RusForest Announces Fully Subscribed Rights IssueStockholm, 2013-03-15 08:05 CET --
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces that the previously disclosed rights issue for SEK 86 million has been fully subscribed.
The subscription period for the rights issue with preferential rights for the Company’s existing shareholders ended on March 13, 2013 (the “Rights Issue”). The Rights Issue is the second step in the Company’s previously announced three-step restructuring (the “Transaction”) and will provide RusForest with approximately SEK 86 million before issue expenses. The Transaction will continue as planned with the Directed Issue to Nova Capital of SEK 100 million. Closing of the Transaction is expected to occur by the end of March 2013. For further information regarding the Transaction, please refer to the prospectus and supplement published on February 5, 2013, and February 12, 2013, respectively.
Following the Rights Issue, the number of shares in RusForest will increase by 2,874,230,820 from 6,979,157,220 to 9,853,388,040, and the share capital will increase by SEK 28,742,308 from SEK 69,791,572 to SEK 98,533,880 (including shares issued in the previously announced Debt-to-Equity Swap).
Vostok Nafta fully guaranteed the Rights Issue without a fee and subscribed for its pro-rata share. Since the Rights Issue was fully subscribed, the Company did not need to draw on the Vostok Nafta subscription guarantee. 2,165,289,122 shares, corresponding to approximately 75.3 percent of the Rights Issue, have been subscribed for with subscription rights, and 708,941,698 shares, corresponding to approximately 24.7 percent of the Rights Issue, have been subscribed for without subscription rights. Shares subscribed for without subscription rights will be allocated in accordance with the principles outlined in the prospectus. Notice of the allotment of shares subscribed for without subscription rights will be sent to those who have been allotted shares.
Trading in the interim shares (the “BTAs”) (BTA130222, ISIN SE0005035029) relating to the Rights Issue is carried out on NASDAQ OMX First North until registration of the capital increase with the Swedish Companies Registration Office has been made, at which time the BTAs will be converted into new shares without any special notice by Euroclear. The conversion is expected to occur on or about March 27, 2013.
The total shares outstanding pro forma for the Debt-to-Equity Swap, Rights Issue and Directed Issue is expected to be 13,203,388,040 before the 100:1 reverse split. The reverse split is expected to occur in the first half of April 2013.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
IMPORTANT INFORMATION
This press release is not an offer for subscription for shares in RusForest. A prospectus relating to the transactions further described in previous press releases has been approved by, and registered with, the Swedish Financial Supervisory Authority.
The distribution of this press release in certain jurisdictions may be restricted. This press release does not constitute an offer of, or an invitation to purchase, any securities of RusForest in any jurisdiction.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. RusForest does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement should not be made in and may not be distributed or sent into the United States, Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong.
|