NORD: COMMENCEMENT OF SUBSCRIPTION PERIOD FOR REPAIR OFFERING
Today, 21 December 2009, Oslo Børs approved the offering and listing prospectus
that has been prepared by NorDiag ASA in connection with the private placement,
through which 42,000,000 new shares will be listed on Oslo Børs, and the
subsequent repair offering, where up to 8,000,000 new shares in NorDiag are
offered.
The private placement has secured NOK 42 million in new capital for NorDiag,
through the issue of 42,000,000 shares at a subscription price of NOK 1.00. The
new shares issued in connection with the private placement will be listed when
shares are fully paid and the increase in the share capital is registered in the
Norwegian Register for Business Enterprises and the VPS. Registration of the
capital increase in the Norwegian Register for Business Enterprises and the VPS
is expected to take place on or about 22 December 2009.
The subscription period for the new shares in the subsequent repair offering
starts tomorrow, 22 December 2009, and ends on 12 January 2010, at 17:30 (CET).
The company aims to raise up to NOK 8 million in fresh capital through the
repair offering, by issuing up to 8,000,000 shares at a subscription price of
NOK 1.00. Only those of the company?s shareholders as at 25 November 2009 who
were not invited to participate in the private placement have been allocated
subscription rights in the repair offering. These shareholders have been
allocated 2.38323 subscription rights for each share held as at 25 November
2009 and will receive prospectus and subscription form. The subscription rights
are tradable and will be listed on Oslo Børs from and including 22 December
2009.
DnB NOR Markets has acted as manager in the private placement and the repair
offering.
Background for the private placement and the repair offering:
The purpose of the private placement and the subsequent repair offering is to
provide sufficient working capital for the company until the company is funded
through own operations. The Company expects to reach break-even at EBITDA level
in 2011.
By allocating subscription rights in the repair offering to those shareholders
who were not invited to participate in the private placement, the company has
provided the opportunity for all shareholders to subscribe shares at the same
price as in the private placement.
NorDiag has delivered a strong top line growth in the second half of 2009, both
organically and through the joint venture entered into with Olerup International
AB, while cost improvement programmes have resulted in significantly lower
costs.
The restructuring of the company is now complete and the company is well
positioned for further growth within its business areas ? Infectious Diseases
and HLA Typing.
Increasing sales of instruments are expected going forward within the Infectious
Diseases segment, mainly as a result of the good reception of the Arrow
instrument, which was launched earlier this year. In addition, the expanded
platform of sold instruments and influenza testing provide a continuously
growing platform for reagent sales.
HLA Typing (transplantation testing) is a growing market and NorDiag, through
its subsidiary Olerup International AB, is well positioned for taking part in
this growth. Through Olerup International AB, NorDiag has also secured access to
an expanded distribution network for the Arrow instrument.
The offering and listing prospectus is available at: www.nordiag.com
Contact:
Contact: CEO Mårten Wigstøl Phone: +47 911 65775
CFO Tone Kvåle Phone: +47 915 19576
About NorDiag:
NorDiag is a biotechnology company developing, manufacturing and marketing
automated solutions (instruments and tests) for sample preparation of DNA from
difficult biological samples. DNA diagnostics give more rapid and precise
answers, and is the fastest growing field within diagnostics. The company?s
sample preparation solutions are today used in connection with STI,
tuberculosis, MRSA, respiratory pathogens and viruses on instruments for large
and small laboratories. NorDiag was founded in 2003 and has its headquarters in
Oslo, Norway. The company has offices and laboratories in Stockholm, Sweden, in
West Chester (PA), USA and in Vienna, Austria. The group has today 40.1
man-labour years. NorDiag is listed on Oslo Stock Exchange with ticker NORD.
For further information - www.nordiag.com .
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1365866]
