Stockholm, 2012-04-10 15:41 CEST (GLOBE NEWSWIRE) --
The new share issue in RusForest AB (publ) (”RusForest” or the ”Company”) with preferential rights for the Company’s shareholders, for which the subscription period ended on 4 April 2012 (the ”Rights Issue”), has been fully subscribed. The Rights Issue will provide RusForest with approximately SEK 452 million before costs related to the Rights Issue[1]. Following the Rights Issue the number of shares in RusForest will increase by 383,230,776 shares from 95,807,694 shares to a total of 479,038,470 shares and the share capital will increase by SEK 383,230,776 from SEK 95,807,694 to SEK 479,038,470.
380,071,048 shares, corresponding to approximately 99.2 per cent of the Rights Issue, have been subscribed for with subscription rights and 3,159,728 shares, corresponding to approximately 0.8 per cent of the Rights Issue, have been subscribed for without subscription rights. Subscriptions corresponding to 137.1 per cent of the Rights Issue have been received. Persons that have subscribed for shares without subscription rights will be allocated shares in accordance with the principles outlined in the prospectus that has been compiled in relation to the Rights Issue and was made public on 13 March 2012. Notification regarding allotment of shares that have been subscribed for without subscription rights will within shortly be sent to those who have been allotted shares.
Interim shares (Sw. ”BTA”) are traded on NASDAQ OMX First North until the new shares have been registered with the Swedish Companies Registration Office. Conversion of BTA into new shares will take place on or about 24 April 2012 and the new shares will be traded on NASDAQ OMX First North.
Advisors
Pareto Öhman AB is acting as financial advisor and Advokatfirman Vinge KB as legal advisor to RusForest in connection with the Rights Issue.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Per Brilioth, Board member, phone: +46 8 545 015 50
About RusForest AB (publ)
RusForest is a forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 3.6 million m³, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its pine and larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia with an annual harvesting of 2.7 to 2.9 million m³. The Group's total sawmilling capacity, which is currently approximately 415,000 m³, is expected to, following completion of on-going investments; gradually increase to 500,000 to 550,000 m³ of sawnwood. There is significant potential (of up to 800,000 to 850,000 m³ of sawnwood) within the maximum allowable harvesting.
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
IMPORTANT INFORMATION
This press release does not constitute an offer to buy shares in RusForest. A prospectus for the Rights Issue described in this press release has been approved by, and registered with, the Swedish Financial Supervisory Authority.
The distribution of this press release in certain jurisdictions may be restricted. This press release does not constitute an offer of, or an invitation to purchase, any securities of RusForest in any jurisdiction.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. RusForest does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement should not be made in and may not be distributed or sent into the United States, Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong.
[1] The costs related to the Rights Issue are estimated to amount to approximately SEK 15 million.
