ODICO is carrying out a rights issue in the period from Tuesday 7 to Monday 20 November and invites old and new shareholders to participate.
In the past decade, Odico has pioneered multiple technologies and products aimed at digitizing and automating the construction industry. This journey of exploration and refinement has transitioned into a promising phase of commercial scale-up, driven by a new management and a strategic partnership model. The immediate goal is to achieve break-even in the first half of 2025. Proceeds from a fully subscribed Rights Issue will provide the financial stability needed to realize this ambition.
Different business sectors
Odico has pinpointed six primary business sectors: three existing — Formwork, Panel Cleaning, and Wind solutions — and three emerging business areas — Topoform, SmartStairs, and Carpen. The Company have already marked their presence in the industry, collaborating with key players like Aarsleff, Vinci, Arkil, Doka, PERI, Ringer, and more. These affiliations are poised to grow as the Company’s emerging business areas gear up for commercial activation.
Management
In 2022, the Boad of Directors made a strategic decision to enhance its management structure by assembling a new team comprised of individuals with extensive industry knowledge and expertise. This boosted sales and instilled a strong sense of confidence that they are poised to achieve break-even in the first half of 2025.
There are four primary areas Odico will focus on to reach break-even within the first half of 2025.
Investment in additional production line
Odico’s existing pipeline indicates a high chance that the Company will have insufficient capacity to fulfil and deliver customer orders. In order to accommodate the increased level of activity, Odico will allocate funds for investment in additional robots/production cells.
Expansion of commercial capacity
As the customer base grows and becomes more geographically dispersed, additional commercial resources will be added to support Odico’s ongoing commercial growth journey and scaling.
Enhancing working capital requirements
As Odico continues its phase of scaling up commercially, it finds itself collaborating with some of the most significant players in the industry. Such an expansion phase often brings with it particular working capital requirements, However, with the funds of this Issue, The Company is not just looking to address these temporary hurdles. Instead, it aims to substantially fortify its working capital, ensuring it stands on a resilient financial foundation.
Repayment of short-term debt
Odico raised a short-term financing of 3.0 mDKK until the announced Issue and will use part of the funds to repay this debt.
Existing shareholders, counts shareholders holding shares on the record date of 6 November 2023 will receive subscription rights.
For every one share held, 1 (one) subscription right will be received. It takes 1 (one) subscription right to subscribe for 1 (one) share. The subscription rights and the right to buy new shares can be used until 20 November 2023, 5:00 pm.
If you as an existing shareholder wishes to acquire more shares than your holding allows you to you can buy additional subscription rights between 3 November 2023 and 16 November 2023, 5:00 pm. Submit your subscription to your bank by 20 November 2023, 5:00 pm.
New shareholders can invest in two different ways:
1. Purchase subscription rights in the market, with the right to buy 1 (one) new share for every 1 (one) subscription rights acquired. Subscription rights can be traded between 3 November 2023 and 16 November 2023, 5:00 pm.
2. Subscription for new shares without subscription rights can be done until 20 November 2023. Allocation will the place after the subscription rights sale ends, if any new shares with subscription rights remain unsold (subscription form on the company website). Submit the form to your bank by 20 November, 2023 5:00 pm.
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