Konsolidator signs convertible loan agreement with Formue

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Company announcement n ° 8-2021

Søborg, July 21, 2021

Consolidator between convertible loan agreement with Formula The North secures funding for its future growth

On March 15, Konsolidator A / S (KONSOL.CO) announced that additional capital was needed to accelerate the current go-to-market strategy and develop new sales channels. Today, Konsolidator signed a conditional convertible loan agreement with Formue Nord Fokus A / S to fund Konsolidator’s future growth and development department.

Konsolidator A / S (“Konsolidator” or the “Company”) intends to use the product to expand the sales team. In addition, part of the proceeds will be allocated to development where scalability and improving the user journey are the main topics and include the expansion of the development team in Poland. The loan agreement is for a convertible loan in the principal amount of DKK 25 million from Formue Nord to Konsolidator. The loan will be disbursed in one go and available to Konsolidator on September 1st 2021. A commitment fee of 5.5% will be paid to Formue Nord, resulting in net proceeds of DKK 23.6 million for the company. Interest is 8% pro year paid quarterly. Konsolidator has the right to repay the loan at any time with 14 days notice. In this case, the North Formula may choose to be reimbursed in cash or to convert into shares. The loan is repayable in full on September 1st 2023.

The loan gives Formue Nord the right, but not the obligation, to convert the loan, in whole or in part, into Konsolidator shares at a price of DKK 25.00 per share. Therefore, if the total loan amount of DKK 25 million is converted into Konsolidator shares at this price, 1 million new shares will be issued, corresponding to a nominal value of DKK 40,000. In the event that Konsolidator issues shares at a lower price prior to repayment or conversion of the loan, the share price at which Formue North can convert the loan into shares will be reduced accordingly.

The issuance of the convertible bond is subject to the approval of a general meeting of Konsolidator.

Following this announcement, Konsolidator’s board of directors will convene an extraordinary general meeting, to be held in August, with a proposal to authorize the board of directors to issue the convertible bond.

Rasmus Viggers, Chief Investment Officer and Partner at Formue Nord, commented: “We continue to see strong potential for value creation in Konsolidator’s strategy and international growth plans. We are delighted to support this mission and are confident in the company’s ability to deliver.

“We are delighted once again receive funding to an attractive level like us continue to see a raise request the Consolidator software solution, which requires growth capital. With the launch of Konsolidator Audit® we expect strong additional growth within the audit segment in addition to the growth towards the Groups, concludes Claus Grove, CEO of Konsolidator.

On Formula North

Formue Nord is an independent asset management company specializing in providing structured and personalized financing solutions to small and mid-cap companies.

About Konsolidator
Konsolidator A / S is a financial consolidation software company whose primary focus is to improve Group CFOs worldwide through automated financial consolidation and cloud reporting. Created by CFOs and auditors and powered by innovative technology, Konsolidator takes the complexity out of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a component essential for strategic decision-making.

For more information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: [email protected]

Konsolidator A / S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified advisor
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

  • Company announcement n ° 8-2021


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