Swedencare AB (publ) has completed the Canadian acquisition which was made public on July 24th, 2024, and carries out an issue of shares to the sellers
Swedencare AB (publ) has today gained access to the business of MedVant Inc. (“MedVant”), which was acquired on July 24th, 2024. MedVant has been distributing Swedencare subsidiary, RX Vitamins' product line exclusively in Canada since 2020. Through this strategic acquisition, Swedencare now enters the expansive Canadian vet market and receives a comprehensive product portfolio of supplements in the premium segment for dogs and cats. The purchase price amounts to approximately MSEK 34.8 (MCAD 4.5) and consists of approximately MSEK 27.9 (MCAD 3.6) in cash and an issue of 130,939 shares in Swedencare.
The board of directors for the company has, with the support of the authorization from the annual general meeting on April 25th, 2024, resolved on the issue of 130,939 shares to the sellers of MedVant. The reason for the issue is to make payment to the sellers in accordance with the share purchase agreement. The subscription price in the issue was determined, in accordance with the share purchase agreement, at SEK 53.20 per share, which corresponds to the volume-weighted average price of the company's share on the Nasdaq First North Growth Market during 10 trading days before the date of signing the agreement. The board therefore assesses that the subscription price is made on market terms. The new issue entails a dilution of approximately 0.08 percent based on the total number of shares and votes in the company after the issue.
For more information about the acquired business, please see press release from July 24th, 2024, when the acquisition was made public on the Company homepage www.swedencare.com.