Als je het nieuwsbericht goed leest, dan volgt er vrijdag mij straks een uitgifte van nieuwe aandelen:
"$8.8 million total acquisition cost, including $5.1 million in MDxHealth stock..."
Financial Details
Under the terms of the agreement, MDxHealth will purchase all outstanding shares of NovioGendix Holding B.V. in a combined share and cash transaction:
- $5.1 (or €4.5 million) shall be payable in new MDxHealth shares
- $283,345 (or €250,000) in cash
- up to an additional $3.3 (or €3.0 million) in cash shall be payable in six milestone payments.
- In addition, MDxHealth will grant NovioGendix a bridge loan of $680,000 (or €0.6 million) to repay outstanding debts of NovioGendix.
The new shares issuable as consideration for the acquisition shall be issued at an issue price that will be equal to the average trading price of the shares of MDxHealth during a 30 day period prior to completion of the transaction. All of the new shares will be subject to a 90 day lock-up, and in addition a portion of the new shares shall remain subject to a lock-up of 18 months (which in certain circumstances could be reduced or extended). The new shares will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of MDxHealth at the moment of their issuance and will be entitled to distributions in respect of which the relevant record date or due date falls on or after the date of issue of the new shares.
The completion of the acquisition is contemplated to occur on or about September 18, 2015.
Samengevat geeft dit het volgende:
MDXH koopt Noviogendix. MDXH betaalt daarvoor:
- 250.000 euro in cash.
- 6 keer 500.000 euro in cash de komende maanden/jaren (mijlpaalbetalingen).
- Overbruggingskrediet van 600.000 euro om Novodisk intussen toe te laten schulden af te betalen.
- Ongeveer 1.000.000 NIEUWE aandelen van MDXH (goed voor 4.500.000 euro).
Conclusie:
- Overname gebeurt grotendeels op de rug van de bestaande aandeelhouders, want we krijgen een verwatering van 2 à 3% door de uitgifte van nieuwe aandelen.
- Daarenboven cashburn van 3.850.000 euro.
- Nog niet in te schatten: extra personeelskosten en extra kosten om een nieuw product in eigen beheer te verkopen enerzijds, mogelijke opbrengsten anderzijds.