The Group has now completed its 2017 fundraising plan, having raised a total of EUR 16.0m.

The proceeds are intended to be used primarily for acquisitions. Along with the first convertible bond issued in February, the Group has now raised a total of EUR 16.0m during 2017, achieving its original fundraising target for the year.

The bond has a final maturity of July 2020 and bears a fixed rate coupon of 10.00%. It will automatically convert to equity, at a discount, during a change-of-control event or an initial public offering (IPO) of the company. The bond will be affiliated to Euroclear Sweden and conversion to equity during an IPO will be processed by Euroclear. The bond will mark the first time that Euroclear Sweden has affiliated a convertible bond from a non-Swedish issuer.

Forty-six different investors participated in the issue with the funds mainly coming from investors based in Sweden. The issue was fully subscribed.