The Dance of Capital: BerGenBio and Hacksaw's Bold Moves in the Market
July 1, 2025, 5:01 pm
In the world of finance, the rhythm of capital flows can be both exhilarating and daunting. Recently, two companies, BerGenBio ASA and Hacksaw, have taken significant steps that illustrate this dance. Each move is a calculated step toward growth, yet fraught with risks and uncertainties.
On June 30, 2025, BerGenBio ASA announced a fully underwritten rights issue aimed at raising approximately NOK 130 million. This announcement came on the heels of a proposed merger with Oncoinvent ASA, a strategic move designed to bolster their market position. The rights issue is a classic maneuver in the financial playbook, allowing existing shareholders to purchase additional shares at a discounted price. This tactic can be a lifeline for companies seeking to raise capital without diluting ownership too drastically.
The timeline for this rights issue is tightly woven. The terms were unveiled on the same day as the announcement, with key dates laid out like a roadmap. The last day to include rights is September 19, 2025, with the ex-date following shortly after on September 22. The record date is set for September 23, assuming normal settlement procedures. This structured approach is crucial for maintaining investor confidence and ensuring a smooth transaction.
The subscription price, a critical component of the rights issue, will be determined ten trading days after the merger's completion. It will be based on the theoretical share price, calculated using the volume-weighted average price from the last three trading days before the pricing date. This method ensures that the price reflects current market conditions, albeit with a discount of approximately 35%. Such a discount is a sweetener for investors, enticing them to participate in the offering.
The ratio of preferential rights will be announced later, but the subscription ratio is set at 1:1. This means that for every subscription right held, investors can purchase one new share in the combined entity. It’s a straightforward equation, but one that carries weight in the minds of investors.
Global coordinators DNB Carnegie and ABG Sundal Collier ASA are at the helm, guiding this ship through the turbulent waters of the market. Their expertise is invaluable, especially when navigating the complexities of a rights issue intertwined with a merger. The listing of subscription rights on the Oslo Stock Exchange adds another layer of visibility, allowing investors to trade these rights, thus enhancing liquidity.
However, this announcement is not without its caveats. The rights issue hinges on several conditions, including the successful completion of the merger and the approval from an extraordinary general meeting. This uncertainty can create ripples of doubt among investors, as the path to completion is often fraught with challenges.
Meanwhile, across the sea, Hacksaw is making waves of its own. On the same day, it was reported that Linklaters advised a syndicate of banks on a EUR 2 billion listing on Nasdaq Stockholm. This move attracted significant interest from institutional investors and the general public, leading to an oversubscription of the offering. Such enthusiasm is a testament to the market's appetite for new opportunities, especially in a landscape where innovation is king.
The role of Linklaters in this process cannot be understated. Their legal expertise and collaborative approach helped navigate the complexities of the listing. With a team led by partner Charlotte Levin, they ensured that every detail was meticulously handled. The involvement of major banks like DNB Carnegie, Citi, and Jefferies as joint global coordinators speaks volumes about the confidence in Hacksaw's potential.
The oversubscription of the offering is a clear signal. Investors are hungry for growth, and Hacksaw has positioned itself as a beacon of opportunity. The strong interest from countries like Sweden, Denmark, Finland, and Norway highlights the regional appeal of the listing. It’s a reminder that in the world of finance, geography can play a significant role in shaping investor sentiment.
Both BerGenBio and Hacksaw are navigating the currents of the market with strategic precision. BerGenBio's rights issue is a classic play for capital, while Hacksaw's listing is a bold leap into the public eye. Each company is charting its course, but the waters are unpredictable.
Investors must remain vigilant. The landscape is littered with risks, from regulatory hurdles to market volatility. The forward-looking statements made by both companies are filled with promise, yet they are also tinged with uncertainty. The dance of capital is not for the faint of heart.
In conclusion, the financial maneuvers of BerGenBio and Hacksaw are emblematic of a broader trend in the market. Companies are seeking innovative ways to raise capital and attract investment. The rights issue and public listing are two sides of the same coin, each with its own set of challenges and rewards. As these companies move forward, they will need to maintain their balance, adapting to the ever-changing rhythm of the market. The dance continues, and only time will tell who will lead and who will follow.
On June 30, 2025, BerGenBio ASA announced a fully underwritten rights issue aimed at raising approximately NOK 130 million. This announcement came on the heels of a proposed merger with Oncoinvent ASA, a strategic move designed to bolster their market position. The rights issue is a classic maneuver in the financial playbook, allowing existing shareholders to purchase additional shares at a discounted price. This tactic can be a lifeline for companies seeking to raise capital without diluting ownership too drastically.
The timeline for this rights issue is tightly woven. The terms were unveiled on the same day as the announcement, with key dates laid out like a roadmap. The last day to include rights is September 19, 2025, with the ex-date following shortly after on September 22. The record date is set for September 23, assuming normal settlement procedures. This structured approach is crucial for maintaining investor confidence and ensuring a smooth transaction.
The subscription price, a critical component of the rights issue, will be determined ten trading days after the merger's completion. It will be based on the theoretical share price, calculated using the volume-weighted average price from the last three trading days before the pricing date. This method ensures that the price reflects current market conditions, albeit with a discount of approximately 35%. Such a discount is a sweetener for investors, enticing them to participate in the offering.
The ratio of preferential rights will be announced later, but the subscription ratio is set at 1:1. This means that for every subscription right held, investors can purchase one new share in the combined entity. It’s a straightforward equation, but one that carries weight in the minds of investors.
Global coordinators DNB Carnegie and ABG Sundal Collier ASA are at the helm, guiding this ship through the turbulent waters of the market. Their expertise is invaluable, especially when navigating the complexities of a rights issue intertwined with a merger. The listing of subscription rights on the Oslo Stock Exchange adds another layer of visibility, allowing investors to trade these rights, thus enhancing liquidity.
However, this announcement is not without its caveats. The rights issue hinges on several conditions, including the successful completion of the merger and the approval from an extraordinary general meeting. This uncertainty can create ripples of doubt among investors, as the path to completion is often fraught with challenges.
Meanwhile, across the sea, Hacksaw is making waves of its own. On the same day, it was reported that Linklaters advised a syndicate of banks on a EUR 2 billion listing on Nasdaq Stockholm. This move attracted significant interest from institutional investors and the general public, leading to an oversubscription of the offering. Such enthusiasm is a testament to the market's appetite for new opportunities, especially in a landscape where innovation is king.
The role of Linklaters in this process cannot be understated. Their legal expertise and collaborative approach helped navigate the complexities of the listing. With a team led by partner Charlotte Levin, they ensured that every detail was meticulously handled. The involvement of major banks like DNB Carnegie, Citi, and Jefferies as joint global coordinators speaks volumes about the confidence in Hacksaw's potential.
The oversubscription of the offering is a clear signal. Investors are hungry for growth, and Hacksaw has positioned itself as a beacon of opportunity. The strong interest from countries like Sweden, Denmark, Finland, and Norway highlights the regional appeal of the listing. It’s a reminder that in the world of finance, geography can play a significant role in shaping investor sentiment.
Both BerGenBio and Hacksaw are navigating the currents of the market with strategic precision. BerGenBio's rights issue is a classic play for capital, while Hacksaw's listing is a bold leap into the public eye. Each company is charting its course, but the waters are unpredictable.
Investors must remain vigilant. The landscape is littered with risks, from regulatory hurdles to market volatility. The forward-looking statements made by both companies are filled with promise, yet they are also tinged with uncertainty. The dance of capital is not for the faint of heart.
In conclusion, the financial maneuvers of BerGenBio and Hacksaw are emblematic of a broader trend in the market. Companies are seeking innovative ways to raise capital and attract investment. The rights issue and public listing are two sides of the same coin, each with its own set of challenges and rewards. As these companies move forward, they will need to maintain their balance, adapting to the ever-changing rhythm of the market. The dance continues, and only time will tell who will lead and who will follow.