Catena Media Plc has settled its shareholder subscription options related to warrant rights issued for the period of 2020-to-2024.
The Stockholm-listed media publisher had previously alerted shareholders of its intentions to exercise warrants following its Q4 2022 trading results.
The transaction saw 6,663,913 of warrants paid by Catena, corresponding to approximately 19.7% of all outstanding warrants being exercised for cash or new ordinary shares in the company.
The warrants were paid via a combination of cash transactions totalling SEK 33m (€2.9m) and further set-off by Catena’s hybrid capital securities (“capital securities”) totalling SEK 92.7m (€8.2m).
Catena authorised a price for new shares of SEK 18.90, which saw a total of 15,366 subscribed shares paid for in cash. The remaining 6,648,547 warrants were paid for by Catena’s capital securities.
Investors were informed that “in total, 926,884 capital securities (each with a nominal amount of SEK 100) were used to subscribe for the 6,648,547 shares paid by set-off and in cash, meaning that a total nominal amount of SEK 92.7m of the company’s capital securities was used for set-off purposes.”
In accordance with Stockholm market rules, Catena will reduce its capital securities balance from SEK 549,129,400 to SEK 456,441,000.
The transaction will further allow Catena to increase its outstanding share capital “by 6,663,913, from 72,035,349 to 78,699,262”.
As announced in January, Catena governance continues to review all strategic options with regards to the company’s future, including the entire sale of the business.