STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
Hoist International AB (publ), the parent company of Hoist Finance Group, has entered into an agreement regarding a private placement to Toscafund. A maximum of 1,719,908 shares will be issued, resulting in Toscafund owning less than 10% of the company. The total gross proceeds from the private placement amount to SEK 333 million, before deducting fees and other expenses, and will further diversify and strengthen the company’s capital base, allowing for continued growth. The closing of the transaction is expected by late May 2014 and is subject to certain conditions.
About Hoist Finance
Hoist Finance is a trusted debt restructuring partner to global banks and financial institutions, offering a broad spectrum of advanced solutions for acquisition and management of non-performing consumer loans. The total value of Hoist Finance’s acquired loans is approximately EUR 700 million.
Hoist Finance has a presence in nine European markets. Hoist Kredit AB (publ) is licensed and regulated by the Swedish Financial Supervisory Authority, and is funded by the internet-based savings deposit service HoistSpar, attracting more than 50,000 depositors, and by unsecured bonds of in total SEK 1.1 billion, listed on NASDAQ OMX.
Toscafund is an established asset manager based in London. The firm was founded in 2000 by Martin Hughes and is part of Old Oak Group, a large, well capitalised, financial services business.
Toscafund’s investment team, many of whom have been top rated in their analytical careers has long standing and in-depth industry experience. Currently, the firm employs 32 people of which 20 are partners. Toscafund is well-capitalised and has invested in a robust infrastructure with effective monitoring, evaluation and risk management. Toscafund currently manages USD 3 billion of assets.
The information above has been published pursuant to the Swedish Securities Markets Act (Sw. lag om värdepappersmarknaden).
This information was released for publication at 8.00 on 5 May 2014.
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