Suominen Corporation raised EUR 89.3 million in the share issues
Tampere, Finland, 2011-10-13 09:30 CEST (GLOBE NEWSWIRE) --
Suominen Corporation Stock exchange release 13 October 2011 at 10:30 a.m.
Not for release, publication or distribution in or into the United States, Australia, Japan or Canada.
Suominen Corporation raised EUR 89.3 million in the share issues
The Board of Directors of Suominen Corporation (”Suominen” or the ”Company”) decided on 3 October 2011 to execute a share issue to the public (the “Share Issue”) and a share issue to the holders of Suominen’s capital loan of 2008 (the “Conversion Share Issue”). The purpose of the share issues is to finance Suominen’s acquisition of Ahlstrom Corporation’s Home and Personal wipes fabrics business area (the “Transaction”). A minimum of 188,888,889 and a maximum of 266,666,667 new shares (the “Issued Shares”) with a subscription price of EUR 0.45 per share were offered in the Share Issue and a maximum of 8,888,889 new shares (the “New Shares”) with a subscription price of EUR 0.45 per share were offered in the Conversion Share Issue. The share subscription period of the Share Issue and the Conversion Share Issue expired on 11 October 2011. The Board of Directors of the Company has decided to approve subscriptions made in the Share Issue and the Conversion Share Issue.
In the Share Issue, the Board of Directors approved the subscriptions of 193,739,111 Issued Shares corresponding to EUR 87.2 million. Subscribers will be informed of the approval of the subscriptions on 13 October 2011. Subscriptions must be paid no later than 14 October 2011 in accordance with the instructions provided together with the notice of approval of the place of subscription.
In the Conversion Share Issue, the Board of Directors approved the subscriptions of 4,799,997 New Shares. The total principal of the capital loan 2008 converted in the Conversion Share Issue was EUR 2.2 million. After the payment of the subscriptions, the remaining amount of the Company’s capital loan 2008 is EUR 1.8 million.
The shares subscribed in the Share Issue and in the Conversion Share Issue correspond together to 418.9 per cent of all the Company’s existing shares and voting rights related thereto prior to the Share Issue and the Conversion Share Issue and 80.7 per cent of all the existing shares, Issued Shares and New Shares and voting rights related to them following the Share Issue and the Conversion Share Issue.
The shares subscribed in the Share Issue and the Conversion Share Issue will be entered into the Trade Register around 21 October 2011. Trading in the Issued Shares and New Shares alongside the existing shares of the Company is expected to commence around 24 October 2011. As a result of the Share Issue and the Conversion Share Issue the number of Suominen´s shares will increase by 198,539,108 shares to 245,934,122 shares. The total subscriptions of the Share Issue and the Conversion Share Issue are EUR 89.3 million. The total net proceeds of the Share Issue will be approximately EUR 85.3 million.
It is estimated that the Home and Personal business area transaction will be completed by 31 October 2011 at the latest.
Helsinki, 13 October 2011
Board of Directors
For additional information please contact:
Mr. Petri Rolig, President and CEO, tel. +358 (0)10 214 300
Mr. Arto Kiiskinen, Vice President and CFO, tel. +358 (0)10 214 300
Suominen produces high-quality flexible packaging, wet wipes and nonwovens for industry and the retail sector. The Group is one of Europe’s leading manufacturers in all its business areas, with operations in Finland, Poland, the Netherlands, and Russia. The Group had net sales of EUR 173 million in 2010 and it employs around 900 people. Suominen is listed on NASDAQ OMX Helsinki. www.suominen.fi
The information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or any other jurisdiction in which the same would be unlawful. The information contained herein does not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the United States Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities to in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This release does not cover offering of securities in the United Kingdom
This document is an advertisement for the purposes of applicable measures implementing Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive"). A prospectus prepared pursuant to the Prospectus Directive will be published in connection with any offering of securities, and will be available at locations receiving subscriptions for shares.
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Alexander Corporate Finance Oy is acting exclusively for Suominen Corporation and no one else in connection with the Share Issue. It will not regard any other person (whether or not a recipient of this document) as a client in relation to the Share Issue and will not be responsible to anyone other than Suominen Corporation for providing the protections afforded to its clients, nor for giving advice in relation to the Share Issue or any transaction or arrangement referred to herein. No representation or warranty, express or implied, is made by Alexander Corporate Finance Oy as to the accuracy, completeness or verification of the information set forth in this release, and nothing contained in this release is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or the future. Alexander Corporate Finance Oy assumes no responsibility for its accuracy, completeness or verification and, accordingly, disclaims, to the fullest extent permitted by applicable law, any and all liability which it may otherwise be found to have in respect of this release.