Helsinki, Finland, 2014-03-19 08:00 CET (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 19 March 2014 at 9:00 am
VAAHTO GROUP ISSUES 2,000,000 NEW SHARES IN A DIRECTED SHARE ISSUE
The board of directors of Vaahto Group Plc has in its meeting of 10 March 2014 decided to issue up to 2,000,000 new shares in a directed share issue based on an authorisation by the general meeting of shareholders on 10 April 2013. The new shares correspond to approximately 50 % of all the shares in the company prior to the share issue.
In the share issue the 10 largest shareholders had a subscription right. The basis for the deviation from the pre-emptive subscription right was, according to the decision to issues shares, the strengthening of the company's financial standing and the securing of the continuance of the company's operations.
In the share issue Hannu Laakkonen subscribed for 1,000,000 shares and Mikko Laakkonen subscribed for 1,000,000 shares. The subscription price per share for all the shares was 0.52 euro. The subscription price was determined on the basis of bids received by the company.
The company's financiers have in a financing agreement dated 16 December 2013 undertaken to relieve the company of debts in the amount of one million euro in aggregate when the shares issued in the share issue are registered with the trade register. The shares have to be paid to the company in cash at the latest on 25 March 2014. Having received the subscription payment, the company will file for the registration of the new shares with the trade register as soon as possible.
The subscribers have given the company an undertaking not to sell, transfer, donate, or otherwise dispose of the shares issued in the share issue within 180 calendar days from the registering of the shares with the trade register.
The company will apply for the listing of the shares at the latest within one year from the issuance of the shares. In connection with the application, the company will publish a listing prospectus in accordance with the Finnish Securities Market Act and the EU Prospectus Regulation.
In Lahti on 19 March 2014
VAAHTO GROUP PLC OYJ
Board of Directors
Reijo Järvinen, Chairman of the Board of Directors Vaahto Group Plc Oyj +358 400 715968