Aspo Plc Stock Exchange Release 28 August 2018 at 3 p.m.
Aspo's Board of Directors has resolved on a directed share issue related to the payment of the purchase price of the acquisition of Swedish shipping company AtoB@C by Aspo's ESL Shipping. The transaction is expected to be completed on 31 August 2018.
Aspo Plc ("Aspo" or the "Company") announced on 29 June 2018, that ESL Shipping Ltd, a shipping company fully owned by Aspo, is acquiring all the outstanding shares of AtoB@C Shipping AB and AtoB@C Holding AB that offer shipping services (the "Transaction"). Further, the Company announced on 27 July 2018 that the Finnish Competition and Consumer Authority had approved the Transaction. The Transaction is expected to be completed on 31 August 2018 ("Closing Date").
As announced earlier, approximately 4.2 million of the purchase price of the Transaction shall be covered by new shares issued by Aspo, and the number of new shares to be issued shall be determined five business days before the closing of the transaction on the basis of 25 days' volume weighted average trading price of Aspo shares on Nasdaq Helsinki Ltd. Based on an authorization granted by the Annual Shareholders' Meeting on 10 April 2018, Aspo's Board of Directors has today resolved on a directed share issue of 444,255 new shares as part of the completion of the Transaction. The shares are issued to Madremar AB as share consideration in connection with the completion of the Transaction in addition to the cash consideration payable to the sellers in accordance with the Share Purchase Agreement between the parties dated 29 June 2018. The share issue is conditional on the completion of the Transaction.
The subscription price for a share will be the opening price of Aspo share on Nasdaq Helsinki Ltd on the Closing Date. The total subscription price for the shares will be fully recorded in the invested unrestricted equity reserve of the Company and Aspo's share capital remains unchanged. The Board of Directors has, under certain circumstances, the right to make changes to the subscription price.
The new shares will be issued and subscribed in the closing of the Transaction on 31 August 2018 and registered in the Finnish Trade Register on or about the same day. The completion of the Transaction and the registration of the new shares will be announced separately. The shares have a restriction of two years on the right of disposal and pledge under the terms and conditions of the Transaction.
The Company will apply for listing of the new shares with Nasdaq Helsinki Ltd along with the current Aspo shares after the shares have been registered with the Trade Register. After the registration of the new shares, the total number of Aspo's shares will be 31,419,779 shares and the new shares correspond to approximately 1.4 per cent of Aspo's share capital after the registration of the new shares.
For further information, please contact:
Aki Ojanen, CEO of Aspo Plc and Chairman of the Board of Directors of ESL Shipping
+358 400 106 592, firstname.lastname@example.org
Nasdaq Helsinki Ltd
Aspo is a conglomerate that owns and develops business operations in Northern Europe and growth markets focusing on demanding b-to-b customers. Our strong company brands - ESL Shipping, Leipurin, Telko and Kauko - aim to be the market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these. Together they generate Aspo's goodwill. Aspo's Group structure and business operations are continually developed without any predefined schedules.