1 August 2018
IVISYS is increasing its working capital through a convertible loan from a group of private Swedish investors. The loan will add 5.0 MSEK (excluding financial costs) to the company’s working capital.
The loan will mature after 12 month, and the lenders will have an opportunity to convert the loan and interest into shares during the loan period. IVISYS will have the opportunity to repay the loan, in part, during the loan period, should the liquidity not be needed.
The interest rate is 12 % p.a. and the conversion rate is 85 % based on a 10 day weighted average trading price.
An extraordinary general assembly will be held to formalize the issuance of new shares, should the loan convert. The main shareholders have guaranteed this new share issuance allowance.
CEO Mikael Sjöholm comments:
“Given that we expect an increased order uptake the coming months, we need to grow our workforce and prepare our production, so we do not get excessive delivery lead times. This will influence our liquidity, although we receive some upfront payments on orders. On the other hand we do not see our strong growth so far this year reflecting in the share price. After joining the companies we received orders worth approx. 3.0 MSEK in only one month time (compared to a turnover for 2017 of approx. 2.0 MSEK). Therefore we serve the shareholders best by lending money at this point, compared to issuing new shares at this point. Given that the convertible loan cannot convert, and only in part, earlier than November 2018, we believe this is the best way to serve existing shareholders” says Mikael Sjöholm.
Sedermera Fondkommission is IVISYS’ Certified Adviser.
For further information, please contact
Jakob Kesje, Chairman of IVISYS AB
Phone: +45 20 22 60 10
This information is information that IVISYS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 1 August 2018.
IVISYS provides vision-based quality inspection solutions for industry, which can replace both manual and mechanical quality control. IVISYS’ unique, patented solutions make it possible to perform complex quality control while keeping the existing production flow unaffected. Unlike existing solutions, IVISYS’ approach makes it possible to perform complex surface controls, control measurements on the micron level and control multiple components in one instant process. The solutions are based on IVISYS’ patented image data processing, which differs fundamentally from the conventional processes used within vision systems today. IVISYS is capable of utilizing high-resolution cameras in the company’s image processing, while at the same time processing image information faster than the company’s competitors. The solutions offered have an average payback period of approximately six months for customers currently relying on mechanical or manual control.
IVISYS is the winner of Frost & Sullivan’s 2017 Entrepreneur of the Year in Europe Award.