Simtel raised RON 12.8 million from investors and successfully closed the share capital increase operation

Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange, announces the closing of the share capital increase operation. The company raised a total of 12.8 million lei from investors. The capital will be used to further develop the company’s business lines.

“We are thrilled with the successful closing of the share capital increase operation almost a year after the listing, especially since it took place in a period of pessimism in the capital markets, including Romania. We thank the investors for their trust in our team and the company’s development plans and confirm that we remain connected and dedicated to promoting energy independence in Romania. The raised capital will support us in expanding our business and projects with our partners, such as large discount networks and interior and exterior design retailers. The available opportunities, combined with the visibility and recognition in the market gained by listing on BVB, but also thanks to the projects delivered so far to some of the strongest brands in the respective industries, will contribute to capturing a significant market share in the renewable energy sector,” stated Iulian Nedea, co-founder and CEO of Simtel Team.

Within the EGMS organized at the end of December 2021, Simtel Team shareholders approved the share capital increase operation by issuing a number of 705,500 new shares. The operation was carried out in two stages, between May and June 2022. In the first stage, which took place between May 27 and June 25, 2022, the existing Simtel shareholders had the opportunity to buy newly issued SMTL shares based on preference rights, SMRLR01. At the end of this stage, the investors subscribed to 686,267 shares, representing approximately 97% of the total issue, and the company raised 12.5 million lei. The shares had a nominal value of 0.2 lei and were offered at 18.1994 lei/share. Furthermore, the 97% subscription represents a record for the first stage of a share capital increase operation carried out in the last two years on the Bucharest Stock Exchange.

The remaining 19,233 unsubscribed shares were offered in a private placement brokered by BT Capital Partners and scheduled to take place between June 29 and July 6, 2022. The price of a share within this stage was 18.2094 lei. Due to the high interest, the private placement was closed in advance on the first day, the participating investors receiving shares with “pro rate” allocation, with the allocation index of 0,2753. Following the second stage, the company raised 0.35 million lei.

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Regarding the use of the funds, approximately 50% will support the development of ongoing projects in the company’s three business lines – renewable energy, telecommunications, and industrial automation – and those forecast for 2022. The remaining 50% will be allocated equally for developing electricity storage projects to balance the national energy system, a network of stations for charging electric cars, and own photovoltaic projects – land acquisition, project development, construction, commissioning, etc.

Simtel Team shares are listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021, and are traded under the SMTL symbol. Currently, the company has a market capitalization of over 160 million lei.