Espoo, Finland, 2013-10-09 16:50 CEST (GLOBE NEWSWIRE) --
Efore Plc Stock Exchange Release October 9, 2013 5:50 p.m.
Not for publication or distribution in or into Australia, Canada, Hong Kong, Japan, South Africa, the United States or any other jurisdiction in which the publication or distribution would be unlawful.
Efore Plc’s (“the Company” or Efore”) Board of Directors decided on 26 September 2013 to execute a share issue directed for subscription by public in Finland (“Share Issue”). The purpose of the Share Issue is to strengthen the Company’s financial position.
In the Share Issue, a maximum of 8,000,000 new shares in the Company (“New Shares”) were offered for subscription, at the subscription price of 0.69 euros per share. The subscription period of the Share Issue ended yesterday, 8 October 2013, at 4.00 p.m.
A total of 8,464,277 New Shares were subscribed in the Share Issue, corresponding to a total of 5,840,351.13 euros. The Share Issue was oversubscribed and the subscriptions have been adjusted in accordance with the terms and conditions of the Share Issue. The Board of Directors approved the subscriptions of 8,000,000 New Shares in the Share Issue, which corresponds to a total of EUR 5,520,000 at the subscription price of EUR 0.69.
The subscriptions made by the current shareholders of the Company have been allocated to the current shareholders pro rata to their current shareholding. Subscriptions of up to 20,000 New Shares were accepted in full.
With regards to subscriptions of over 20,000 New Shares, the amount of New Shares subscribed by individual shareholders that exceeded the pro rata amount of the said shareholder’s share ownership at the time of subscription was adjusted, and the subscribers were treated equally.
The New Shares subscribed in the Share Issue correspond altogether to approximately 16.7 per cent of the existing shares and votes provided by the existing shares prior to the Share Issue and approximately 14.3 per cent of the existing shares and New Shares as well as the votes provided thereby after the Share Issue.
All subscribers shall be notified of the approval of subscriptions and the amount of approved subscriptions on 10 October 2013, and the subscriptions are to be paid on 15 October 2013 at the latest in accordance with the instructions provided together with the notice of approval by the subscription place.
The New Shares subscribed in the Share Issue are estimated to be entered into the Trade Register on 22 October 2013. Trading in the New Shares and in the existing shares is estimated to begin on 23 October 2013. As a result of the Share Issue, the number of the shares of the Company will increase by 8,000,000 shares to 55,772,891 shares.
EFORE PLC
Board of Directors
For further information, please contact Mr Vesa Vähämöttönen, CEO, tel. +358 9 4784 6312.
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NASDAQ OMX Helsinki Oy
Principal media
Efore Group
The Efore Group is an international company that develops and produces demanding power products. Efore's head office is based in Finland, and its production units are located in China and Tunisia. Sales and marketing operations are located in Europe, the United States and China. In the fiscal year ending in October 2012, consolidated net sales totalled EUR 78.1 million, and the Group's personnel averaged 888. The company's shares are quoted on Nasdaq OMX Helsinki Oy. www.efore.com