zakdirosa : BASF
Reference is made to the EUR 10,000,000 convertible loan resolved by the Board
of Directors of Quantafuel ASA ("Quantafuel") on 7 October 2019 pursuant to the
authorisation of the general meeting on the same date, and subscribed by BASF.
Quantafuel has received notice from BASF that BASF exercises its right to
convert the entire loan including accrued interest in the amount of EUR
172,054.79, in total EUR 10,172,054.79, in accordance with the terms of the
"After further equity injections by third parties and in the course of
continuously optimizing BASF?s financial investments, BASF decided to convert
the loan into new shares," says Dr. Lars Kissau, Senior Vice President Global
Strategic Business Development at BASF?s Petrochemicals division. ?Quantafuel?s
technology remains an important building block for BASF?s ChemCyclingTM project
with the aim to use pyrolysis oil as feedstock in chemical production."
?We are happy that BASF have decided to convert the loan into shares, making
them our largest shareholder. We are very much looking forward to the continued
cooperation,? says Ann-Christin Andersen, Chair of Quantafuel?s Board.
Pursuant to the terms of the convertible loan the conversion price shall equal
the volume weighted average price of Quantafuel's shares the last 30 days prior
to the date of the conversion notice, however not higher than NOK 14.40 per
share and not lower than NOK 11.80 per share (as adjusted following the share
split carried out in connection with the listing of Quantafuel on
Merkur/Quantafuel Growth). The relevant conversion price is therefore NOK 14.40
The loan and accrued interest shall for the purposes of the conversion be
converted from EUR to NOK using the foreign exchange conversion rate last
published by Norges Bank on the day that the initial conversion notice was sent
to Quantafuel ASA, being 10.3355 and resulting in a total NOK convertible amount
NOK 105,133,272.33 (including principal and accrued interest).
Accordingly, the conversion of the convertible loan and accrued interest will
result in a total of 7,300,921 shares being issued to BASF and the share capital
of Quantafuel ASA being increased with NOK 73,009.21, to NOK 1,489,218.47.
The conversion will be effectuated without delay. Under the terms of the
convertible loan, the new shares shall carry the same rights as Quantafuel's
already issued shares and give right to dividend from the time that Quantafuel
received the conversion notice.