QBNK Holding AB (publ) (“QBNK”) and GEM Global Yield Fund (“GEM”) have signed a financing agreement whereby GEM undertakes to subscribe, up to an amount of 30 MSEK, for new shares in QBNK under a period of 36 months.
Under the agreement, QBNK is granted a right to require GEM to subscribe for shares in QBNK through new share issues. Each new issue of shares is based on the average trading volume in the QBNK share during a period of 15 bank days prior to the notification of subscription issued by QBNK. The price per share equals 90 per cent of the average closing price during a period of 15 bank days after the notification of subscription issued by QBNK.
As part of the agreement, GEM is granted a call option to acquire shares in QBNK from the majority shareholder Tre Liljor Sverige AB. If exercised in full, GEM acquires 3 million shares.
”The agreement provides QBNK with yet another tool in the development of the business where QBNK is granted flexibility in securing additional funds in a period of growth. The capital will be used to expand the existing business through acquisitions and investments to increase organic growth.” says Carl Petruson, CEO.
Global Emerging Markets Limited (www.gemny.com) was founded 1991. GEM, having completed 367 transactions in 65 countries, is an alternative investment group that handles a diverse set of investment vehicles across the world. GEM`s fund include: CITIC/GEM Fund; VC Bank/GEM Mena Fund*; Kinderhook; GEM Global Yield Fund; GEM India Advisors, and GEM Brazil PE Fund.
*GEM exited both its LP and GP stakes in Q1, 2010.
Contact The Global Emerging Markets Group: Warren P. Baker, III
E-mail: wbaker@gemny.com
QBNK provides business and government agencies cloud based products and services with Digital Asset Management. Historically, the company has seen a 30-40 per cent growth rate annually.
Share name: QBNK
ISIN-code: SE0005934023
For more information please contact:
Carl Petruson, CEO
QBNK Holding AB (publ)
Tel: +46 8-459 99 90
e-mail: carl.petruson@qbank.se