Stenocare A/S

Gemstone capital acted as financial advisor in Stenocare’s Rights Issue. The issue offered 2,335,224 new shares at a subscription price per share of 4.58 DKK, as the offer is for a unit, which includes two shares, the subscription price for a unit is 9.16 DKK, corresponding to maximum gross proceeds in cash of 10.7 mDKK. Stenocare obtained pre-subscription commitments in cash of 3.2 mDKK (30%) and guarantee commitments of 6.1 mDKK (56.5%) which corresponds to minimum proceeds of 9.3 mDKK (86.5%). T he Rights Issue was subscribed to approximately 13.6 DKK million including pre-subscriptions of approximately 3.2 DKK million, which corresponds to a total subscription rate of approximately 127 percent. Consequently, none of the guarantors (approximately 6.0 DKK million) was called and a reduced allocation was applied to subscribers without rights. The Company was thus provided with approximately 10.7 DKK million in gross proceeds before deduction of transaction-related costs.