IXONOS PREPARES ARRANGING ITS FINANCING AND A DIRECTED SHARE ISSUE


Helsinki, Finland, 2015-11-30 19:00 CET (GLOBE NEWSWIRE) --

 IXONOS PLC           STOCK EXCHANGE RELEASE          30.11.2015 at 20:00

 

Not to be published or distributed in or into the United States, Canada, Australia, Hong Kong, South Africa or Japan.

 

IXONOS PREPARES ARRANGING IT’S FINANCING AND A DIRECTED SHARE ISSUE

 

Ixonos Plc (“Ixonos” or “Company”) is conducting negotiations on its financing arrangements (“Arrangement”) with its five financiers not related to its owners (“Financial Institutions”) and Tremoko Oy Ab (“Tremoko”). In the Arrangement, the Financial Institutions or some of them would, in addition to other reorganisation, grant partial waiver of the Company’s debts (“Composition”), with the total value of the waiver being estimated at approximately EUR 4 million. In connection with the Arrangement, the Company would arrange a directed share issue in derogation of the shareholders’ pre-emptive subscription right (“Directed Share Issue”) in which the Company’s Board of Directors would decide, on the basis of the authorisation of the Annual General Meeting 29 April 2015, on issuing new Company shares for subscription by one or more Financial Institutions for the subscription price of EUR 0.085 per share, altogether worth approximately EUR 0.65 million. In the Directed Share Issue, the Financial Institutions would be entitled to pay the subscription price of the Shares they subscribe for by setting off claims they have from the Company.

 

It would also be agreed in connection with the Arrangement that Ixonos’ financing based on borrowed capital with interest is reorganised between the Company, the Financial Institutions and the Company’s largest shareholder Tremoko. After the Arrangement and the planned subscription rights issue announced on 11 November 2015, the Company would have a total of approximately EUR 8.0–8.5 million in financing based on borrowed capital with interest, divided so that altogether approximately EUR 0.5–1.0 million is from the Financial Institutions and EUR 7.5–8.0 million from Tremoko, which may or may not include rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act (a loan or a convertible loan). On 30 September 2015, the Company had approximately EUR 18.9 million’s worth of financing based on borrowed capital with interest.

 

Carrying out the arrangement requires approval from the Financial Institutions. Tremoko has set as conditions for the said rearrangement of financing based on borrowed capital with interest that the Composition is executed, that the Directed Share Issue is arranged and that other terms of the Arrangement are agreed upon.

 

As a whole, the Composition and the Directed Share Issue would support the Company’s financial standing in a situation in which the Company predicts that the turnover of the whole of 2015 is EUR 16-18 million and assesses that the operating result weakens in comparison to the year 2014 and that the Company’s operative cash flow is negative. The planned Arrangement would substantially enhance Ixonos’ solvency ratio.

 

 

IXONOS PLC

Board of Directors

 

Further information:

 

Ixonos Plc

CEO Sami Paihonen, tel. 050 502 1111, sami.paihonen@ixonos.com

CFO Kristiina Simola, tel. 040 756 3132, kristiina.simola@ixonos.com

 

Distribution:

NASDAQ OMX Helsinki

Main media

 

 

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This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

 

 


Attachments

Tiedote_Rahoitusjärjestely 30.11.2015 EN.pdf