Danish pensions fund ATP reduces holding shares in Green Hydrogen Systems in order to use proceeds to support a capital increase currently afoot at the electrolyzer manufacturer.

Specifically, ATP offloads shares to correspondingly increase subscription rights to subscribe for shares as part of the company’s capital increase. 

When the capital increase is completed, ATP will hold an unaltered 5.99% stake in the company, informs a stock exchange announcement on Tuesday evening.

Assuming all shares as subscribed for, the issuance will bring in DKK 469m (EUR 62.9m) in gross proceeds and approx. DKK 429m in net proceeds.

Subscription rights have only toppled since first day of trading. On June 15, subscription rights issuance closed at DKK 1.60. On Tuesday, subscription rights ended up at DKK 0.97.

During the issuance, existing shareholders will be will be allocated five pre-emptive rights for each one existing share held at a 5:4 subscription ratio, meaning that four pre-emptive rights will entitle the shareholder to subscribe for one new share. 

The subscription period for new shares runs from June 19 at 9am until its closing at June 30 at 5pm.