As announced earlier today, Terex Corporation ("Terex") commenced an accelerated book-building process for the sale of up to 7,000,000 Konecranes Plc ("Konecranes" or the "Company") shares (the "Share Sale"). Konecranes has received confirmation published by Terex regarding the completion of the sale of all shares offered in the Share Sale at a price of EUR 37.40 per share, representing a 0.9 percent discount to the closing price of Konecranes class A shares on Nasdaq Helsinki today. The Share Sale was multiple times oversubscribed at the sale price. The Terex appointed members to the Company's Board of Directors Mr. David A. Sachs and Mr. Oren G. Shaffer have resigned from the Board of Directors as of May 23, 2017, due to Terex's shareholding falling below 10 percent of all outstanding Konecranes shares.
Based on a conversion request by Terex, the Board of Directors of the Company has decided to convert the 7,000,000 class B shares sold by Terex in the Share Sale to class A shares in the Company in accordance with § 20 of the Articles of Association (the "Conversion").
The Conversion is expected to be registered with the Finnish Trade Register on May 24, 2017. The converted class A shares will be applied for listing on Nasdaq Helsinki and their trading together with the Company's existing class A shares is expected to commence on or about May 26, 2017.
After the Conversion, the total number of class A shares in the Company is 77,722,342 of which 4,450,436 class A shares are held by Konecranes and its subsidiaries as treasury shares, and the total number of class B shares is 5,150,000 which continue to be held by Terex.
The Conversion does not have an effect on the aggregate number of all shares and votes in the Company. Upon registration in the Finnish Trade Register, the converted class A shares will have the same rights as the Company's existing class A shares.
KONECRANES PLC
Miikka Kinnunen
Vice President, Investor Relations
FURTHER INFORMATION
Miikka Kinnunen, Vice President, Investor Relations, Konecranes Plc, tel. +358 (0)20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2016, Group (comparable combined company) sales totaled EUR 3,278 million. The Group has 17,000 employees at 600 locations in 50 countries. Konecranes class A shares are listed on the Nasdaq Helsinki (symbol: KCR).
DISTRIBUTION
Nasdaq Helsinki
Major media
www.konecranes.com