Linc publishes updated net asset value as of 26 May 2021

On 19 May 2021, Linc AB (publ) (“Linc” or the “Company”) published the prospectus and announced the price range for the Offering and Listing of its shares on Nasdaq Stockholm (the ”Listing”) and to carry out a new issue of shares corresponding to approximately SEK 1,200 million (the “Offering”). Linc announced that the final price per share in the Offering (the “Offering Price”) is expected to be determined within a range of SEK 56 – 73 per share (the “Price Range”) and at a premium in relation to Linc’s net asset value as per 26 May 2021 that is not less than 5 per cent and not more than 10 per cent. Due to the reasons mentioned above, Linc is today publishing an updated net asset value as of 26 May 2021 of SEK 2,442.0 million corresponding to 61.0 SEK per share. The Offering Price will be published through a press release on or about 27 May 2021.

Net asset value as of 26 May 2021

The table below provides an updated overview of Linc’s net asset value as of 26 May 2021. All information relating to Linc’s unlisted holdings, other assets and liabilities (excluding deferred tax liabilities) has been extracted from Linc’s internal accounting system as of 30 April 2021. Fair values for the listed holdings are based on share prices as of 26 May 2021 and the number of shares held by Linc as of 30 April 2021, but the number of shares/ participating interests in Sedana Medical have been adjusted for the split carried out 26 May 2021. Linc’s ownership in Calliditas Therapeutics, OncoZenge, Synartro and Cinclus Pharma has increased between 31 March 2021 and 30 April 2021 due to the acquisition of shares during the period. Deferred tax liabilities related to the listed holdings have been calculated based on fair values as of 26 May 2021 and taxable acquisition values as of 30 April 2021. Furthermore, the total deferred tax liability consists of a tax allocation reserve that pertains to historical tax appropriations for 2018, as well as unutilised tax loss carry forwards from previous years. Amounts relating to these items have been extracted from Linc’s internal accounting system as of 30 April 2021.

Significant investments after 30 April 2021 includes the subscription of 3,071,510 shares in OssDsign corresponding to approximately SEK 23.8 million, the subscription of 4,729,729 shares in Initiator Pharma corresponding to approximately SEK 17.5 million and the subscription of 52,630 shares in FluoGuide corresponding to approximately SEK 5.0 million. As of 26 May 2021, the Investment Company’s net debt amounted to approximately SEK 175.4 million.

	Share of capital1	Share price (SEK)	Number of shares/participating interests1	Fair value (SEK million)	Share of net asset value
2021-05-26	Listed holdings
AdderaCare	23.2%	6.3	7,812,500	49.1	2.0%
Arcoma	26.9%	20.5	3,445,131	70.6	2.9%
Calliditas Therapeutics	10.3%	124.8	5,136,108	641.0	26.2%
FluoGuide	6.8%	96.6	718,500	69.4	2.8%
InDex Pharmaceuticals	13.1%	1.6	69,920,567	110.2	4.5%
MedCap	20.0%	206.5	2,965,946	612.5	25.1%
Medivir	10.5%	8.0	5,840,172	46.4	1.9%
OncoZenge	8.2%	10.0	957,354	9.5	0.4%
OssDsign2	0.0%	n.a.	n.a.	2.5	0.1%
Sedana Medical	8.2%	87.5	7,598,804	664.9	27.2%
Stille	42.2%	120.0	2,036,355	244.4	10.0%
Total listed holdings				2,520.4	103.2%
2021-04-30 Total unlisted holdings	–	–	–	138.2	5.7%
Other assets and liabilites3	–	–	–	-216.7	-8.9%
Net asset value	–	–	–	2,442.0	100.0%
1 Linc’s share of capital and number of shares held in each respective portfolio company have been extracted from Linc’s internal accounting system as of 30 April 2021. 2 Linc’s holding in OssDsign as of 30 April 2021 consists of subscription rights to a value of SEK 2.5 million. After 30 April 2021, Linc has subscribed for 3,071,510 shares in OssDsign corresponding to approximately SEK 23.8 million. In addition, Linc has received an additional allocation corresponding to approximately SEK 1.9 million with settlement date after the date of the Prospectus. 3 Of which SEK 18.4 million pertains to endowment insurance with Avanza as of 30 April 2021, SEK 7.0 million pertains to cash and cash equivalents as of 30 April 2021, SEK -139.2 million pertains to used credit as of 30 April 2021. Furthermore, SEK -124.1 million pertains to deferred tax liabilities that has been calculated as of 26 May 2021. Deferred tax liabilities include a tax allocation reserve of SEK -3.2 million pertaining to historical tax appropriations for 2018, as well as unutilised tax loss carry forwards from previous years amounting to SEK 22.3 million.
Source: The Company’s internal accounting system as of 30 April 2021 and Nasdaq Stockholm as of 26 May 2021.

Advisors

Skandinaviska Enskilda Banken AB (publ) (”SEB”) is acting as Global Coordinator and Joint Bookrunner in connection with the Offering and ABG Sundal Collier (“ABGSC”) is acting as Joint Bookrunner. The law firm Hammarskiöld & Co AB is acting as legal advisor to Linc AB and White & Case Advokat AB is acting as legal advisor to SEB and ABGSC. SEB and Avanza Bank AB (publ) are acting as Retail Distributors in connection with the Offering.

For more information, please contact:

Karl Tobieson, CEO

Mobile: +46 (0)70 935 85 74
Email: karl.tobieson@linc.se

Thomas Bergh, CFO

Mobile: +46 (0)72 231 45 00
Email: thomas.bergh@linc.se

Johan Hähnel, Responsible for investor relations

Mobile: +46 (0)70 605 63 34
Email: johan.hahnel@linc.se

Important information

This press release is not an offer to sell or a solicitation of any offer to purchase or subscribe for any securities issued by Linc.

This announcement is not being made in and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. This press release does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

The securities described herein have also not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and, subject to certain exemptions, may not be offered or sold in or into or for the account or benefit of any person having a registered address in, or located or resident in Australia, Canada or Japan. There will be no public offering of the securities described herein in Australia, Canada or Japan.

An offering of the securities referred to in this press release is being made by means of a prospectus. This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/ EC (and, with respect to the United Kingdom, such regulation as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) (the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA member state other than Sweden, and in the United Kingdom, this press release is only addressed to and is only directed at qualified investors in that member state or the United Kingdom within the meaning of the Prospectus Regulation (as applicable), i.e., only to investors who can receive the offer without an approved prospectus in such EEA member state or in the United Kingdom.

In the United Kingdom, this document is only being distributed to and is only directed at (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i) and (ii) above together being referred to as “relevant persons”). The Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person must not act or rely on this document or any of its contents. Persons distributing this document must satisfy themselves that it is lawful to do so.

Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “may,” “continue”, “should”, “could” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond the Company’s control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.