Reference is made to the stock exchange by Hexagon Composites ASA (“Hexagon” or the “Company”) on 24 August 2020 regarding the intention to spin off Hexagon Purus and apply for Hexagon Purus’ shares to be admitted to trading on Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange.
The relevant agreements and other preparatory steps to cause the transfer of Hexagon Purus’ Compressed Natural Gas Light-Duty Vehicle activities to Hexagon have now been concluded (reference is made to the stock exchange release on 19 August 2020 announcing the transfer), and the Company aims to have the Hexagon Purus shares admitted to trading on Merkur Market by year-end 2020, subject to all necessary corporate resolutions being validly made by the Company and approval of the listing application by Oslo Børs (the ”Listing”). In connection with the listing process, the Company intends to distribute shares in Hexagon Purus to the Company’s shareholders within the boundaries for permitted distributions set out in the bond terms for its NOK 1,100,000,000 senior unsecured bond issue, HEX03 – ISIN NO NO0010846280. The distribution will be relatively limited in size at this juncture due to the limitations imposed by the bond agreement.
An extraordinary general meeting (EGM) in Hexagon has been scheduled for 13 November 2020 (the “EGM”) to authorize the board of directors to approve the proposed distribution. Please see separate stock exchange notice for more details on the EGM.
The Company intends to raise additional growth capital through a private placement in Hexagon Purus (the “Private Placement”) in connection with the Listing.
Carnegie AS and Skandinaviska Enskilda Banken AB (publ) have been mandated as financial advisors to support Hexagon in this process. Advokatfirmaet Schjødt AS acts as the Company’s legal advisor. Advokatfirmaet Thommessen AS acts as legal advisor to the financial advisors.
For more information, please contact:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com
Karen Romer, SVP Communications, Hexagon Composites AS
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility, industrial and consumer applications, including light-, medium- and heavy-duty vehicles, ground storage, distribution, marine, rail and backup power solutions.
About Hexagon Purus
Hexagon Purus, a Hexagon Composites company, enables zero emission hydrogen and battery electric mobility for a cleaner energy future. Hexagon Purus is a world leading provider of Hydrogen Type 4 high-pressure cylinders, battery packs and vehicle systems integration for fuel cell electric and battery electric vehicles (FCEV and BEV) including hybrid mobility applications on light, medium and heavy-duty vehicles, transit buses, ground storage, distribution, marine, rail, aerospace and backup power solutions.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.