Moberg Pharma proposes to pay the shareholders SEK 46.50 per ordinary share and repays the MOB-015 loan
STOCKHOLM, September 30th, 2019. As previously communicated, Moberg Pharma AB (publ) ("Moberg Pharma" or the "Company"), intends to propose the Annual General Meeting for the abbreviated financial year 2019 to resolve on a payment to the shareholders through redemption of shares. The Board of Directors has now set the proposed redemption amount to SEK 46.50 per share. Moberg Pharma also announces that the Company intends to repay the loan of USD 2.5 million that the Company incurred from the purchaser in connection with the divestment of the Company's OTC-business last spring.
Moberg Pharma has previously announced that the Board of Directors intends to propose a payment to the shareholders of approximately SEK 43-45 per ordinary share, through an automatic redemption procedure to be implemented after the Annual General Meeting on October 30th, 2019. It is now clear that the Board of Directors will propose a payment to the shareholders of SEK 46.50 per ordinary share. An information brochure regarding the proposed redemption procedure (in Swedish only) is attached to this press release and is also available on the Company's website.
The proposed redemption amount of SEK 46.50 per ordinary share exceeds the maximum redemption amount permitted under the transaction documents entered into with the purchaser of the Company's OTC-business earlier this spring by SEK 1.47 per ordinary share. The purchaser of the OTC-business has accepted the higher redemption amount against payment of a so-called waiver fee of SEK 971,439. The Board of Directors' proposal will therefore be conditional upon the Annual General Meeting approving the payment of the waiver fee to the purchaser. If the Annual General Meeting does not approve the payment of the waiver fee, the Annual General Meeting will still be able to resolve on a payment through redemption of shares, but the redemption amount may then amount to a maximum of SEK 45.03 per ordinary share.
Moberg Pharma also announces that the Board of Directors has resolved to make a prepayment in full of the loan of USD 2.5 million which the Company incurred from the purchaser in connection with the divestment of the Company's OTC-business last spring, as the Board of Directors is of the opinion that the loan is no longer necessary to finance the remaining MOB-015-business.
For more information, please contact:
Anna Ljung, CEO, phone: 070 - 766 60 30, e-mail: anna.ljung@mobergpharma.se
Peter Wolpert, Executive Chairman, phone: US: +1 908 432 2203, e-mail: peter.wolpert@mobergpharma.se
About this information
Moberg Pharma publishes this information in accordance with the EU Market Abuse Regulation (MAR). The information was submitted for publication on September 30th, 2019 at 6:00 p.m. CET through the contact persons above.
About Moberg Pharma, www.mobergpharma.com
Moberg Pharma AB (publ) is a Swedish pharmaceutical company focused on commercializing proprietary innovations based on drug delivery of proven compounds. The company’s main asset, MOB-015, is a novel topical treatment for onychomycosis, for which phase 3 data in more than 800 patients is expected in late 2019 in North America and the first half of 2020 in Europe. The pipeline also includes the late-stage asset BUPI for pain relief in oral mucositis. Clinical data generated for both assets indicate they have the potential to become market leaders in their respective niches. Moberg Pharma is headquartered in Stockholm and the company’s shares are listed on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm (OMX: MOB).