Espoo, 2015-07-09 15:45 CEST (GLOBE NEWSWIRE) --
TRAINERS' HOUSE PLC, STOCK EXCHANGE RELEASE, 9 JULY 2015 AT 16:45
The Extraordinary General Meeting of Trainers' House Plc was held today on 9 July 2015 in Espoo.
The Extraordinary General Meeting decided in accordance with the proposal of the Board of Directors to authorise the Board of Directors to decide on the share issue according to the draft restructuring programme submitted by the administrator of the Company’s restructuring proceedings on 3 June 2015.
Based on the authorisation the Company may offer to creditors of normal preference an option to convert their receivables into shares of the Company as follows:
- The authorisation can be used only for the debt conversion as set out in the draft restructuring programme.
- Based on the authorization the maximum number of new shares issued is 42.812.500.
- The new shares will be offered to the creditors of the Company in deviation from the shareholders’ pre-emptive rights.
- The subscription price for each share is EUR 0.08.
- The subscription price shall be paid in full by setting-off restructuring debts of the Company.
- The use of the authorisation is conditional to the confirmation of the draft restructuring programme by the District Court of Espoo and that the decision is legally final.
- The authorisation is valid until 30 June 2016.
TRAINERS' HOUSE PLC
Arto Heimonen
CEO
FURTHER INFORMATION
Arto Heimonen, CEO, +358 40 412 3456