Unlimited Travel Group (UTG), an investment company focused on the travel industry, has decided to carry out a rights issue of approximately SEK 35.1 million.
This is stated in a press release.
In September 2020, a rights issue was carried out in UTG with the aim of strengthening the company's working capital to compensate for the revenue reduction that the travel industry has suffered since the outbreak of the Covid-19 pandemic.
During the autumn, the corona situation has worsened, and this situation can reasonably be expected to persist until vaccines and other measures mean that travel again reaches more normal levels, the company writes.
”"The board of directors believes that further strengthening of working capital should be done to maintain the company's financial strength and sustainability over a longer period than could have been assumed earlier in the year," it says.
The issue comprises a maximum of 5,851,090 shares upon full subscription. Shareholders in the company receive one subscription right for each share held and a subscription right is required to subscribe for a new share at a subscription price of SEK 6.00 per new share.
The issue will be covered by subscription commitments from a small number of shareholders to the extent of more than 50 percent. Full information about the issue will be presented in a prospectus, which will be published no later than the day before the start of the subscription period.
Source: Nyhetsbyrån Direkt
