Stockholm, 2010-11-05 17:00 CET (GLOBE NEWSWIRE) --
RusForest's AB's (publ) ("RusForest" or the "Company") rights issue has attracted a large amount of interest from investors and was oversubscribed by 46 per cent. The new share issue provides the Company with approximately SEK 437 million before issue costs.
98.7 per cent of the new share issue was subscribed for through the exercise of subscription rights. The remaining shares have been subscribed for without preferential rights, and allocation of such shares has been made by the board of directors as per the resolution of the extraordinary shareholders' meeting, as described in the prospectus.
As a result of the rights issue, the number of shares in RusForest will be increased by 43,681,680 shares, to 65,522,520 shares, and the share capital will increase with SEK 436,816,800, from SEK 218,408,400 to SEK 655,225,200.
RusForest's rights issue will be completed in accordance with the following preliminary timetable:
- Notification of allocation of shares subscribed for without preferential rights is expected to take place by way of sending out transfer notes on or about 5 November 2010.
- Last day of payment for shares allocated based on subscription without preferential rights is 10 November 2010.
- Trading in interim shares (Sw. BTA) is expected to cease on or about 11 November 2010 and the new shares issued in connection with the rights issue are expected to be registered by the Swedish Companies Registration Office (Sw. Bolagsverket) on or about 16 November 2010 and will be traded on NASDAQ OMX First North on or about 18 November 2010.
Advisors
E. Öhman J:or Fondkommission is the Company's financial advisor and also acts as the issuing institution in connection with the rights issue, and Advokatfirman Vinge KB is the Company's legal advisor.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Erik Löfgren, External Relations, phone: +7 910 417 7670
About RusForest AB (publ)
RusForest is a forestry and sawmilling company operating in Eastern Siberia, Russia, and controlling long term leases covering over 850 thousand hectares of forest land. Alongside Brazil, Russia has the world's largest forest reserves by a significant margin, and Eastern Siberia is world renowned for its Pine and Larch of exceptional quality.
Through a series of acquisitions and development projects, RusForest increased sawnwood production by 37.9 percent in 2009, to 166,333 m3, in spite of weak market conditions. RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia, with an annual harvest of 1.8-2.0 million m3 and an annual sawnwood production of 550,000-600,000 m3 during the coming four years.
IMPORTANT INFORMATION
In certain jurisdictions, the publication or distribution of this press release may be subject to legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and abide by such legal restrictions.
This press release is not directed at persons located in the United States, Canada, Russia, Japan or Australia or in any other country where the offer or sale of the subscription rights, interim shares or new shares is not permitted. This press release may not be published or distributed, directly or indirectly, in or into the United States, Canada, Russia, Japan or Australia or any other country where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, other offer documentation, registrations or other actions in addition to what follows from Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in such a manner that contravenes such restrictions or would require such additional prospectuses, other offer documentation, registrations or other actions.
This press release does not contain or constitute an invitation or an offer to acquire, sell, subscribe for or otherwise trade in shares, subscription rights or other securities in RusForest AB (publ).
No subscription rights, BTAs (interim shares) or new shares will be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or any provincial act in Canada and may not be transferred or offered for sale in the United States or Canada or to persons resident in Canada or on account of such persons other than pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or in such exempt cases that do not require registration in accordance with any provincial act in Canada, respectively.
RusForest AB's Certified Adviser on First North is E. Öhman J:or Fondkommission AB.
