Efore Plc Stock Exchange Release February 27, 2020 at 9:30 p.m.
Efore Plc (going forward Enedo Plc) transfer of treasury shares, share redemption and total number of shares after reverse split
Efore Plc’s (going forward Enedo Plc)(the “Company”) extraordinary general meeting resolved on 25th February 2020 to reduce the number of shares in the company by transferring treasury shares and redeeming shares.
As part of the arrangement, the extraordinary general meeting resolved that the Company will on the transaction date 27th February 2020 (the “Transaction Day”) transfer a maximum of 217,217 treasury shares without compensation so that the number of shares in the book-entry account of each shareholder is made divisible by 50. 44,132 shares was required to bring the number of outstanding shares owned by the shareholders to be divisible by 50. Accordingly, the number of shares transferred without compensation was 44,132. The market value of shares transferred without compensation at closing price of 27th February 2020 was in aggregate 1 765.28 euros. Furthermore, according to the resolution of the extraordinary general meeting, the Company has on the Transaction Day redeemed, in connection with the aforementioned transfer, a number of shares that was determined by the reverse split ratio of 50/1, i.e., in aggregate 409,810,814 shares in the Company.
According to the resolution of the extraordinary general meeting, the Board of Directors of the Company has decided to annul the 409,810,814 shares that have transferred to the Company on the Transaction Day as well as 3,393,201 shares that have previously been owned by the Company, in total 413,204,015 shares. After the annulment of shares, the total number of shares of the Company is 8,432,735.
The annulment of 413,204,015 shares in the Company and the new total number of shares in the Company will be registered in the trade register on 28th February 2020 at the latest. Trading with the changed number of shares in the Company will begin at Nasdaq Helsinki on approximately 28th February 2020.
EFORE PLC
BOARD OF DIRECTORS
For further information please contact Mr. Vesa Leino, CEO, tel. +358 40 759 8956.
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
Efore Group
Efore is an international Group which develops and produces demanding power products. Efore's head office is based in Finland and its sales, marketing and R&D functions are located in Finland, Italy and the United States of America. In the financial year ended on December 2019, consolidated net sales of continuing operations totalled EUR 43.3 million and the Group's personnel averaged 388. The parent company's share is quoted on the Nasdaq Helsinki Ltd.