Cicor announces exercise of reopening option for the issuance of additional mandatory convertible bonds and of option to sell those bonds to One Equity Partners

This media release or the information contained therein is not being issued and may not be distributed in the United States of America, Canada, Australia or Japan and does not constitute an offer of securities for sale in such countries.

 

Bronschhofen, September 27, 2022 - Cicor Group (SIX Swiss Exchange: CICN) announces that it exercises its option to reopen its issuance of mandatory convertible bonds due 2027 in an amount corresponding to CHF 40,188,000 and to sell those bonds to One Equity Partners (OEP).

 

Ad hoc announcement pursuant to Art. 53 LR

Cicor has achieved sales growth of 35.7% and EBITDA growth of 29.5% in the first half 2022. This was driven by organic growth and the acquisitions of Axis Electronics (Bedford, UK) and SMT Elektronik (Dresden, Germany). Cicor expects further organic growth from recently acquired and pending new business programs. To realize that growth, Cicor is doubling its manufacturing space in Thuan Anh City, Vietnam (close to Ho Chi Minh City) by acquiring a second factory near the existing site at an investment in the mid-single digit million CHF range. Additionally, Cicor targets the acquisition of further European EMS providers contributing to increase Cicor’s market share in its core regions and markets.

The mandatory convertible bond of Cicor Technologies Ltd. ("Cicor"; "Company"; ticker symbol of the registered shares listed on the SIX Swiss Exchange "CICN"), convertible into shares of the Company at the conversion price of CHF 47.50, were initially issued with an issuance volume of CHF 20 million. Pre-subscription rights for the total volume of CHF 60.188 million were granted to shareholders. Cicor reserved the option to reopen the issuance of the mandatory convertible bond up to a total issue amount of CHF 60.188 million within 12 months after the completion of the initial issuance and offering, depending on the financing needs of the Company. OEP 80 B.V. ("OEP") has, upon request by the Company, committed to purchase further bonds up to the total issue amount for this period.

Cicor herewith exercises its option to reopen the issuance of its mandatory convertible bonds in an amount corresponding to CHF 40,188,000 and its option to sell those newly issued bonds to OEP. The net proceeds of exercise of the reopening option increase Cicor's financial flexibility and strengthen its balance sheet in relation to future acquisitions.

The Company envisages to complete the reopening of its mandatory convertible bond issuance by September 30, 2022. The additional mandatory convertible bonds are expected to be admitted to provisional trading on the SIX Swiss Exchange on September 30, 2022.


Contact
Cicor Management AG                              Media & Investor Relations
Gebenloostrasse 15                                  Phone: +41 71 913 73 00
CH-9552 Bronschhofen                            Email: media@cicor.com

 

Disclaimer

This publication constitutes neither an offer to sell nor a solicitation to buy securities of Cicor Technologies Ltd (the "Company") and it does not constitute a prospectus or a similar notice within the meaning of articles 35 et seqq. or article 69 the Swiss Financial Services Act. The issuance and listing will be made, solely by means of, and on the basis of, the securities prospectus. An investment decision regarding the publicly offered securities of the Company should only be made on the basis of the securities prospectus. The prospectus will be available at www.cicor.com/mcb and printed copies can be ordered free of charge at investor@cicor.com.

This communication is not for distribution in the United States, Canada, Australia or Japan. This communication does not constitute an offer to sell, or the solicitation of an offer to buy, securities in any jurisdiction in which is unlawful to do so. In particular, this communication is not an offer of securities for sale in the United States.

SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR AN EXEMPTION FROM REGISTRATION. THE SECURITIES REFERRED TO IN THIS COMMUNICATION HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND WILL NOT BE PUBLICLY OFFERED OR SOLD IN THE UNITED STATES.

This communication does not constitute an "offer of securities to the public" within the meaning of Regulation 2017/1129 of the European Union (the "Prospectus Regulation") and the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act (the "UK Prospectus Regulation") of the securities referred to in it (the "Securities") in any member state of the European Economic Area (the "EEA") or the United Kingdom (the "UK"), respectively. Any offers of the Securities to persons in the EEA or UK will be made pursuant to an exemption under the Prospectus Regulation or UK Prospectus Regulation, respectively, from the requirement to produce a prospectus for offers of the Securities.

This communication is being distributed only to, and is directed only at (i) persons outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person must not act or rely on this communication or any of its contents.

This communication expressly or implicitly contains certain forward-looking statements concerning the Company and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.