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TC TECH makes equity issue worth SEK 20 million

TC TECH’s Board of Directors has decided to make a directed equity issue of 833,333 shares, based on the authorization granted by the AGM held on 18 May 2017. As a result of this resolution, the company’s share capital will increase by SEK 66.7 thousand and liquid funds by around SEK 20 million. 

One of the major subscribers in the share issue is PriorNilsson Funds, an institutional investor that was elected Sweden’s No. 1 asset manager in 2016. That year, not only were all of PriorNilsson’s funds among the top three in the categories Domestic and Hedge, but two of them also ranked number one in each respective category. The asset management of PriorNilsson is characterized by a strong focus on commitment and perseverance. The remaining shares were subscribed for by entities and individuals deemed to remain committed to TC TECH on a longer term.  The subscription price will be SEK 24 per share, based on the VWAP in the ten-day period preceding the decision by the Board (SEK 27) reduced by 11 per cent. The share issue makes an exception from the preferential right of TC TECH’s current shareholders, the purpose being not only to give the company access to additional operating and growth capital, but also to welcome a number of new, strong key partners on board. ”When a respected portfolio manager like PriorNilsson Funds invests in our company, that is certainly a confirmation of the market’s interest in our technology and faith in the company’s future”, says Peter Mattisson, Chairman of the Board of TC TECH. 

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Press release from TC TECH Sweden AB’s 2017 Annual General Meeting

TC TECH Sweden AB’s annual general meeting was held on 18 May 2017, at Netport in Karlshamn. Approximately 67 % of all issued shares were represented at the AGM. 

In accordance with the proposal submitted by the Nomination Committee, the AGM resolved that the Board of Directors shall consist of six ordinary Board members without deputy members. The Board was re-elected in its entirety, and will thus consist of the following members up to the AGM 2018: Peter Mattisson (Chairman of the Board), Per-Anders Johansson, Cecilia Jinert Johansson, Jörgen Brandt, Sven Löfquist and Anders Lönner. In according with the Nominating Committee’s proposal, the Meeting resolved that the total fees paid to the Board, excluding travel expenses, be 350 000 SEK, with 100 000 to be paid to the Chairman and SEK 50 000 to be paid to each of those Board members elected by the AGM who are not employed by the company. The AGM unanimously resolved to change the company’s Articles of Association to the effect that the statutory seat be moved from the municipality of Karlshamn to the municipality of Stockholm. Finally, it was resolved to authorize the Board to make a resolution to issue new shares. A maximum of 1,100,000 new shares may thus be issued in the period up to the AGM in 2018. Such share issue can be made with or without deviation from the current shareholders’ preferential rights. The share price shall be based on the market price at the time of the issue, with or without consideration taken to any possible market discount.

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TC TECH has published its interim report

TC TECH has today published its interim report for the period to 31 March 2017.

In the first quarter of 2017, net sales amounted to 3 141 (0) TSEK, net profit/loss to -4 472 (-6 343) TSEK and cash flow from operating activities to -4 095 (-6 966) TSEK. In April, TC TECH’s Roll to Sheet system (RtS) was cleared for shipment to the customer in Taiwan. This new handling equipment has been developed in close cooperation with the customer, and was cleared at TC TECH’s premises in Spånga under conditions similar to full-scale production. The RtS equipment will now be made available to the customer for three months of evaluation, part of the time in full-scale production. 

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TC TECH has published its Summarized Financial Statements

TC TECH has today published its Summarized Financial Statements for the financial year 2016.

In the fourth quarter of 2016, net sales amounted to 0 (0) TSEK, net profit/loss to -5 046 (-5 759) TSEK and cash flow from operating activities to -3 591 (-399) TSEK. Net sales for the financial year 2016 totalled 0 (0) TSEK, net profit/loss -22 816 (-9 166) TSEK and cash flow from operating activities -18 727 (-4 129) TSEK. After year-end, TC TECH passed an important milestone of its development, as the first of the two production systems delivered to Taiwan was approved. The second of the two systems shipped to Taiwan has reached an equivalent quality status, and will now be fitted with a roll-to-sheet equipment. This product development will be conducted in close cooperation with the customer. 

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TC TECH Sweden AB (publ) - Interim Report 30 September 2016

Net sales amounted to 0 (0) TSEK in the third quarter of 2016. Net profit/loss totalled -5 498 (-1 381) TSEK in the third quarter of the year. Cash flow from operating activities was -3 847 (-932) TSEK in the period from 1 July to 30 September 2016.   Net sales amounted to 0 (0) TSEK in the first nine months of 2016, while net profit/loss totalled -17 769 (-3 407) TSEK in the period from 1 January to 30 September 2016. Cash flow from operating activities was -15 135 (-1 601) TSEK in the period from 1 January to 30 September 2016. No other significant developments have occured since 30 September 2016.

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IR contact

Tommy Nee
CFO
Tel: +46(0)706 19 57 63
E-mail: tommy.nee@tctech.se

Certified Adviser

TC TECH has appointed Arctic Securities AS as its Certified Adviser.

Arctic Securities AS, Sweden bransch
Biblioteksgatan 8
SE-111 46 STOCKHOLM
Tel: +46(0)8 446 860 80
Web: arctic.com/secse/en

IR-kontakt

Tommy Nee
CFO
Tel: +46(0)706 19 57 63
E-mail: tommy.nee@tctech.se

Certified Adviser

Bolaget har utsett Arctic Securities AS, filial Sverige till Certified Adviser.

Arctic Securities AS, filial Sverige
Biblioteksgatan 8
111 46 STOCKHOLM
Tel: +46(0)8 446 860 80
Web: www.arctic.com/secse/