MyBucks | capital increase against contributions in cash
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR IN WHICH THE OFFERING OF SECURITIES IS SUBJECT TO REGULATORY RESTRICTIONS. OTHER RESTRICTIONS ARE ALSO APPLICABLE.
MyBucks S.A. resolves on capital increase against contributions in cash
- Private placement of up to 1.3 million new shares under exclusion of subscription rights
- Capital increase secured through commitments from existing shareholders
- Gross proceeds of up to EUR 11.7 million to be used to reduce overall refinancing costs, increase lending volume and to drive business growth
- Key shareholders have further increased their stake in MyBucks
Luxembourg, February 5, 2018 – Frankfurt-listed Fintech MyBucks S.A. (“MyBucks” or the “Company”) has announced that its Board of Directors has agreed to increase the Company’s share capital from EUR 11,665,613 by up to EUR 1,300,000 to up to EUR 12,965,613 by issuing up to 1.3 million new shares (the “New Shares”), which will be fully entitled to dividends of MyBucks for the financial year commencing on 1 July 2017.
The New Shares will be offered to selected investors for purchase at a price of EUR 9 per New Share without subscription rights of existing shareholders by way of private placement. The Company has already received binding purchase offers from existing shareholders and investors, including Mr Alexander Schütz and Apeiron Investment Group, who have agreed to purchase all New Shares. Hauck & Aufhäuser Private Bankers will act as Sole Bookrunner of the transaction. The proceeds from the capital increase will be used to reduce overall refinancing costs, increase lending volume significantly and to drive business growth.
The new funds that become available will be used to pay back mezzanine capital with high interest rates. This means that overall refinancing costs will drop decidedly from current levels. In addition, MyBucks is working on several other refinancing solutions, for which an increase of the equity capital is a prerequisite.
MyBucks Deputy CEO Tim Nuy said: “MyBucks has grown organically and by strategic acquisitions over the last 24 months. During 2018, we will focus on significantly increasing our lending volume while at the same time lowering our refinancing rates. Increasing our equity is the first, very important step in achieving this goal.”
Prior to the capital increase, the Chairman of the Board of Directors, Mr Alexander Schütz, and Apeiron Investment Group also increased their stake in MyBucks by acquiring 850,000 shares at a price of EUR 9 per share from non-strategic shareholders, with the option to acquire a further 1,198,690 shares until the end of June 2018.
MyBucks CEO Dave van Niekerk has praised the faith displayed in the Group by the key shareholders. “We are very proud that Alexander Schütz and Apeiron, who have both accompanied and supported MyBucks for many years, have continued to display strong confidence in MyBucks. This move is a strong signal of trust in the Group.”
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks and GetSure the company offers impact loans, unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries as well as in Australia. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at: www.mybucks.com