Orava Residential Real Estate Investment Trust plc
STOCK EXCHANGE RELEASE 23 January 2015 at 9:00 p.m.
THE FINNISH FINANCIAL SUPERVISORY AUTHORITY HAS APPROVED THE PROSPECTUS OF ORAVA RESIDENTIAL REAL ESTATE INVESTMENT TRUST PLC. THE COMPANY INVESTIGATES POSSIBILITIES TO IMPLEMENT A FINANCING ARRANGEMENT OF AN ESTIMATED EUR 40 MILLION
The Financial Supervisory Authority has today approved the company's prospectus, which is related to the listing of a total of 1,056,122 shares. The shares are related to the directed issue allocated to Osuusasunnot Oy (235,922 shares), communicated by the company on 28 November 2014, the directed issue allocated to Royal House Oy (368,000 shares), communicated on 31 December 2014, and the without charge directed issue allocated to the company itself (500,000 shares, of which 47,800 shares were listed on 20 January 2015), communicated on 5 January 2015. In the directed issues subject to a payment, the subscription price of new shares was the average stock exchange price on the Helsinki Stock Exchange weighted by the share turnover during the five trading days preceding the subscription. The subscription price of Osuusasunnot Oy was EUR 11.33 per share, and the subscription price of Royal House Oy was EUR 10.60 per share.
The company has filed an application for the listing of its shares with the Helsinki Stock Exchange on 23 January 2015, applying for the admission to trading of the shares subscribed in the directed issue allocated to Osuusasunnot Oy and the charge-free shares allocated to the company itself, in total 688,122 shares, on the stock exchange list of the Helsinki Stock Exchange with the trading code OREIT. Trading in the shares in question is estimated to start on 27 January 2015. The ISIN code of the shares to be listed is FI4000068614.
The total of 368,000 shares allocated to Royal House Oy will be entered in the Trade Register and an application will be filed to admit them to trading on the Helsinki Stock Exchange immediately when the transaction has been implemented, on estimate on 11 February 2015 at the latest.
The number of the company's shares recorded in the Trade Register is currently a total of 5,942,045 shares, and the company's registered share capital is EUR 52,696,500.
The prospectus will be available on the company's website (only in Finnish) at www.oravaasuntorahasto.fi/talousinformaatio no later than on 26 January 2015.
The prospectus includes the following, previously unpublished information: The company is investigating possibilities for the implementation of a financing arrangement of an estimated EUR 40 million. The arrangement would consist of a credit facility of an estimated EUR 15 million, which would be used to finance the acquisition of new properties, and a covered bond of an estimated EUR 25 million, which would mainly be directed to domestic institutional investors and the purpose of which would be to refinance the company's existing loans and promote the expansion of the company's business operations.
Orava Residential Real Estate Investment Trust plc
Pekka Peiponen
CEO
Additional information
Pekka Peiponen, CEO, telephone +358 (0)10 420 3104
Veli Matti Salmenkylä, CFO, telephone +358 (0)10 420 3102