Change in the number of shares of Suominen Corporation due to share conversions related to the hybrid bond
Helsinki, Finland, 2015-02-04 08:30 CET (GLOBE NEWSWIRE) --
Suominen Corporation Stock Exchange Release 4 February 2015 at 9:30am EET
CHANGE IN THE NUMBER OF SHARES OF SUOMINEN CORPORATION DUE TO SHARE CONVERSIONS RELATED TO THE HYBRID BOND
In February 2014, Suominen Corporation issued a EUR 17.5 million convertible hybrid bond. In accordance with the terms and conditions of the bond, 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. Conversion Rate pursuant to the terms of the bond is EUR 0.50 per share and is determined market-based. 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.
The purpose of the issue of the hybrid bond was to finance the acquisition of the plant in Brazil in February 2014. The issue was based on the authorization by the Extraordinary General Meeting on 31 January 2014.
On 21 January 2015, the amount of bond notes and the accrued capitalized interest related to the notes converted to total of 1,462,069 new shares in Suominen Corporation. The new shares have been registered in the Trade Register on 4 February 2015, as of which date the new shares will establish shareholder rights for the owners. The shares will be traded on the NASDAQ OMX Helsinki Ltd approximately as of 5 February 2015. The conversion rate shall be recorded under the invested non-restricted equity fund of Suominen.
Prior to the conversion, Suominen Corporation had total of 247,934,122 shares and votes. After the registration of the new shares granted due to the conversion, Suominen Corporation has a total of 249,396,191 shares and votes. The number of shares in Suominen may increase by maximum of 43,330,000 shares on the basis of the conversion of the bond notes and the potential capitalized interest, if the conversion is carried out by issuing new shares in Suominen.
Nina Kopola, President & CEO
For further information, please contact Nina Kopola, President & CEO, tel. +358 10 214 300
NASDAQ OMX Helsinki Ltd
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical and hygiene products. The end products made of Suominen’s nonwovens – wet wipes, feminine care products and swabs, for instance - bring added value to the daily life of consumers worldwide. Suominen is the global market leader in nonwovens for wipes and employs approximately 600 people in Europe and in the Americas. Suominen’s net sales in 2014 amounted to MEUR 401.8 and operating profit excluding non-recurring items to MEUR 26.9 (continuing operations). The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.