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- Rusnano intends to acquire between 25% and 29.9% of the company's shares
- Entry to take place as part of a capital increase with application of subscription rights
- Conditional right of withdrawal agreed with investor
- Fresh funds to drive expansion of international business
Nanostart AG (OTCQX: NASRY), portfolio company ItN Nanovation AG (FSE: I7N) has reached agreement with Russian state-owned corporation Rusnano on an equity investment in the company, and is planning a capital increase with application of subscription rights in this connection. The agreement with Rusnano includes some conditional rights of withdrawal. Rusnano's equity investment is planned in connection with a capital increase with a volume of up to €11 million. The capital increase with application of subscription rights is to be carried out at a ratio of 4:1 at an issue price of €5.07 per share. Rusnano will take part in this capital measure and guarantee the acquisition of unsubscribed shares, subject to certain preconditions being met. In particular, Rusnano has made its involvement contingent on Rusnano acquiring at least 25 percent (after any dilution effects) of the company's share capital that exists after the planned capital increase, predominantly in the context of the capital increase.
To increase the likelihood of the measure going ahead, some existing shareholders have already issued binding notifications that if the capital measure is carried out, they will not exercise any subscription rights to which they are entitled. Rusnano intends to support the current strategic aims of the company. At the same time, Rusnano has confirmed that it does not intend to acquire a controlling stake of 30% or more in the company in the next few years.
The measure, supported by Wolfgang Steubing AG, will be carried out as a capital increase with application of subscription rights with an indirect subscription right at a ratio of 4:1 with no public offering and no subscription rights trading. The new shares are not to be admitted for trading on the stock exchange until a later date, probably in the fourth quarter of 2011. Until then, the new shares will be managed under a separate ISIN that is not admitted for stock market trading.
The funds raised are chiefly to be used to build up the international business of ItN Nanovation.
Russian state holding company Rusnano was established in order to turn Russia into a leading nanotechnology player. Several billion dollars are available to support Russian nanotechnology and for projects such as cooperations and joint ventures with leading nanotechnology companies from all over the world.
About Nanostart AG
Nanostart AG (OTCQX: NASRY), is the world’s leading nanotechnology investment company. Headquartered in Frankfurt am Main, it invests venture capital in nanotechnology companies in various development phases. Investments are focused on companies in the most innovation-driven segments: cleantech, life sciences and IT/electronics. Through its wholly-owned subsidiary in Singapore, Nanostart invests in nanotechnology companies in Asia in conjunction with the government of Singapore. For more information on the company, please visit www.nanostart.de.
About ItN Nanovation:
ItN Nanovation AG (FSE: I7N) is one of the world’s top nanotechnology companies. It develops innovative ceramic products such as filter systems and coatings for major industrial customers. The company manufactures the necessary nanoscale powder in-house. ItN Nanovation’s filter products can be used for drinking water treatment and wastewater purification, as filters in the drinks industry and to separate oil and water. Nanotechnology-based ceramic coatings are used as protective and catalytic layers in a wide range of applications in various industries, from ovens through aluminum foundries to coal-fired power stations. ItN Nanovation was founded in 2000. The company’s success is based on an extensive patent portfolio combined with in-depth development and application expertise. For more information on the company, please visit www.itn-nanovation.de.
This communication does not constitute an offer to sell or a request to submit an offer to buy or subscribe to securities. No initial public offering (IPO) of securities of Nanostart AG is taking place in connection with the listing of shares in the Open Market sub-segment of the Frankfurt Stock Exchange, the “Entry Standard”. This communication does not constitute a securities prospectus. This communication and the information it contains are not meant to be directly or indirectly forwarded to or within Canada, Australia or Japan.
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Dr. Hans Joachim Dürr
D-60313 Frankfurt am Main
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 150
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