The Swedish Minesto is causing a stir with an unusual financial maneuver. The board approved a spectacular offsetting solution with investor Fenja Capital – but what does that really mean for shareholders?
Pay off debts by issuing shares
In a notable move, Minesto’s board allowed around SEK 22.2 million from the ongoing rights issue to be offset against outstanding loan claims. Fenja Capital can therefore settle its underwriting obligation by offsetting it against an existing loan. The maneuver reduces the company’s debt by exactly that amount – including accrued interest.
The loan was only taken out on June 18, 2025 and was originally scheduled to be repaid by December 30, 2025. Now it will be redeemed early through share capital. An elegant solution or a sign of financial distress?
The rights issue: Already tapped
The background leads to the subscription rights issue on September 16, 2025. Originally, 152.4 million crowns were to be raised – only 99.0 million was realized before costs. Only 41.3 percent of the issue was subscribed, the rest had to be covered by guarantee obligations.
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Should investors sell immediately? Or is it worth joining? Minesto?
Now part of the fresh capital flows immediately back to a large investor. The question arises: How sustainable is this capital structure really?
What is all the money for?
The remaining funds from the issue are earmarked for several strategic objectives:
- Further repayment of the Fenja loan
- Upgrade and customization of the Dragon Class system
- Updating approval procedures for new facilities
But can these ambitious plans be realized with the weakened capital base?
The new shares will be traded on the Nasdaq First North Growth Market from November 19, 2025. Until then, Minesto will remain in the focus of critical investors – who will closely examine whether clever financial engineering or pure necessity was at work here.
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The latest Minesto figures speak for themselves: there is an urgent need for action for Minesto shareholders. Is it worth getting started or should you sell? In the current free analysis from November 4th you will find out what to do now.
Minesto: buy or sell? Read more here…
