THE INITIAL PUBLIC OFFERING OF LEHTO GROUP PLC HAS BEEN SUCCESSFULLY COMPLETED - THE FINAL SUBSCRIPTION PRICE IS EUR 5.10 PER SHARE
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THE INITIAL PUBLIC OFFERING OF LEHTO GROUP PLC HAS BEEN SUCCESSFULLY COMPLETED -
THE FINAL SUBSCRIPTION PRICE IS EUR 5.10 PER SHARE
The initial public offering ("Initial Public Offering" or "IPO", as further
defined below) of Lehto Group Plc ("Lehto Group" or "Company") has been
successfully completed. The Board of Directors of the Company and the Selling
Shareholders (as defined below) have today decided to complete the Initial
Public Offering. The final subscription price for the Public Offering and the
Institutional Offering (both as defined below) is EUR 5.10 per share, which
implies a market value of EUR 297 million for Lehto Group immediately after the
IPO.
The IPO was oversubscribed multiple times. The total demand was over six fold
assuming that the Over-Allotment Option (as defined below) is fully exercised.
The Initial Public Offering consisted of a share issue to institutional
investors in Finland and internationally ("Institutional Offering"), to private
individuals and organisations in Finland ("Public Offering") as well as to the
personnel of the Company in Finland ("Personnel Offering", and together with the
Institutional Offering and the Public Offering, "Share Issue"). The Company
issues in total 11,874,705 shares in the Share Issue. In addition, certain
shareholders of the Company ("Selling Shareholders") sell in total 1,732,340
shares ("Share Sale", together with the Share Issue "Initial Public Offering" or
"IPO").
The Institutional Offering was nearly ten times subscribed (assuming that the
Over-Allotment Option is fully exercised) excluding the cornerstone investors'
share of subscriptions and share allocation in the Institutional Offering.
Approximately 50% of the institutional demand was from international investors
(excluding cornerstone investors). In the Institutional Offering and the Share
Sale, the Company and the Selling Shareholders decided to allocate 12,147,340
shares to institutional investors in Finland and internationally.
The Company issues 1,349,705 shares in the Public Offering. The Public Offering
was over four times subscribed by approximately 4,425 investors participating in
the Public Offering and submitting a commitment in accordance with the terms and
conditions of the IPO. The Company accepted subscription commitments in the
Public Offering in whole for a maximum of 334 shares and the remaining 2,313
shares were allocated to the investors which had submitted a commitment higher
than this, in a ranking order of commitment sizes.
The Company issues 110,000 Shares in the Personnel Offering and the final
subscription price of the Personnel Offering is 10% lower than the final
subscription price of the Public Offering, being EUR 4.59 per share. The
Company's Board of Directors accepted subscription commitments in the Personnel
Offering in whole for a maximum of 800 shares and subscriptions exceeding this
amount to 82.0% due to oversubscription in proportion to the amount of unmet
subscription commitments.
In connection with the IPO, Osuuskunta PPO has the right and the obligation to
convert a convertible loan into shares in accordance with the terms of the loan
("Conversion"). In total 1,065,643 new shares are issued in the Conversion.
The Company will receive approximately EUR 60.5 million in gross proceeds in the
IPO before deducting the fees and expenses relating to the listing and the IPO.
The Selling Shareholders are estimated to receive net proceeds of approximately
EUR 14.8 million from the Share Sale (assuming that the Over-Allotment Option is
fully exercised). As a result of the IPO the Company will have 4,589 new
shareholders of which approximately 2.1% are institutional investors,
approximately 96.4% private individuals and organisations in Finland and
approximately 1.4% personnel of the Company in Finland. Proportional share of
ownership of international investors in the Company will total approximately
10.7% after the IPO and the Conversion.
After the IPO and the Conversion the Company's total number of shares will
increase to 58,250,752 shares. The 12,940,348 new shares subscribed for in the
Share Issue and the Conversion correspond to approximately 22.2% and the shares
sold in the Share Sale approximately 3.0% of the Company's shares and votes
after the completion of the IPO.
The Selling Shareholders have granted OP Corporate Bank plc an over-allotment
option ("Over-Allotment Option") to purchase or to procure purchasers for up to
1,470,821 shares in the Company at the final subscription price exercisable
within 30 days from the commencement of trading of the Company's shares on
Nasdaq Helsinki Ltd ("Helsinki Stock Exchange") solely to cover over-allotments.
A confirmation letter regarding the acceptance of the subscription commitments
and the allocation of the shares will be sent on as soon as practicable to all
investors participating in the Public Offering and the Personnel Offering. If a
subscription commitment is rejected or it is accepted only partially, the amount
paid or a part thereof will be refunded to the investor to the bank account
identified in the subscription commitment as soon as practicable, approximately
by 2 May 2016. If an investor's bank account is in a different bank than the
subscription place, the refund will be paid to a Finnish bank account in
accordance with the payment schedule of the financial institutions,
approximately within no more than two (2) banking days later. No interest will
be paid on such repaid funds.
The shares issued in the Public Offering and the Personnel Offering are recorded
in the book-entry accounts of investors who have made an accepted subscription
commitment on about 28 April 2016. In the Institutional Offering the shares will
be ready to be delivered against payment on about 2 May 2016 through Euroclear
Finland Ltd. Trading of the Company's shares on the prelist of the Helsinki
Stock Exchange is expected to commence on 28 April 2016 and on the official list
on 2 May 2016 under the trading symbol "LEHTO".
After the Initial Public Offering OP Corporate Bank plc may within 30 days from
the commencement of the trading of the shares on the Helsinki Stock Exchange,
i.e. on or about the time period from 28 April 2016 to 27 May 2016, engage in
measures on the prelist and later on on the official list of the Helsinki Stock
Exchange which stabilise, maintain or otherwise affect the price of the shares
which would not otherwise prevail in an open trade. Any stabilisation measures
will be conducted in accordance with the European Commission Regulation (EC) No
2273/2003 implementing Directive 2003/6/EC of the European Parliament and of the
Council as regards exemptions for buy-back programmes and stabilization of
financial instruments. OP Corporate Bank plc has no obligation to carry out
these measures, and it may stop any of these measures at any time. OP Corporate
Bank plc may enter into a share lending agreement with Lehto Invest Oy
concerning the Over-Allotment Option and stabilisation.
OP Corporate Bank plc acts as the Global Coordinator and Joint Bookrunner and
Pareto Securities Oy as Joint Bookrunner (together, "Bookrunners") in the
Initial Public Offering. Krogerus Attorneys Ltd acts as the legal advisor of the
Company. Roschier, Attorneys Ltd. acts as the legal advisor of the Bookrunners.
Lehto Group Plc
Pertti Huuskonen, the chairman of the Board of Directors
Hannu Lehto, CEO
More information:
Veli-Pekka Paloranta, CFO tel. +358 400 944 074
Pertti Huuskonen, the chairman of the Board of Directors tel. +358 400 680 816
Lehto Group in brief
Lehto Group is a Finnish construction and real estate group focusing on
economically driven construction. The Company's mission is to be an innovative
reformer of the construction industry. The Company has divided its operations
into four service areas: Business Premises, Housing, Social Care and Educational
Premises and Building Renovation. Lehto Group currently operates in Finland and
is geographically concentrated in growth centres, which form a significant part
of the construction volume. The Company's headquarters are located in Kempele.
The company employed 423 people at the end of the financial year 2015.
DISCLAIMER
This announcement is not for publication or distribution, directly or
indirectly, in Australia, Canada, Hong Kong, Japan, Singapore, South Africa or
the United States, or any other jurisdiction in which release or distribution
would be unlawful. The distribution of this announcement may be restricted by
law in certain jurisdictions and persons into whose possession any document or
other information referred to herein comes should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.
The information contained herein shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any such jurisdiction. Investors must
neither accept any offer for, nor acquire, any securities to which this document
refers, unless they do so on the basis of the information contained in the
applicable prospectus approved by the Finnish Financial Supervisory Authority
and published by the Company.
These written materials do not constitute an offer for sale of securities in the
United States, nor may the securities be offered or sold in the United States
absent registration or an exemption from registration under the U.S. Securities
Act of 1933, as amended, and the rules and regulations thereunder. The
securities will not be registered under the U.S. Securities Act of 1933, as
amended, and there will be no public offering of the securities in the United
States.
The Company has not authorised any offer to the public of securities in any
member state of the European Economic Area other than Finland. With respect to
each member state of the European Economic Area other than Finland which has
implemented the Prospectus Directive (each, a "Relevant Member State"), no
action has been undertaken or will be undertaken to make an offer to the public
of securities requiring publication of a prospectus in any Relevant Member
State. As a result, the securities may only be offered in Relevant Member States
(a) to any legal entity which is a qualified investor as defined in the
Prospectus Directive; or (b) in any other circumstances falling within Article
3(2) of the Prospectus Directive. For the purposes of this paragraph, the
expression "an offer of securities to the public" means the communication in any
form and by any means of sufficient information on the terms of the offer and
the securities to be offered so as to enable an investor to decide to exercise,
purchase or subscribe for the securities, as the same may be varied by any
measure implementing the Prospectus Directive in that Relevant Member State, and
the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive, to the extent implemented in
the Relevant Member State), and includes any relevant implementing measure in
the Relevant Member State and the expression "2010 PD Amending Directive" means
Directive 2010/73/EU.
The information contained herein shall not constitute a public offering of
shares in the United Kingdom. This document is only being distributed to and is
only directed at (i) persons who are outside the United Kingdom or (ii) to
investment professionals falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii)
high net worth companies, and other persons to whom it may lawfully be
communicated, falling within Article 49(2) of the Order (all such persons
together being referred to as "relevant persons"). Any investment activity to
which this document relates will be only available to, and will be engaged in
only with, relevant persons. Any person who is not a relevant person should not
act or rely on this document or any of its contents.
This document includes "forward-looking statements" that involve risks,
uncertainties and other factors, many of which are outside of the Company's
control and could cause actual results to differ materially from the results
discussed in the forward-looking statements. Forward-looking statements include
statements concerning the Company's dividend policy, financial targets, plans,
objectives, goals, future events, performance and/or other information that is
not historical information. The Company undertakes no obligation to publicly
update or revise forward-looking statements to reflect subsequent events or
circumstances after the date made, except as required by law.
The Bookrunners are acting exclusively for the Company in connection with the
contemplated listing. The Bookrunners will not regard any other person as their
respective client in relation to the listing and will not be responsible to
anyone other than the Company for giving advice in relation to the listing or
transactions related thereto.
Lehto Group Oyj_Allokaatiosta tiedottaminen_ENG_20160427_LOPULLINEN:
http://hugin.info/172058/R/2007249/741938.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lehto Group Oyj via GlobeNewswire
[HUG#2007249]
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2016 - 10:13 Uhr
Sprache: Deutsch
News-ID 466747
Anzahl Zeichen: 16164
contact information:
Town:
Kempele
Kategorie:
Business News
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"THE INITIAL PUBLIC OFFERING OF LEHTO GROUP PLC HAS BEEN SUCCESSFULLY COMPLETED - THE FINAL SUBSCRIPTION PRICE IS EUR 5.10 PER SHARE"
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