Solutions, OTI Greentech AG offers leading technologies in both the land-based and maritime cleaning sectors. Its core business consists of chemical products and services for the maritime industry, infrastructure equipment – including tank trucks – and the oil & gas sector.
John C. Kisalus, CEO of OTI, explains: “The acquisition of our joint venture partner KMI Cleaning Solutions Inc. is an important step in our growth strategy. The capital increase enables us to create the basis for a profitable and fast-growing business.”