Orava Residential REIT Plc
Stock Exchange Release 1 October 2018 at 9:00 am
ORAVA RESIDENTIAL REIT PLC HAS TRANSFORMED INTO OVARO KIINTEISTÖSIJOITUS OYJ AND WILL BE RELISTED TO HELSINKI STOCK EXCHANGE ON 1 OCTOBER 2018
This release may not be published or distributed directly or indirectly in the United States, Australia, Canada, Hong Kong, South Africa, Singapore, New Zealand, Japan or any other country where publication or distribution would be unlawful.
Orava Residential REIT Plc (hereinafter referred to as the “Company") announced on 10 September 2018 that the Extraordinary General Meeting resolved to amend the Articles of Association of the Company as a result of which the Company no longer is a REIT and the Company's name changes to Ovaro Kiinteistösijoitus Oyj. The amendment of the Articles of Association has been registered into the Trade Register today on 1 October 2018.
In connection with making the Trade Register entry, the Company’s shares shall be delisted from the stock exchange as a listed REIT and relisted as a listed company in accordance with the Rules of Nasdaq Helsinki Ltd (“Helsinki Stock Exchange”). The intention is to carry out this delisting and relisting primarily today before the start of the trading. Therefore, these actions are not expected to cause an interruption in trading on the Company’s shares. In connection with the relisting the ticker symbol and the ISIN code of the Company’s share will change. The new ticker symbol will be OVARO (old ticker symbol OREIT), the new issuer code will be OVARO (old issuer code OREIT) and the new ISIN code will be FI4000349113 (old ISIN code FI4000068614).
As of 1 October 2018, the Company's CEO shall be Mr. Kari Sainio, M.Sc. (Econ.), M.Sc. (Tech.), as previously announced by the Company. The operative management of the Company shall be formed by Mr. Pekka Komulainen M.Sc.(Tech.), Director responsible for real estate properties, Mr. Timo Tanskanen B.Sc. (Finance and Economics) Director responsible for renting and maintenance of real estate properties, and Mr. Jouko Kiesi LL.M. with court training Director responsible for legal affairs, risk management and compliance.
In connection with the change, the company has updated its disclosure policy. The most important change is that all official material will as of 1 January 2019 be published only in Finnish instead of Finnish and English. The Company has also specified the principles for providing future outlooks and potential profit warnings. From 1 October 2018, the disclosure policy will be available in its entirety at www.ovaro.fi.
The new contact information of the Company will be as follows:
Company phone number: +358 400 209 147
Company address: Mannerheimintie 113, 00280 Helsinki
Company website: www.ovaro.fi
The Company has previously communicated other impacts of the change in stock exchange releases on August 16, 2018 and September 3, 2018.
Petri Roininen, Chairman of the Board:
“I am glad that we can now implement the change from a REIT into a real estate investment company as unanimously decided by the Company's shareholders at the Extraordinary General Meeting. The implementation of this change does not require any action by the shareholders.
The Board of Directors is aware that the implementation of a business change requires a lot of work and numerous successes. It is therefore important that the management team led by CEO Kari Sainio has a wide range of property and construction expertise. The most important tasks of the management include improving cash flow profitability and increasing shareholder value.”
In Helsinki, on 1 October 2018
Orava Residential REIT plc
Additional information
Petri Roininen, Chairman of the Board, tel. +358 40 761 96 69