ASPO PLC'S MANAGEMENT INVESTS IN ASPO SHARES
(Thomson Reuters ONE) -
ASPO PLC STOCK EXCHANGE RELEASE October 26, 2010 at 13.40
The Board of Directors of Aspo Plc (Aspo) has today decided on a new
shareholding plan directed to the management of the Aspo Group (Participants).
The purpose of the plan is to enable the Participants to acquire a considerable
long-term shareholding in Aspo. Through this plan, the Participants personally
invest a considerable amount of their own funds in Aspo shares. The Participants
finance their investments partly themselves and partly by a loan provided by the
Company. The actual owner risk will be carried out personally by the
Participants for the part of their personal investment in the plan.
For the purpose of the share ownership, the Participants will acquire a limited
liability company named Aspo Management Oy (Aspo Management), whose entire share
capital they own. The intention of Aspo Management is to acquire an approximate
total of 437,500 Aspo shares from the Participants at market price as well as by
subscribing for the Aspo shares in a share issue directed to Aspo Management.
The acquisitions will be financed by capital investments in Aspo Management by
the Participants, in the maximum total amount of EUR 700,000, as well as by a
loan provided by Aspo. After the plan has been implemented, the Participants
will hold approximately 1.7% of Aspo shares through Aspo Management.
As part of the plan, the Aspo Board of Directors has today decided to grant to
Aspo Management an interest-bearing loan in the maximum amount of EUR 2,800,000
to finance the acquisition of the Aspo shares. The loan will be repaid in full
by March 31, 2014, at the latest. Should the plan be continued by one year at a
time in 2014, 2015 and 2016, the loan period may be extended respectively. Aspo
Management has the right to repay the loan prematurely at any time and the
obligation to repay the loan prematurely by selling the Aspo shares it holds, in
case the Aspo share price exceeds a certain level determined in the plan,
otherwise than occasionally.
The plan will be valid until the spring 2014, when the plan is intended to be
dissolved in a manner to be determined later. The plan may be dissolved, e.g.,
by merging Aspo Management with Aspo, or by selling the Aspo shares held by Aspo
Management otherwise. The plan will be continued by one year at a time, in case
the Aspo share at the beginning of year 2014, 2015 or 2016 is lower than the
average share price which Aspo Management paid for the Aspo shares.
During the validity of the plan, the transfer of the Aspo shares held by Aspo
Management has been restricted. The Participants' share ownership in Aspo
Management will mainly be valid until the dissolution of the plan.
On the basis of authorization granted by the Annual Shareholders' Meeting of
Aspo on April 7, 2010, the Board of Directors of the Company decided on a share
issue against payment directed to Aspo Management. In the share issue, a maximum
total of 330,000 shares held by Aspo will be transferred for subscription by
Aspo Management, in deviation from the shareholders' pre-emptive subscription
rights. There are weighty financial reasons for the deviation from the
shareholders' pre-emptive subscription rights as the shares to be transferred in
the share issue will be used for the implementation of the shareholding plan of
the management of Aspo. Because company held shares are transferred in the share
issue, the total number of shares will not change.
The subscription price (the transfer price) of a share is the trade volume
weighted average quotation of the Aspo share on NASDAQ OMX Helsinki Ltd. during
September 1-September 30, 2010, i.e. EUR 7.93 per share. The share subscription
period is October 26-November 5, 2010. The subscribed shares must be paid on
November 12, 2010, at the latest. The subscription price will be credited to the
invested unrestricted equity fund of Aspo. Right to dividend and other
shareholder rights will commence after the shares to be transferred have been
paid and registered on the book-entry account of Aspo Management.
Helsinki October 26, 2010
ASPO PLC
The Board of Directors
Further information:
Gustav Nyberg, chairman of the Board of Directors, Aspo Plc,
+358 9 5211, +358 40 503 6420, gustav.nyberg(at)aspo.com
Distribution:
NASDAQ OMX Helsinki
Key media
www.aspo.com
Aspo is a conglomerate that owns and develops business operations in Northern
Europe and growth markets focusing on demanding B-to-B customers. Our strong
company brands - ESL Shipping, Leipurin, Telko and Kaukomarkkinat - aim to be
the market leaders in their sectors. They are responsible for their own
operations, customer relationships and the development of these. Together they
generate Aspo's goodwill. Aspo's Group structure and business operations are
continually developed without any predefined schedules.
[HUG#1455143]
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originality of the information contained therein.
Source: Aspo Oyj via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2010 - 12:40 Uhr
Sprache: Deutsch
News-ID 46212
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contact information:
Town:
Helsinki
Kategorie:
Business News
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