Pressmeddelanden, rapporter och bolagsmeddelande för Exel Composites Oyj

Exel Composites Plc held an Extraordinary General Meeting (EGM) on 17 May 2024, during which it was decided that the company will conduct a rights offering of up to EUR 23 million. The company plans to issue new shares under the authorisation, with a maximum of 265 million shares to be issued. Shareholders will have a pre-emptive right to the new shares, but shares not subscribed by shareholders may be offered to others. The Board of Directors is authorised to decide all terms and conditions of the offering, which is valid until 31 December 2024. The EGM's minutes will be available on the company's website by 31 May 2024. Exel Composites is a leading manufacturer of composite profiles and tubes, serving various industries globally.

Exel Composites Plc is planning a rights offering to raise up to approximately EUR 23 million to accelerate its strategy implementation and strengthen its capital structure. The company has also agreed on a new financing agreement of EUR 52.4 million to refinance its existing bank loans, conditional on the successful completion of the offering. The company's new strategy, announced in October 2023, aims to grow organically within volume and customer-specific applications and improve profitability by increasing efficiency. The proceeds from the offering will be used to accelerate growth investments, optimise the factory network, finance working capital needs, and repay debt. The offering is subject to authorisation by the Extraordinary General Meeting and a resolution by the Board of Directors of Exel Composites. The subscription period of the offering is estimated to commence during the second quarter of 2024, depending on market conditions.