The Board of Directors of Latvian Forest Company AB (publ) (“Latvian Forest” or “the Company”) has today, with the support of the authorization of the Annual General Meeting, decided to carry out a new issue of Class B shares with preferential rights for the Company’s shareholders. The issue comprises a total of approximately SEK 25 million and aims to finance continued expansion through the acquisition of additional forest properties.
The issue takes place with preferential rights for the Company’s shareholders. For every ten existing shares, regardless of share class, a new B share can be subscribed for. The issue price is SEK 7.50 per new B share. Subscription for new shares can also take place without preferential rights.
The record date for the right to participate in the new share issue is 2022-01-12. The last day for trading, including the right to subscription rights, is thus 2022-01-11. For each share held, one (1) subscription right is received. Ten (10) subscription rights allow the right to subscribe for one (1) new B share. Subscription takes place between 2022-01-14 and 2022-01-28.
The subscription rights will be traded on the Spotlight Stock Market between 2022-01-14 and 2022-01-25. This means that subscription rights can be purchased by those who wish to participate in the rights issue or who wish to increase their participation by purchasing more subscription rights. Subscription rights obtained must thus either be used for subscription of shares no later than 2022-01-28 or sold no later than 2022-01-25 in order not to expire. Trading in paid subscribed shares (“BTA”) will take place on the Spotlight Stock Market from 2022-01-14 until the issue is registered with the Swedish Companies Registration Office. The final registration of the issue is expected to take place in mid-February 2022.
In total, the issue comprises a maximum of 3,333,047 new Class B shares and, upon full subscription, will provide the Company with SEK 24,997,856 before issue costs, which are estimated to amount to a total of approximately SEK 0.5 million. The number of shares after the issue will amount to a maximum of 36,663,521, of which 36,583,521 will be Class B shares.
The purpose of the forthcoming new share issue is to finance continued expansion through the acquisition of additional forest properties and to repay debts of approximately EUR 1.5 million. The liabilities relate to credits from existing shareholders that were used to finance acquisitions during 2021.
The issue memorandum is expected to be published around January 4, 2022. Directly registered shareholders will receive issue reports and relevant information. Other shareholders will receive information through the respective nominee/bank. Memorandum and subscription notes will be available on the company’s website www.latvianforest.se.
The issuing institution in connection with the issue is Aktieinvest FK AB.
For further information please contact
Aleksandrs Tralmaks, CEO
+37129203972
Or visit our website: www.latvianforest.se