Systar (ISIN : FR0000052854-SAR), a leading provider of Operational Intelligence software, today announced the launch of a 2.35 M€ private equity offering to support its new phase of growth.
Using a delegation voted by the General Assembly of Shareholders on November 21, 2012, the Board of Directors today decided to launch a private equity offering of 2.35 M€ by issuing 500.000 shares of Common Stock at the price of 4.70 €, which corresponds to a premium of 7.2% over the past 20 days moving average and a premium of 8.5% over the closing price on the day prior to the date of the Board meeting.
The offering, which includes cancellation of preferred subscription rights under section II, article L.411-2 of the Code monétaire et financier, will be proposed to qualified investors only on March 14, 2013. Its goal is to increase Systar’s equity so that the company will enter the next phase of its development in the best conditions.
Systar is preparing the deployment of its software solutions on Tornado, its new technology platform, starting in the 3rd quarter of 2013. The launch of these new products is expected to entail sales and marketing investments starting end of 2013 in order to broaden Systar’s sales reach and presence with customers and partners in Europe, North America and Asia. The purpose of the equity offering is to strengthen the company’s financial balance and prepare the financing of these future investments.
The 500.000 new shares, which will represent a dilution of 5.31%, will be quoted and traded on Euronext Paris under the same trading line as, and will have the same rights as the existing shares of the company.
This offering has not been described in a prospectus reviewed by the AMF.