Alliance Oil aims to raise $100 mln with share offering
MOSCOW. June 5 (Interfax) - Alliance Oil Company plans to raise SEK670 million (about $100 million) with the issue of new preferred shares represented by Swedish Depositary Receipts (SDRs), the company said in a press release.
The proceeds will be used to finance the company's current operations.
The company plans to place 2.2 million-2.4 million new preferred shares at SEK280-310 per share. Each share entitles the holder to an annual dividend of SEK30 per share (SEK7.50 quarterly), which corresponds to a yield of 9.7-10.7% depending on the final subscription price.
The offering is targeted at retail investors in Sweden and institutional investors in Sweden and internationally, the company said.
The subscription period is expected to be from June 10 to 19, and the final subscription price is expected to be announced on June 20. The settlement date is expected to be June 26.
The new shares are expected to begin trading on NASDAQ OMX Stockholm on July 4.
