Efore Plc’s (Efore or the Company) Board of Directors has decided on an EUR 11 million rights offering. The Company intends to use the proceeds from the offering to further the plans in line with its strategy and to strengthen the Company’s capital structure and working capital.
Rights offering in brief
- Each share owned on the record date of the offering will grant one subscription right. One subscription right will entitle its holder to subscribe for seven offer shares. Subscription price is EUR 0.03 per each offer share.
- Efore is offering its shareholders a maximum of 365,863,897 new shares in proportion to their holding of existing shares in the Company.
- Efore intends to use the proceeds from the offering to further the plans in line with its strategy and to strengthen the Company’s capital structure and working capital.
- The subscription period of the offering will begin on 5 December 2018 and end on 19 December 2018.
- Trading in the subscription rights will begin on 5 December 2018 and end on 13 December 2018.
- Certain shareholders of Efore, all members of the Company’s Board of Directors, Efore’s CEO Jorma Wiitakorpi and CFO Vesa Leino have irrevocably undertaken to subscribe for the offer shares issued in the offering with a maximum of approximately EUR 5.6 million in total. The undertakings represent approximately 51.0% of the offer shares.
Shareholders’ alternatives in the share offering
- As a shareholder, you may use the subscription rights you have received to subscribe for new shares.
- You may buy more subscription rights on the stock exchange.
- You may sell a portion or all of your subscription rights on the stock exchange.
- If you are not a shareholder of Efore yet, you may buy subscription rights on the stock exchange and use them to subscribe for shares.
Remember to take action!
If you do not use your subscription rights to subscribe for shares or sell your subscription rights on the stock exchange, the subscription rights will expire without compensation at the expiry of the subscription period.
Please note that your asset manager may ask you to submit your subscription order already before the trading on the subscription rights ends. Subscription of shares must be carried out following the instructions of your own asset manager. If you do not receive instructions from your asset manager, you can contact the lead manager by calling +358 9 4766 9573 from Monday to Friday, from 9:00 am to 4:00 pm EET or by sending an e-mail to email@example.com.
28 November 2018
Last day of trading in shares including subscription rights: a share bought on 28 November, at the latest, will entitle its holder to a subscription right
29 November 2018
First day of trading without subscription rights
30 November 2018
Record date. The subscription rights will be distributed to shareholders in proportion to their holdings on 30 November
5 December 2018
Subscription period begins. Trading in subscription rights commences on the Helsinki Stock Exchange.
13 December 2018 at 18:25 EET
Trading in subscription rights ends on the Helsinki Stock Exchange
19 December 2018 at 16:30 EET
Subscription period ends. Unused subscription rights will expire without compensation.
20 December 2018 (on or about)
Trading in interim shares representing the offer shares subscribed for commences on the Helsinki Stock Exchange
28 December 2018 (on or about)
The final result of the rights offering will be announced in a stock exchange release
2 January 2019 (on or about)
Trading in the new shares as shares of the same class as the existing shares commences on the Helsinki Stock Exchange
Stock exchange releases related to the rights offering
28.11.2018 Board of Directors of Efore Plc Decided on Rights Offering
28.11.2018 Efore Plc Publishes the Finnish Language Prospectus Relating to the Rights Offering
29.11.2018 Efore Plc Publishes the Efore Group’s Supplemented Half-Year Report in the Prospectus Related to the Rights Offering
29.11.2018 Efore Plc Publishes the Efore Group’s Financial Information for the Review Period Ended on 30 September 2018 in the Prospectus Related to the Rights Offering
29.11.2018 Efore Plc to publish working capital statement and pro forma information on the acquisition of Powernet International Oy in the prospectus relating to the rights offering
20.12.2018 Preliminary result of Efore Plc’s successful rights issue
28.12.2018 Final result of Efore Plc’s rights issue – the EUR 11 million rights issue was oversubscribed