Enzymatica signs loan agreement with major shareholders
STOCKHOLM, June 16, 2022 /PRNewswire/ -- Enzymatica AB has signed a two-year loan agreement of a maximum of 20 MSEK with its three largest shareholders as well as the Chairman of the Board Bengt Baron and the CEO Claus Egstrand. The purpose is to support the company's liquidity in the periods where sales are lower due to seasonal variations or remaining effects of the pandemic.
The company's three largest shareholders – Mats Andersson, Håkan Roos and Björn Algkvist – have today, 16 June 2022, signed a two-year loan agreement with Enzymatica AB of a maximum of 20 MSEK, together with the company's Chairman of the Board Bengt Baron and the CEO Claus Egstrand.
"Enzymatica has a fantastic product with great potential, but it is no secret that the company is currently in a challenging period in terms of liquidity, after the low sales during the second half of the pandemic. All of us who have signed this loan agreement have made long-term investments in the company and want to contribute to financial stability for the operations", said Bengt Baron, Chairman of the Board.
Enzymatica disclosed already in the autumn 2021 that sales would be negatively affected during the first half of 2022, mainly because its main partners Sanofi and STADA have large inventories that have not been sold out during the pandemic. At the same time, agreements for new markets have been signed, and on the markets where Enzymatica manages marketing and sales (Sweden, UK, Iceland), sales increased with 56 % in the first quarter of 2022, compared to the same period the previous year.
The loan agreement has been signed on market terms (STIBOR 3 months + 7 % incl. fees) and Enzymatica can use all or part of the amount according to its need. The loan agreement is distributed as followed, with all lenders offering the loan through companies: Mats Andersson 5 MSEK, Håkan Roos 5 MSEK, Björn Algkvist 5 MSEK, Bengt Baron 3 MSEK, and Claus Egstrand 2 MSEK. Utilized loan amount should be repaid starting 30 September 2024 and be fully repaid on 30 March 2025 the latest.
For more information, please contact:
Claus Egstrand, CEO, Enzymatica AB
Tel: +44 7780 22 8385 | Email: email@example.com
Stefan Olsson, Communication Manager, Enzymatica AB
Tel: +46 708 55 11 85 | Email: firstname.lastname@example.org
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Press release loan agreement Enzymatica 220616