Dear shareholders of Precise,
I am very happy to tell you that we today successfully concluded on the ongoing rights issue. The rights issue in combination with the directed issue to Egis Technology will strengthen Precise’s cash position with SEK 44 million. I am grateful to existing shareholders who participated, despite the current market climate, and very excited about the expanded partnership and investment by Egis Technology.
The Egis investment involves (please note that this is a simplification and not exhaustive, for specific details please read the press release):
- Egis has subscribed to a directed issue decided by the Board, corresponding to approximately SEK 25.5 million
- Additionally the rights issue was subscribed to approximately 44%, corresponding to approximately SEK 18.5 million
- In total, Precise will receive approximately SEK 44.0 million before the issue costs.
- In total, Egis will own 12.08% in Precise and has committed to not sell any shares within the coming 24 months.
I am also very happy to see that my colleagues in the management team of Precise and the Board, including myself, have participated in the rights issue, in proportion to our current holdings. That in combination with our new owner’s long-term commitment to Precise, shows a strong belief in the company.
Our focus is to continuously deliver long-term value for you, our shareholders, and with the notably strengthened financial position as well as the closer collaboration with Egis, now a long-term Precise shareholder, we look forward to continuing the work with our strategic goals.
This work is well underway, and we had the pleasure of welcoming Howard Ro, CEO of Egis, and Jimmy Hsu, VP of Engineering at Egis, to our head office in Lund a few weeks ago. With productive workshops and meetings, this was an important kick off for our joint plan ahead, and we therefore found it important to follow up the initiated conversations by visiting the Egis HQ in Taipei. Last week the dedicated teams from Precise and Egis participated in technical workshops to further establish the roadmap, a roadmap that consists of key rationales such as, a current mutual offering, exploring new verticals and sensors and capitalizing on the growing market for digital access.
The management team of Precise, the Board, and I, are now eager to nurture this momentum, and continue to develop innovative and secure solutions and products where YOU are the key.
All the best,
Patrick Höijer, CEO