Vantaa, Finland, 2011-04-21 08:30 CEST (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 21 April 2011 at 9.30 am Finnish time (GMT+2)
Not for release, publication or distribution in or into the United States, Australia, Japan, Canada, Hong Kong or Singapore.
Final outcome of Cramo Plc’s Rights Offering
The final outcome of Cramo Plc’s (“Cramo” or the “Company”) rights offering (“Rights Offering”) shows that 9,227,856 shares, representing 97.2% of the total number of shares offered in the Rights Offering, were subscribed for with subscription rights. The remaining 262,021 shares were subscribed for without subscription rights.
The total subscription percentage of the new shares offered in the Rights Offering was 175.6%. The allotment of the new shares subscribed for without subscription rights due to the oversubscription was determined in proportion to the subscription rights exercised by investors for the subscription of the offered shares, according to the terms and conditions of the Rights Offering. The Board of Directors of Cramo has today approved all subscriptions made according to the terms and conditions of the Rights Offering with subscription rights and the subscriptions made without subscription rights in accordance with above described allocation principles. On or about 26 April 2011, the Company will send letters confirming the number of offered shares, if any, allocated to investors that have subscribed for such shares without subscription rights. The subscription price will be returned to investors on or about 26 April 2011 to the extent that their subscription without subscription rights exceeds the allocated amount of the offered shares.
As the offered shares were subscribed for in full in the Rights Offering, the underwriting commitments were not utilised.
Interim shares representing the new shares trade on OMX NASDAQ Helsinki until 26 April 2011. All shares to be issued based on subscriptions approved in the Rights Offering are expected to be registered with the Finnish Trade Register on or about 26 April 2011, after which the interim shares will be combined with Cramo’s existing shares and the shares subscribed for without subscription rights will be registered into the book entry accounts. Trading in the new shares together with the existing shares is expected to commence on or about 27 April 2011.
As a result of the Rights Offering, the number of Cramo’s shares will increase by 9,489,877 shares to 41,439,086 shares. The total net proceeds of the Rights Offering will amount to approximately EUR 97.2 million.
Since the Rights Offering was completed as planned, the changes made to the Company’s stock options 2006B, 2006C, 2009 and 2010, disclosed on 24 March 2011, will become effective as such as of their registration with the Finnish Trade Register which is expected to take place on or about 26 April 2011.
Pohjola Corporate Finance and Handelsbanken Capital Markets acted as Joint Lead Managers for the Rights Offering.
CRAMO PLC
Vesa Koivula
President and CEO
Further information
Vesa Koivula, President and CEO, tel. +358 40 510 5710
Martti Ala-Härkönen, CFO, tel. +358 40 737 6633
Distribution
NASDAQ OMX Helsinki Ltd.
Major media
www.cramo.com
Cramo is a service company specialising in construction machinery and equipment rental and rental-related services, as well as the rental and sale of modular space. As one of the industry's leading service providers in the Nordic countries and Central and Eastern Europe, Cramo operates in fifteen countries with approximately 400 depots. With a group staff close to 2.400, Cramo's consolidated sales for 2010 were EUR 500 million and Cramo shares are listed on the NASDAQ OMX Helsinki Ltd. For further information, please visit www.cramo.com.
IMPORTANT NOTICE:
This press release is not an offer for subscription for shares in the Company. The Offering Circular relating to the Rights Offering referred to in this press release and the subsequent listing of the offered shares on NASDAQ OMX Helsinki has been approved by the Finnish Financial Supervisory Authority in the Finnish language.
The distribution of this press release in certain jurisdictions may be restricted by law and persons into whose possession it or any part of it comes should inform themselves about and observe any such restrictions. The information in this press release 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.
This press release has not been approved by any regulatory authority. This press release is not a prospectus and investors should not subscribe for or purchase any securities referred to in this press release.
Pohjola Corporate Finance and Handelsbanken Capital Markets are acting for the Company and no one else in connection with the Rights Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Rights Offering and/or any other matter referred to in this announcement.
Pohjola Corporate Finance and Handelsbanken Capital Markets accept no responsibility whatsoever and make no representation or warranty, express or implied, for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company and the offered shares, or the Rights Offering, and nothing in this announcement is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future.
Pohjola Corporate Finance and Handelsbanken Capital Markets disclaim to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or any such statement.
United States
This press release does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration under the Securities Act or an exemption therefrom. No public offering of the securities referred to herein is being made in the United States. Copies of this announcement are not being, and may not be, distributed or sent, in whole or in part, directly or indirectly, into the United States, Australia, Canada, Hong Kong, Japan or Singapore.
European Economic Area
The Company has not authorised any offer to the public of shares or rights in any Member State of the European Economic Area other than Finland. With respect to each Member State of the European Economic Area other than Finland (each, a “Relevant Member State”), no action has been undertaken to date to make an offer to the public of shares or rights requiring a publication of a prospectus in any Relevant Member State. As a result, the shares or rights were only offered in Relevant Member States in circumstances, not requiring the Company to publish a prospectus as provided under the Directive 2003/71/EC.
United Kingdom
This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.