The board of directors of Elanders proposes a guaranteed rights issue of approximately SEK 215 million
(Thomson Reuters ONE) -
Not for distribution in or into the United States, Canada, Japan or Australia
Summary
* The board of directors of Elanders AB (publ) proposes a rights issue with
pre-emptive rights for the shareholders of approximately SEK 215 million
* The rights issue is guaranteed in its entirety by Elanders' largest
shareholder, Carl Bennet AB
* An extraordinary general meeting is held on 23 August 2010 to resolve on the
rights issue
* Subscription shall be made during the period 6-20 September 2010
* One existing share entitles to subscription for one new share of the same
share class at a subscription price of SEK 22 per share
Background and reasons
Elanders is a global printing group with companies in ten countries on four
different continents. In 2009, net sales amounted to SEK 1,757 million. The
Elanders group currently has approximately 1,600 employees. Elanders' offer
comprises, among other things, different types of printing and premedia
services, database publishing, page and ad production as well as packaging
production.
The weak demand from industrial customers, primarily within Automotive and
consumer electronics, remained also during the first quarter 2010. However,
during the later part of this quarter, improved order inflow and increased
occupancy in Elanders' production sites were observed. Another trend is that
more and more orders of printed goods are rapidly transferred from traditionally
ordered production of printed goods to web-to-print solutions.
During the second quarter 2010, Elanders has observed a certain recovery and a
positive change in the order inflow in several of the company's markets. Also in
the Swedish market, Elanders has during the second quarter 2010 had a better
occupancy rate and an increased order inflow from, for example, the automotive
industry and the public sector.
The rights issue is proposed for the purpose of strengthening Elanders'
financial position and to build a strong platform in order to meet the expected
recovery by Elanders' customers, and also to create a basis for continued growth
and development of Elanders.
The rights issue
A notice of the extraordinary general meeting on 23 August 2010 is made public
in connection with this press release and is published in Post- och Inrikes
Tidningar (The Official Swedish Gazette) and Dagens Industri within the
stipulated time prior to the meeting.
The board of directors of Elanders proposes that the extraordinary general
meeting resolves to issue not more than 583,333 new class A shares and not more
than 9,181,666 new class B shares. The shareholders shall be entitled to
subscribe for the new shares with pre-emptive rights. One class A share shall
entitle to subscription for one new class A share and one class B share shall
entitle to subscription for one new class B share
The subscription price in the rights issue shall be SEK 22 per share. The record
date for the right to participate in the rights issue shall be 30 August 2010.
Subscription for the new shares shall be made during the period 6-20 September
2010.
Elanders' largest shareholder, Carl Bennet AB, with approximately 23 per cent of
the shares and approximately 50 per cent of the votes, has undertaken to
subscribe for its pre-emptive part of the rights issue. In addition thereto,
Carl Bennet AB has undertaken to subscribe for any shares that are not
subscribed for by others, for a guarantee commission of 1.5 per cent of the
guaranteed amount.
Indicative timetable
* 23 August Extraordinary general meeting
* 25 August Last day for trading including right to receive
subscription rights
* 26 August First day for trading excluding right to receive
subscription rights
* 30 August Record date for receiving subscription rights
* 6 September Subscription period starts
* 20 September Subscription period ends
* 6-15 September Trading in subscription rights
A prospectus relating to the rights issue will be made public prior to the start
of the subscription period.
Advisors
Avanza Bank is financial advisor and Vinge legal advisor to Elanders in
connection with the rights issue.
Elanders AB (publ)
For further information, please contact
Magnus Nilsson, President and CEO, +46 31 750 00 00
Andréas Wikner, Acting CFO, +46 31 750 00 00
This press release does not constitute an offer of any securities of Elanders,
in the United States or any other jurisdiction. This press release is not for
distribution, directly or indirectly, in or into the United States, Canada,
Japan or Australia. The rights issue is not directed to shareholders or other
investors domiciled in the United States, Canada, Japan or Australia, or in any
other country where participation in the issue would require additional
prospectuses, registration or measures other than those pursuant to Swedish law
or would conflict with regulations in such country. No shares, interim shares,
subscription rights or other securities issued by Elanders have been or will be
registered in accordance with the United States Securities Act of 1933, or in
accordance with any securities legislation in any state of the United States or
any province in Canada. Accordingly, no new shares, interim shares, subscription
rights or other securities issued by Elanders may be transferred or offered for
sale in the United States or Canada, other than in such exceptional cases that
do not require registration.
Elanders is required under the Securities Market Act to make the information in
this press release public. The information was submitted for publication on 15
July 2010.
[HUG#1431880]
The board of directors of Elanders proposes a guaranteed rights issue: http://hugin.info/1053/R/1431880/378270.pdf
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Source: Elanders AB via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 15.07.2010 - 15:50 Uhr
Sprache: Deutsch
News-ID 23981
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