Helsinki, Finland, 2013-01-21 15:35 CET (GLOBE NEWSWIRE) --
Ixonos Plc Stock Exchange Release 21 January 2013 at 16:35
Ixonos has today published the Ixonos Plc's ("Ixonos or the "Company") registration document which the Finnish Financial Supervisory Authority approved 17 January 2013, pursuant to the Finnish Securities Market Act, and securities note (the "Securities Note" and together with the Registration Document, the "Prospectus") related to the Company's share Issue ("Share Issue") announced on 16 January 2013. The Registration Document contains information on the Company and its financial position. The Registration Document is valid for 12 months after its approval. The Securities Note contains a summary and information on the Share Issue.
The Prospectus is available, throughout its validity, on the Company's Web Page http://investor.ixonos.com in an electronic form and in a printed form at Company's head office, at Ixonos Plc, Hitsaajankatu 24, 00810 Helsinki, Finland and in NASDAQ OMX Helsinki service center, at Fabianinkatu 14, 00100 Helsinki during the Share Issue. The Prospectus is only available in the Finnish language; it is not available in other languages.
The permanent exemption granted by the Finnish Financial Supervision Authority to Turret Oy Ab (“Turret”) from the obligation to make a mandatory public tender offer, which exemption was published by the Company on 17 January 2013, applies only to shares subscribed for on the basis of the subscription undertaking given by Turret. In the situation referred to in the working capital statement published by the Company on 17 January 2013, where no one else than the parties having given subscription and underwriting commitments subscribe for shares in the Offering, Turret would not use its underwriting commitment in accordance with the condition contained in the underwriting commitment. The working capital statement is, on the basis of the above, amended to the effect that the Company, in such situation, would receive approximately MEUR 1.5 on the basis of the share subscriptions made based upon received subscription and underwriting commitments. The other contents of the working capital statement remain unchanged and the statement reads as follows:
New Working Capital statement
The working capital of the Company will not be sufficient for the Company's needs during 12 months following the date of the Prospectus.
However, the working capital of the Company will be sufficient for the Company's needs during 12 months following the date of the Prospectus, if the Company's cash flow will develop as the Company has planned and forecasted and the Share Issue is completed in its entirety. However, there is no guarantee that the Company will, in all circumstances, fulfill the financial covenants according to its loan agreements. In such situation, the financiers have e.g. the right to demand the immediate payback of loans or the renegotiation of loan terms and conditions.
If the Share Issue is not completed in its entirety, the funds received pursuant to subscription commitments and underwriting commitments, after deductions for costs of the Share Issue approximately EUR 1,5 million, will satisfy the working capital needs for the next six months, if the Company's cash flow develops as planned and forecasted.
If the Company's cash flow does not develop as planned and forecasted or the Share Issue is not completed in its entirety or the funds received pursuant to subscription commitments and underwriting commitments do not satisfy the working capital needs, the deficit has to be covered with additional financing or with other actions. The possible need for additional financing is planned to be covered by (i) using the authorizations to issue new shares granted to the Board of Directors, (ii) additional reorganization and additional efficiency increase in the Company's operations, (iii) postponing planned investments, (iv) funds received from selling the Company's assets or businesses or (v) any combination of the above. As a part of the Company's working capital management, the Company's management has started negotiations with financiers concerning possible additional financing. The Company's management is confident that it can fulfill the possible need for excess financing to satisfy the working capital needs.
Working Capital Statement Published on 17 January 2013
The working capital of the Company will not be sufficient for the Company's needs during 12 months following the date of the Prospectus.
However, the working capital of the Company will be sufficient for the Company's needs during 12 months following the date of the Prospectus, if the Company's cash flow will develop as the Company has planned and forecasted and the Share Issue is completed in its entirety. However, there is no guarantee that the Company will, in all circumstances, fulfill the financial covenants according to its loan agreements. In such situation, the financiers have e.g. the right to demand the immediate payback of loans or the renegotiation of loan terms and conditions.
If the Share Issue is not completed in its entirety, the funds received pursuant to subscription commitments and underwriting commitments, after deductions for costs of the Share Issue approximately EUR 2 million, will satisfy the working capital needs for the next six months, if the Company's cash flow develops as planned and forecasted.
If the Company's cash flow does not develop as planned and forecasted or the Share Issue is not completed in its entirety or the funds received pursuant to subscription commitments and underwriting commitments do not satisfy the working capital needs, the deficit has to be covered with additional financing or with other actions. The possible need for additional financing is planned to be covered by (i) using the authorizations to issue new shares granted to the Board of Directors, (ii) additional reorganization and additional efficiency increase in the Company's operations, (iii) postponing planned investments, (iv) funds received from selling the Company's assets or businesses or (v) any combination of the above. As a part of the Company's working capital management, the Company's management has started negotiations with financiers concerning possible additional financing. The Company's management is confident that it can fulfill the possible need for excess financing to satisfy the working capital needs.
IXONOS PLC
Timo Leinonen
CFO, Senior Vice President
Additional Information:
Ixonos Plc, Timo Leinonen, CFO, Senior Vice President, tel. +358 400 793 073, timo.leinonen@ixonos.com.
Distribution:
NASDAQ OMX Helsinki
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