Latvian Forest Company AB (publ) (“Latvian Forest Company” or the “Company”) will receive approximately 78.2 MSEK before issue costs through the Company’s recent rights issue of Class-B shares. The issue was oversubscribed with a coverage ratio of 139 percent.
The subscription period in Latvian Forest Company’s new issue of Class-B shares with preferential rights for existing shareholders ended on May 5, 2021. In total, the issue was subscribed for at 138.8 percent, of which 98.7 percent was subscribed for with subscription rights and 40.1 percent without subscription rights. The purpose of the company’s issue was to provide approximately 78.2 MSEK with the aim of financing continued expansion through the acquisition of additional forest properties.
The funds provided through the rights issue are mainly intended to be used as set out below.
Issue volume 78.198 MSEK
Estimated issue costs 1.523 MSEK
Repayment of loans plus estimated interest rate 19.798 MSEK
New investment in forest properties 56.877 MSEK
In accordance with the principles set out in the prospectus, the Board of Directors has allotted all shares in the issue, a total of 12,819,413 Class-B shares, of which 12,649,695 class-B shares subscribed for with preferential rights and 169,718 Class-B shares without preferential rights.
Those who have been allotted shares subscribed for without preferential rights are notified by sending a sales note. Settlement shall be paid no later than the date shown in the sales note. If no settlement is made in a timely manner, shares may be transferred to others. No notice is given to the person who has not received the assignment. Nominee registered shareholders are notified of allotment in accordance with the respective nominee’s procedures.
Trading in paid subscribed shares (“BTA”) is currently conducted on Spotlight Stock Market and will continue until the issue is registered with the Swedish Companies Registration Office when BTA is converted into ordinary shares. The issue is expected to take place in late May or early June 2021.
When the rights issue is registered with the Swedish Companies Registration Office, the Company’s share capital will amount to EUR 3,733,124.56 (rounded) and the total number of shares to 33,330,474 of which 33,250,474 are Class-B shares.
Advisor
The issuing institution in connection with the issue is AktieInvest FK AB. HWF Advokater AB is legal advisor.
For further information please contact
Aleksandrs Tralmaks, CEO
+37129203972
Or visit our website: www.latvianforest.se
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 above, on May 7, 2021.
About Latvian Forest Company
Latvian Forest Company AB (publ) is a Swedish listed company that acquires, sells, and conducts forestry on advantageously valued forest in Latvia. The three main foundations of the business are, in addition to the fact that forests are a sought-after real asset that grows on its own.
- an expected increase in the price levels of Latvian forest and agricultural properties
- to create value growth through active forest management
- to create value growth by building up a larger property portfolio.
IMPORTANT INFORMATION
This press release is not an offer to sell or acquire securities in the Company and investors shall not subscribe for or acquire any securities other than based on information in growth prospects regarding the Offer.
This press release is not provided, and may not be disseminated in or sent to, the United States, Australia, Canada, Japan, or any other jurisdiction where such dissemination would be unauthorized or require registration or other measures. The securities described in this Communication have not and will not be registered in accordance with the United States Securities Act of 1933 (the “Securities Act”) in force and may therefore not be offered or sold in the United States without being registered or subject to an exemption from registration under the Securities Act and in accordance with applicable securities laws of U.S. states. The Company does not intend to register any offer in the United States or to make any public offering of securities in the United States.
This communication may contain certain forward-looking statements. Such statements are all statements that do not relate to historical facts and contain expressions such as “believe,” “estimate,” “expect,” “assume,” “anticipate,” “intend,” “may,” “continue,” “should” or the like. 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 may cause actual results to differ materially from those expressly or implicitly stated in this communication through the forward-looking statements. The information, opinions and forward-looking statements contained in this release apply only as of the date of this notice and may change without notice.