The rights issue generated significant interest in Denmark and abroad.
During the period 4-7 June 2005, Bavarian Nordic A/S offered 1,159,871 in new shares at a price of DKK 360 per share at a nominal value of DKK 10. The rights issue was offered with pre-emption subscription rights to existing shareholders at a ratio of 4 for 1 corresponding to a gross result of approximately DKK 417.6 million. The result of the rights issue was a gross proceed of approximately DKK 416.7 confirming that the offering was fully subscribed.
The rights issue was not underwritten, but a number of existing shareholders, A.J. Aamund A/S and Lønmodtagernes Dyrtidsfond (LD Pensions), made binding advance commitments on the subscription of a gross proceed of DKK 91.3 million. A.J. Aamund A/S has subscribed to DKK 70 million which is DKK 10 million more than the binding advance commitment.
The rights issue generated significant interest from both private and institutional investors in Denmark and abroad.
Asger Aamund, Chairman of the Board of Bavarian Nordic A/S said, "The proceeds from the rights issue gives the company greater possibilities for optimal positioning on the order to supply the US authorities with smallpox vaccines under the upcoming RFP-III. Moreover, the proceeds secure that the company’s research and development activities are strengthened, in particular additional clinical trials in the smallpox, HIV, measles and cancer programmes".
The new shares will be admitted to listing on the Copenhagen Stock Exchange on 23 June, 2005. As soon as possible after the capital increase is registered in the Danish Commerce and Companies Agency, the existing and temporary securities identification codes will be combined. After registration of 1,157,570 new shares at a nominal value of DKK 10, Bavarian Nordic A/S’ nominal share capital will increase to DKK 57,970,550 (5,797,055 shares at a nominal value of DKK 10).
