Fly Play hf.: Increase of share capital of Play and results of share offering

Increase of share capital of Play and results of share offeringA shareholders' meeting of Fly Play hf. held on 30 November 2022 approved the below stated proposals, which authorise the board of directors decided to increase the Company's share capital by up to ISK 228.670.505 in nominal value with the issuance of new shares, resulting in gross proceeds of approx. ISK 3,3 billion. The goal of the share capital increase is to strengthen the company for the coming growth and to ensure its...

Hafnarfjörður, 30/11/2022 (informazione.it - comunicati stampa - turismo)

A shareholders' meeting of Fly Play hf. held on 30 November 2022 approved the below stated proposals, which authorise the board of directors decided to increase the Company's share capital by up to ISK 228.670.505 in nominal value with the issuance of new shares, resulting in gross proceeds of approx. ISK 3,3 billion. The goal of the share capital increase is to strengthen the company for the coming growth and to ensure its strong liquidity position. Play's 20 largest shareholders participated in the increase. To ensure shareholder equality all shareholders were afforded the opportunity to subscribe for new shares on the same terms. As the current market value of shares is lower than the subscription price there was very limited participation.

As a result of the above the following matters were on the agenda of the shareholders' meeting held on 30 November 2022:

The above proposals were approved by the shareholders meeting.

The share offering to all shareholders concluded at 18:00 on 30 November. As previously stated the goal of the offering was to ensure shareholder equality in the share capital increase and subscriptions by the 20 largest shareholders.

Pursuant to the offering shareholders were offered to subscribe to shares at the rate of ISK 14,6 per share. Parallel to the issuance of new shares, the Company will issue warrants for up to 57,167,631 new shares. The subscription price according to the warrants will be the price per share of the original issuance, with interest amounting to the Central Bank of Iceland's 7-day collateralized lending interest rate. The warrants will be exercisable for a period of 10 days subsequent to the publication of the Company's annual accounts for the year 2023.

In relation to the offering and the subscription commitments from the 20 largest shareholders, the board of directors has decided to exercise its authority to issue new shares, granted at the shareholders meeting on 30 November 2022, and increase the share capital with the issuance of 228.670.505 new shares which represent 24,5% of the issued share capital.

Parallel to the aforementioned issuance of shares, the board of directors has decided to exercise its authority to issue warrants, granted at the shareholders meeting on 30 November 2022 and has issued 228.670.505 warrants to the shareholders which subscribed to the aforementioned new shares.

The total number of shares in Fly Play following the increase will be 932.003.836.