Company Info – 9.11.2023

Duell planning a fully guaranteed rights offering of approximately EUR 20 million

Duell has today announced that it is planning a fully guaranteed rights offering of approximately EUR 20 million to strengthen its balance sheet and support its strategy execution.

Duell’s operating environment has recently changed significantly due to an increased inflation, decreased customer demand and lower market activity in general. As a result, the Company’s profitability has decreased and subsequently its net debt to adjusted EBITDA ratio has increased. Duell would use the net proceeds from the Offering to strengthen its balance sheet, to pay out the deferred purchase price relating to the acquisition of TranAm Ltd, and to enable further execution of the Company’s strategy aiming to expand its footprint in Europe, improve its position in the online business and develop its brand portfolio.

Duell’s intention is to prioritize current internal efficiency measures to ensure improved profitability and efficient net working capital, and it will not prioritize larger acquisition opportunities until the operating environment is more supportive for them.

Extraordinary General Meeting

Duell seeks an authorization for the Offering in the extraordinary general meeting of Duell, which is to be held on November 30, 2023.

Read more about announcement from these links: Rights offering and Extraordinary General Meeting