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Ellex Advises Magnetic MRO on Issue of New Shares

Ellex Advises Magnetic MRO on Issue of New Shares

Estonia
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Ellex Raidla has advised Magnetic MRO AS on an agreement with Shenzhen Yongtai Trading Co., Limited and Sapphire Investment Holding Limited to raise additional capital of up to EUR 8.95 million.

The total share capital of Magnetic MRO (MMRO) will be increased from EUR 1,090,188.80 to EUR 1,283,200 by way of issuing up to 30,158 new shares with the nominal value of EUR 6.4 each for the aggregate issue price of up to EUR 8,950,000.

According to Ellex, MMRO has a total of 11 different business units, with some more focused on profitability and others more driven towards fast growth. According to MMRO CEO Risto Maeots, "a significant part of the equity injection will be allocated into fuelling organic growth in our growing business units."

According to the agreements, Shenzhen Yongtai Trading Co., Limited, a limited liability company registered under the  laws of P.R. China, is authorized to subscribe for up to 26,957 new shares of MMRO granting it a shareholding of up to 13.44% in MMRO for the total issue price of up to EUR 8,000,000 and Sapphire Investment Holding Limited, a limited liability company registered under the laws of Hong Kong, is authorized to subscribe for up to 3,201 new shares of MMRO granting it a shareholding of up to 1.60% in MMRO for a total issue price of up to EUR 950,000. The investors may subscribe for the new shares within a one-year period in multiple tranches. The subscription of new shares by Shenzhen Yongtai Trading Co., Limited is subject to certain regulatory approvals of P.R. China.

After the subscription of the new shares in full, the registered share capital of MMRO shall be EUR 1,283,200 and the total number of shares of MMRO shall be 200,500. The shareholding of Hangxin Aviation Services Co., Limited, the existing sole shareholder, may decrease as a result of the issue of new shares from 100% to 84.96%.

The Ellex Raidla team consisted of Partner Risto Vahimets and Senior Associates Karl-Erich Trisberg and Helen Ratso.

Ellex Raidla said it was unable to disclose any additional information on the deal.

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