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Shares
The Rentunder Holdings share is traded on NGM Nordic SME.
Ownership structure
The ownership structure of Rentunder Holding is shown below with over 5% shareholding reported separately.
| Owners | Number of shares | Percentage |
| Jan Alvén (private and through companies) | 14 729 831 | 39,5% |
| Mikael Alvén | 2 412 043 | 6,5% |
| Others | 9 688 466 | 54,0% |
| Total | 18 643 826 | 100,0% |
Development of share capital
The shares in Rentunder Holding have been issued in accordance with Swedish law. The amounts are in Swedish kronor.
| Date | Number of shares | Share capital | Quota value | Event |
| 2012-01-30 | 500 000 | 50 000 | 0,1 | Incorporated with the Registrar of Companies |
| 2012-03-21 | 1 521 532 | 202 153,2 | 0,1 | New issue |
| 2012-12-27 | 10 107 660 | 1 010 766 | 0,1 | Non-cash issue |
| 2013-07-07 | 11 879 660 | 1 187 966 | 0,1 | New issue |
| 2015-08-16 | 13 066 101 | 1 306 610,1 | 0,1 | New issue |
| 2016-12-15 | 13 597 101 | 1 359 710,1 | 0,1 | New issue |
| 2018-10-04 | 18 643 826 | 1 864 382,6 | 0,1 | New issue |
| 2020-09-25 | 37 287 652 | 3 728 765,2 | 0,1 | New issue |
For information on insider trading, we refer to the website of the Swedish Financial Supervisory Authority, www.fi.se.
Rentunder operates in a market that the company expects to grow significantly in the coming years. If the market develops less than expected through lower or negative growth, this is expected to have a negative impact on the company’s sales and earnings.
The company depends on its potential customers having room to invest. A prolonged economic downturn could lead to a significant reduction in demand for the company’s products. Thus, future global and regional economic and political conditions may significantly affect Rentunder’s turnover, results and financial position.
Rentunder estimates that there is currently a very small number of competitors producing boat washers. The company has found a competitor that produces boat washers with a brush function. Rentunder’s assessment is that the company’s sales will only be affected to a small extent by the competitor’s presence as they mainly operate in Sweden and have not previously affected the company’s sales to a greater extent. There are many competitors in the broader sense, dealing with the problem of fouling on boat hulls. These competing methods such as boat bottom paint, high pressure wash plate, dry cleaning and hand washing dominate the market. There are also companies that have tried to develop brush washers that have not progressed beyond the prototype stage. The ability to deliver products with a combination of performance and overall economy to suit end users will be crucial to Rentunder’s ability to develop positively in the future. However, there is no guarantee that Rentunder’s market positions can be maintained.
Rentunder’s products are in a phase where the products, but not all technical changes, have been tested for at least three years. This means that the group has received significant feedback on the performance of the products in the environment in which they are intended to be used. This means that the risk of having to change technical details significantly is reduced. This also means that the risk of increased costs due to systematic errors may decrease over time. However, there is no guarantee that such risks will not occur. The company is in continuous development and it cannot be excluded that possible future improvements to the boat washers will lead to problems.
Rentunder’s products often end up near a crowded environment. The company leaves it to the operator/purchaser to ensure that unauthorized persons are not on or too close to the wash. However, it cannot be ruled out that claims can be made against the company in the event of an incident in or around the boat wash. In general, there is a risk that sales and leasing contracts signed between the company and customers may be subject to disputes. Protecting business relationships can also give rise to legal disputes. In addition, Rentunder has conducted and will continue to conduct negotiations with companies on collaborations in its day-to-day operations. This type of business relationship is governed by many more or less complex contracts, which in turn increases the risk of interpretation disputes and the associated costs. Rentunder has not been involved in any disputes in recent years, but there is no guarantee that they will not arise.
Rentunder may be liable for damage caused by its products. This is normally covered by insurance, but it cannot be excluded that such liability could adversely affect Rentunder’s position.
Rentunder is a small company with limited management, administrative and capital resources. For the implementation of the company’s development, it is important that these resources are allocated in an optimal way for the company. There is a risk that the company fails to channel resources and thus suffers from financial and governance problems.
Rentunder has a limited number of employees who are all, in the short term, considered key personnel. The company’s success depends on the knowledge, experience and creativity of existing employees and the future recruitment and retention of key personnel. Highly skilled individuals are in high demand and the Group may incur significant costs in recruiting and retaining such individuals. If the company does not succeed in recruiting and retaining qualified staff, it may find it difficult to pursue its business strategy. Although management believes that the company will be able to both attract and retain qualified personnel, there can be no guarantee that this will be done on satisfactory terms in the face of competition, particularly from companies in other industries.
The key expertise in Rentunder is contractually secured within the business, but there is still a risk that important information will be lost in the event of a loss of key personnel. The business is also exposed to the contracts and agreements entered into by previous boards and management, and the business may also be required to take financial positions on issues that are not currently known or fully investigated.
Rentunder is, and will continue to be, dependent on cooperation agreements with external parties, mainly for product purchases for manufacturing and sales abroad. There is no guarantee that the companies with which the company has signed or will sign cooperation agreements will be able to meet their obligations under these agreements. In order to optimize the use of its own resources and expertise, Rentunder intends to try to conclude cooperation agreements at the optimal time for each individual project. There can be no guarantee that existing cooperation agreements will not be terminated or declared null and void or that there will be no changes to existing agreements.
For its sales, Rentunder is in some cases also dependent on its partners entering into agreements with end customers. Although Rentunder believes that current and future partners have a financial interest in fulfilling their obligations under agreements, the company will not be able to control either their resources or the timing of this. There is no guarantee that current or future partners will be able to meet their commitments or that the cooperation agreements will generate future revenues.
It cannot be said with certainty whether the company can continue to be profitable and generate sufficient funds to finance its operations in the future. Furthermore, it cannot be ruled out that Rentunder will have to seek new external capital in the future and there are no guarantees that new capital can be raised with certainty or that it can be raised on favorable terms for existing shareholders. If additional external capital will be raised through a share issue, existing shareholders risk being diluted. Alternatively, the company can increase its indebtedness via loans to raise funding. A failure to generate profits to a satisfactory extent or a failure to resolve emerging financing needs may substantially affect the company’s operations and may also lead to corporate restructuring, bankruptcy or other liquidation of the company.
The company’s ability to meet future capital needs is highly dependent on the sales success of its products. There is no guarantee that the company will be able to raise the necessary capital, should the need arise, even if the development itself is positive. In this context, the general market situation for the provision of risk capital is also of great importance.
Rentunder’s invoicing is in Swedish kronor or other currencies, while costs are mainly in Swedish kronor, which is why currency exposure between income and costs and between assets and liabilities arises. Long-term changes in exchange rates mean that, to the extent that prices cannot be adjusted, revenues and therefore profits are affected. Short-term changes in exchange rates mean that the company’s exposure through foreign currency assets (accounts receivable) carries a risk.
Rentunder Holdings AB shares are Euroclear registered. To facilitate trading, the company intends to list on Nordic MTF. There is a risk in the future that the company’s shares will not be listed on Nordic MTF or another stock exchange list. The reasons for such a scenario can be both company-specific or beyond the company’s control. If the company is not listed on a stock exchange, this makes the disposal of shares much more difficult.
Rentunder Holdings AB share price will fluctuate and can go both up and down. An investor may therefore lose all or part of their investment.
The company’s dividend policy is to distribute money to shareholders when the company’s operating and overall cash flow is positive and the Board of Directors cannot find a better use for the money through new investments. No dividends have been paid since the company was formed.
All shares have equal rights to dividends. Anyone who is entered in the share register on the fixed record date shall be deemed to be entitled to receive dividends and, in the case of a bonus issue, new shares to be issued to shareholders, and to exercise the shareholder’s preferential right to participate in the issue. In the event that a shareholder cannot be reached through Euroclear, his/her claim to the dividend amount remains and is limited only by the rules of prescription. On prescription, the dividend amount is allocated to the Company. There are no restrictions on dividends or special procedures for shareholders residing outside Sweden and dividends are distributed through Euroclear in the same way as for shareholders residing in Sweden. However, shareholders who are not resident in Sweden for tax purposes are subject to normal Swedish withholding tax.
Trading in the company’s shares can be followed in real time at www.ngm.se Nordic SME is a growth market for small and medium-sized companies operated by Nordic Growth Market NGM AB. An SME growth market is a type of trading platform under MiFID II. An investor should bear in mind that shares and equity-related securities listed on Nordic SME are not listed on a stock exchange and therefore the company is not subject to the same shareholder protection regulations as listed companies. Nordic MTF is thus not subject to the Swedish Act (2006:451) on public takeover bids on the stock market, or Regulation (EC) No 1606/2002 of the European Parliament and of the Council of July 19, 2002 on the application of international accounting standards (IFRS). It is also possible, under certain conditions, to list shares or share-related securities on an SME growth market without the need for a prospectus under the Prospectus Regulation. Nor does the Swedish Corporate Governance Code apply to Nordic SME. However, Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and the Swedish Corporate Governance Board’s ”Takeover rules for certain trading platforms” apply. Trading on Nordic SME takes place in Nordic Growth Market’s proprietary trading system, Elasticia, which means that all Nordic Growth Market members can trade in the shares. Trade information, market data, is distributed in real time to leading distributors and financial internet portals. Real-time market data is also available free of charge at www.ngm.se. At Nordic SME, Nordic Growth Market NGM AB, one of Sweden’s two stock exchanges licensed by the Swedish Financial Supervisory Authority, is responsible for supervising both the disclosure of information by listed companies and the trading of their shares.
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