Stockholm, 2013-04-04 08:05 CEST (GLOBE NEWSWIRE) --
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces the timeline for the previously disclosed reverse stock split.
RusForest is undertaking a reverse stock split in order for the Company’s shares to trade at a reasonable price following the recent restructuring transaction. In the reverse split, one hundred (100) shares in RusForest will be consolidated into one (1) new RusForest share and assigned a new ISIN code. To ensure that the quota value will be an even number after the reverse stock split, the Board of Directors of RusForest has resolved to issue sixty (60) RusForest shares to Vostok Nafta. In order for each shareholder to receive an even number of shares, Vostok Nafta has further agreed, without consideration, to transfer shares to each shareholder as necessary in order to achieve a number of shares evenly divisible by 100.
Key dates for the reverse stock split:
- April 17, 2013 – last day of trading in RUSF shares with ISIN SE0001732728
- April 18, 2013 – first day of trading in RUSF shares with ISIN SE0005132511 under the adjusted share price
- April 22, 2013 – record date for the reverse stock split
- April 23, 2013 – new number of shares registered on VP accounts
Following the reverse stock split and related share issue, the total number of RusForest shares outstanding will be reduced from 13,203,388,100 to 132,033,881, and the new quota value will be SEK 1.
The reverse stock split does not require any action by RusForest shareholders, and the new number of shares, with the new quota value, will be adjusted automatically.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
IMPORTANT INFORMATION
This press release is not an offer for subscription for shares in RusForest. A prospectus relating to the transactions further described in previous press releases has been approved by, and registered with, the Swedish Financial Supervisory Authority.
The distribution of this press release in certain jurisdictions may be restricted. This press release does not constitute an offer of, or an invitation to purchase, any securities of RusForest in any jurisdiction.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. RusForest does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement should not be made in and may not be distributed or sent into the United States, Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong.
