Update on the agenda for GN Store Nord’s Annual General Meeting and capital raise
15 March 2023 - 3:30AM
Update on the agenda for GN Store Nord’s Annual General Meeting and
capital raise
On February 20, 2023, GN Store Nord published the convening
notice for its Annual General Meeting taking place on March 15,
2023. The agenda included proposal 9a authorizing the company to
carry out a capital raise of up to DKK 7 billion with pre-emptive
rights for existing shareholders, as announced to the market on
February 8, 2023.
The purpose was to reduce GN’s debt, of which approximately DKK
7 billion is due in 2024, and such a rights issue would have solved
those debt challenges.
The feedback from and dialogue with several shareholders prior
to the Annual General Meeting as well as votes received in advance
has made it clear that the proposal would not achieve support by
the required two-thirds of the votes, even though approximately
half of the votes were in favor.
The Board recognizes that, despite the support of many
shareholders, there are different opinions on this proposal - many
investors support the proposal and some do not. The Board naturally
listens to the shareholders' opinion and have therefore decided to
withdraw the proposal before the Annual General Meeting.
The Board continues to believe that additional capital is
essential to reduce existing debt and allow GN to focus on the
implementation of its innovation strategy while maintaining
sufficient financial resilience in challenging market
conditions.
The Board of Directors will now assess alternative financing
options and will return to shareholders at a later date.
The Board maintains all other proposals for the Annual General
Meeting.
For further information, please contact:
Investor RelationsAnne Sofie Staunsbæk Veyhe
+45 45 75 85 06Rune Sandager +45 45 75 92 57 Media
Relations Steen Frentz Laursen +45 20 65 34 20
About GN
GN facilitates communication between people through intelligent
hearing, audio, video, and gaming technology. Inspired by people
and driven by our passion for innovation, we leverage technologies
to deliver unique user experiences that bring people closer through
the power of sound and vision.
GN was founded more than 150 years ago with a vision to connect
the world. Today, we proudly honor that legacy with our
world-leading expertise in the human ear, audio, video and speech,
wireless technologies, software, miniaturization, and collaboration
with leading technology partners. GN's solutions are marketed by
the brands ReSound, SteelSeries, Jabra, Beltone, Interton,
BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869,
the GN Group employs 8,000 people and is listed on Nasdaq
Copenhagen (GN.CO).
Visit our homepage GN.com - and connect with us on LinkedIn,
Facebook and Twitter
This announcement is not an offer to sell or a solicitation of
any offer to buy any securities issued by the Company in any
jurisdiction where such offer or sale would be unlawful and the
announcement and the information contained herein are not for
distribution or release, directly or indirectly, in or into such
jurisdictions.Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are
statements that are not historical facts and that can be identified
by words such as “believe”, “expect”, “anticipate”, “intends”,
“estimate”, “will”, “may”, “continue”, “should”, and similar
expressions. The forward-looking statements in this announcement
are based upon various assumptions, many of which are based, in
turn, upon further assumptions. Although the Company believes that
these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are
difficult or impossible to predict and are beyond its control. Such
risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the
expectations expressed or implied in this release by such
forward-looking statements. The Company expressly disclaims any
obligation or undertaking to release any updates or revisions to
the forward-looking statements set forth herein. Accordingly, the
Company urges readers not to place undue reliance on any of the
forward-looking statements set forth herein. The information,
opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change
without notice.
- Announcement 14 - Update on the agenda for GN Store Nords
Annual General Meeting and capital raise
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