THIS PRESS RELEASE MAY NOT BE ANNOUNCED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, RUSSIA, BELARUS OR ANY OTHER JURISDICTION WHERE THE RELEASE, PUBLICATION OR DISTRIBUTION OF THE INFORMATION WOULD NOT COMPLY WITH APPLICABLE REGULATIONS OR REQUIRE REGISTRATION OR ANY OTHER MEASURE. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE ANY SECURITIES IN LATVIAN FOREST COMPANY AB (PUBL). PLEASE ALSO SEE THE “IMPORTANT INFORMATION” SECTION BELOW.
Latvian Forest Company announces outcome of rights issue
Latvian Forest Company AB (publ) (“Latvian Forest Company” or the “Company”) will receive a total of approximately SEK 27.3 million before issue costs, which are estimated to amount to approximately SEK 0.9 million, through the Company’s recent rights issue of Class B shares, which was resolved by the Board of Directors on April 2, 2024 based on the authorization granted by the Annual General Meeting on June 26, 2023 (the “Rights Issue”). The Rights Issue was oversubscribed with a subscription rate of 238 percent.
The subscription period in Latvian Forest Company’s Rights Issue ended on April 25, 2024. The final outcome shows that the Rights Issue was subscribed to a total of approximately 238 percent, of which 93 percent was subscribed to subscription rights and 145 percent was not supported by subscription rights. The subscription price in the Rights Issue amounted to SEK 8.20 per new Class B share.
The Board of Directors has, in accordance with the principles set out in the issue memorandum published on April 10, 2024, allotted all shares in the Rights Issue, in total 3,333,047 Class B shares, of which 3,084,792 Class B shares were subscribed for with preferential rights and 248,255 Class B shares were subscribed for without preferential rights. Those who have been allotted shares subscribed for without preferential rights will be notified of this by sending a settlement note, which is expected to be sent out today, April 29, 2024. Payment must be made no later than the date stated in the settlement note. If payment is not made in due time, shares may be transferred to another party. Nominee-registered shareholders will be notified of allotment in accordance with the respective nominee’s procedures. No notification will be given to those who have not received an allotment.
Trading in paid subscribed shares (“BTA”) is currently conducted on Spotlight Stock Market and will continue until the Rights Issue has been registered with the Swedish Companies Registration Office, when BTA is converted into shares. Registration of the Rights Issue is expected to take place in May 2024.
Through the Rights Issue, the share capital will increase by EUR 373,312.411633 through the issuance of 3,333,047 new Class B shares, corresponding to a dilution effect of approximately 8.19 percent of the number of votes and approximately 8.33 percent of the number of shares in the Company. Following registration of the new shares with the Swedish Companies Registration Office, the share capital of Latvian Forest Company will amount to EUR 4,479,749.387614 divided into 39,996,568 shares, of which 39,916,568 are Class B shares, each with a quota value of EUR 0.112003.
The issuing agent in connection with the Rights Issue is Aktieinvest FK AB.
This information is information that Latvian Forest Company AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 11.00 a.m. CET on April 29, 2024.
IMPORTANT INFORMATION
The publication, or distribution of this press release may be restricted in certain jurisdictions. The recipients of this press release in jurisdictions where this press release has been published or distributed should inform themselves of and comply with such restrictions. This press release does not constitute an offer for the public to acquire, subscribe for or otherwise trade in shares or other securities in the Company in jurisdictions other than Sweden.
The information in this press release may not be announced, published or distributed, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea, Russia, Belarus or any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require a prospectus, registration or other measures than those required under Swedish law. The information in this press release may also not be forwarded or reproduced in a manner that is contrary to such restrictions or would imply such requirements. Actions in violation of this instruction may constitute a violation of applicable securities legislation. Neither subscription rights, paid and subscribed shares nor new shares subscribed for in the Offer have been or will be registered under the United States Securities Act of 1933 as amended (the “Securities Act”) and may not be offered, subscribed, exercised, pledged, sold, resold, delivered or transferred, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act.
The information in this press release does not constitute an offer to acquire, subscribe for or otherwise trade in shares or other securities in Latvian Forest Company. This document has not been approved by any authority, and the information does not constitute a prospectus. In an EEA Member State, this announcement is only addressed to qualified investors in that Member State within the meaning of the Prospectus Regulation (2017/1129).
This communication may contain certain forward-looking statements. Such statements are all statements that do not relate to historical facts and they include expressions such as “believes”, “estimates”, “expects”, “assumes”, “anticipates”, “intends”, “may”, “continues”, “should” or similar. The forward-looking statements in this release are based on various estimates and assumptions, which in several cases are based on additional assumptions. Although the Company believes that these assumptions were reasonable at the time they were made, such forward-looking statements are subject to known and unknown risks, uncertainties and other material factors that are difficult or impossible to predict and that are beyond the Company’s control. Such risks, uncertainties and material factors could cause actual results to differ materially from those expressed or implied in this communication by the forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as of the date of this announcement and are subject to change without notice.