· The capital increase proposal and the application for entry into the U.S. market through an ADR program were unanimously approved by the Shareholders Meeting
· The goal of this ambitious capital increase is to extend GOWEX projects to the 300 leading reference cities in the world
· The unitary subscription price of new shares will be EUR 11.60 per title
Madrid, November 14th, 2012. -GOWEX (http://www.gowex.com/)
The objective pursued by GOWEX with this capital increase is to expand their WiFi cities projects and reach the 300 most important capitals of the world. Currently, GOWEX adds developments and applies its business model to over 60 cities worldwide. Another of the goals of this capital increase it to provide market liquidity, where GOWEX shares are quoted and to provide a chance to inflow new investors by increasing the shareholder base of the company.
Details of the Capital Increase
On November 12, the Board of Directors resolved to increase the share capital through cash contributions for a total nominal amount of € 129,342.70 through the issuance and putting into circulation 2,586,854 ordinary shares of five cents (0.05) euro nominal value of the same class and series as GOWEX shares currently outstanding.
The new shares are issued at nominal value of five cents (0.05) of euro plus a premium of 11.55 Euros, making it an issue price of 11.60 Euros per share (the “Subscription Price”)
The total amount of the issue, considering the subscription price, will amount to EUR 30,007,506.40 (€ 25,000,000 plus € 5,007,506.40 in case of oversubscription)
Shareholders have preference subscription rights that will be traded on the Mercado Alternativo Bursátil on the third business day following the publication of this notice and for a period of 5 days. Rightful Shareholders may exercise their preference subscription rights during the Preference Subscription Period.
Goal: the 300 reference capital in the world
GOWEX ambitious strategic growth plan has as a fundamental axis the expansion of its projects to and be present in the 300 largest cities in the world, currently they are over 60 cities. Large cities such as Madrid, Buenos Aires, Paris and Dublin already have GOWEX as technology partner and this capital increase seeks to have enough financial backing to get into these cities.
GOWEX actively participates in the development of Wireless Smart Cities ® (hyper connected smart cities) through co-investment and capital investment in the cities managed and exploits the network through win-win business models with their patented technology platforms. This allows municipalities, citizens, transport companies, private businesses, etc. to actively participate in the network and generate benefits for everyone by reducing costs, implementing services and enjoying free internet access in the city