-Norwegian PSI Group completes NOK80m fundraiser

Internet Business News
06-03-2011
-Norwegian PSI Group completes NOK80m fundraiser

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

3 June 2011 - Norwegian IT solutions provider PSI Group (OSL: PSI) said today it had completed the private placement announced on Wednesday, raising gross proceeds of NOK80m.
The company sold a total 24.2m new shares at a price of NOK3.30 apiece. The new shares represent some 109.3% of the current share capital. As announced on Wednesday, PSI will use the net proceeds to partly repay loans to Fokus Bank, the Norwegian unit of Danske Bank A/S (CPH: DANSKE).

The capital hike is subject to approval by an extraordinary shareholder meeting in PSI, scheduled to take place on or around 27 June 2011.

Following the completion of the private placement, the company's share capital will be NOK28.8m and the number of shares will be 46.4 million shares.

SEB (STO: SEB A) was sole manager of the private placement.

PSI's board of directors plans to propose a subsequent rights offering at the same price as the private placement in order to give its existing shareholders a chance to maintain their pro-rata ownership.

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(Copyright M2 Communications, 2011)