The company will sell 29.6 million units at SEK 5 apiece toraise total proceeds of SEK 148m, it announced today.
It follows just days after RABT dismissed a takeover bidfrom its largest shareholder at the same price.
Christen Sveaas’ Kistefos offered SEK 5 per share for the outstanding34.8% of the company it does not own.
RABT urged shareholders to reject the bid, describing it as “unfair”and also cited fears that Kistefos would try to push through deeper thanplanned cost cuts including further job losses.
However Kistefos could yet increase its stake in the companyas it has committed to subscribe for its pro rata share of the offering and hasguaranteed the remaining part of the issue.
The subscription period for the share offering runs from 9May to 27 May inclusive.
Proceeds will fund the next stage of RABT’s restructuringincluding closing the TransPal line, renegotiating bareboat obligations and coveringthe cost of lay offs.
Shares in RABT are currently changing hands at SEK 5.05 eachon the Nasdaq OMX Stockholm.
