Sif, a company in the offshore wind industry, has recently announced a rights offering worth €50 million. The offering entails the issuance of up to 4,353,890 new ordinary shares in the company. This move comes on the heels of Sif's final investment decision to expand its manufacturing facilities, with the aim of establishing the largest monopile production factory globally. The decision to proceed with the rights offering was endorsed by shareholders at an extraordinary general meeting held on March 28, 2023.
Under the terms of the offering, shareholders are entitled to purchase 7 new ordinary shares for every 41 shares they currently own. The issue price per offer share has been set at €11.50, resulting in an estimated total of €50 million in gross proceeds for Sif. The company has highlighted that this issue price represents a discount of 20.9% compared to the closing price of €14.54 per share on Euronext Amsterdam as of June 15, 2023. Moreover, it represents an 18.4% discount to the theoretical ex-rights price.
Those holding rights will have the opportunity to subscribe for the offer shares by exercising their rights between the period of 9:00 CET on June 19, 2023, and 17:40 CET on July 4, 2023. Sif's CEO, Fred van Beers, expressed enthusiasm about the rights offering, describing it as a crucial component of the company's transformative expansion plan. He further emphasized the underwriting commitment from Grachtenheer, Sif's cornerstone shareholder, and expressed gratitude for the participation of other loyal shareholders in the financing of these ambitious plans.
Simultaneously, Sif is making substantial progress in executing its expansion strategy. Notably, piling works have been completed, and foundation works are now underway. Van Beers emphasized Sif's transition toward becoming the leading provider of monopile solutions on a global scale, enabling the increased capacity growth of offshore wind farms.
With the launch of the rights offering, Sif is solidifying its financial structure while actively pursuing its expansion objectives. The company's focus on enhancing its manufacturing capabilities positions it favorably to serve the growing demand in the offshore wind industry. As Sif progresses with its ambitious plans, stakeholders and investors are eager to witness the continued development of this industry leader.
