Suominen Corporation Stock Exchange Release 7 December 2016 at 9:00 am EET
In February 2014, Suominen Corporation issued a EUR 17.5 million convertible hybrid bond to finance the acquisition of the plant in Brazil. The bondholders have a right to convert the bond notes and the accrued capitalized interest related to the notes into Suominen shares. The conversion period started on 11 February 2014 and will end on 10 February 2018. In accordance with the original terms and conditions of the bond, the Conversion Rate of the bond is EUR 0.50 per share. The average volume weighted share price of the Company’s share during the last three (3) months before the issue of the bond was EUR 0.48. After the reverse share split, conducted on 21 March 2016, the Conversion Rates is EUR 2.50, in accordance with the Reverse Split Ratio.
On 25 November 2016, bond notes and accrued capitalized interest related to the notes were converted to total of 449,410 new shares in Suominen Corporation. The new shares have been registered in the Trade Register on 7 December 2016, as of which date the new shares will establish shareholder rights for the owners. The shares will be traded on the Nasdaq Helsinki Ltd approximately as of 8 December 2016. The conversion rate shall be recorded under the invested non-restricted equity fund of Suominen.
Prior to the conversion, Suominen Corporation had total of 51,216,232 shares and votes. After the registration of the new shares granted due to the conversion, Suominen Corporation has a total of 51,665,642 shares and votes. The number of shares in Suominen may increase by maximum of 7,020,320 shares on the basis of the conversion of the remaining bond notes and the potential capitalized interest, if the conversion is carried out by issuing new shares in Suominen.
Nina Kopola, President & CEO