Convertible Credit Facility

On March 21st 2018, Rovsing A/S entered into an agreement with the financial counterpart Formue Nord Markedsneutral A/S about a convertible credit line of up to DKK 7.5 million in order to strengthen the working capital and overall capital structure of Rovsing. See Company Announcement no. 275.

The main terms of the credit line are stated below:

  • Maximum amount: DKK 7.5 million
  • The total amount may be drawn by Rovsing in 12 tranches with a minimum period of 30 days between each tranche in the period March 2018 to October 2019
  • The loan shall be repaid or converted, at Rovsing’s discretion, in up to 18 repayments or conversions into Rovsing shares during the period from October 2018 to November 2019
  • If converted, the loan will be converted into Rovsing shares with the conversion price based on the average trading price of Rovsing shares on NASDAQ OMX Copenhagen over the five trading days prior to each  conversion and a discount of 10% in order to account for the liquidity and volatility of the shares
  • Interest: There is no ongoing interest but Rovsing pays an initial fee of 5% of the full credit line, and a repayment premium of 8% if the loan is paid back in cash

The number of received tranches, the amount converted, and the number of shares converted and issued under the agreement are set-out below.

Date Tranche No. Amount            received Amount converted Conversion price Convertibles outstanding Number of shares issued
2018-03-27 1        625.000        625.000
2018-04-26 2        625.000     1.250.000
2018-05-28 3        625.000     1.875.000
2018-06-28 4        625.000     2.500.000
2018-07-27 5        625.000     3.125.000
2018-08-28 6        375.000     3.500.000
 2018-10-19 400.000 0,0950 3.100.000 4.210.349
 2018-11-16  500.000   0,083826 2.600.000 5.964.736
Total/Average       3.500.000             900.000                    2.600.000  10.175.085