SOLIDIUM HAS SOLD ALL ITS SHARES IN TIKKURILA PLC
(Thomson Reuters ONE) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
CANADA, AUSTRALIA, JAPAN OR INTO ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES
WOULD BE PROHIBITED BY APPLICABLE LAW
The sales proceeds amount to EUR 98 million
Solidium has today sold its entire holding in Tikkurila Plc in an accelerated
bookbuilt offering to institutional investors in Finland and internationally.
Before the disposal Solidium owned 6,474,021 shares in Tikkurila corresponding
to approximately 14.7 per cent of the outstanding shares. The execution price
was EUR 15.10 per share and gross sales proceeds of the offering amount to
approximately EUR 98 million. Solidium received Tikkurila shares in March 2010
when Kemira distributed 86 per cent of Tikkurila's shares to Kemira
shareholders, in order to facilitate the spin-off and stock exchange listing of
the paints manufacturer.
"We have been supporting the spin-off and listing of Tikkurila for the benefit
of Kemira shareholders. This was the appropriate time to monetize the value of
Tikkurila shares received as a dividend. We are delighted that Tikkurila's
ownership remains strongly in Finland even after this transaction. Solidium
remains as a significant owner in Kemira", says Solidium's Managing Director
Kari Järvinen.
Solidium will report a capital loss of approximately EUR 5 million. Solidium
received Tikkurila shares as a dividend at a book value of EUR 15.80 per share.
Danske Bank acted as the bookrunner in the placing.
Tikkurila provides consumers, professionals and industrial users with user-
friendly and environmentally sustainable solutions for protection and
decoration. Tikkurila is a strong regional player that aims to be the leading
paint company in the Nordic area and Eastern Europe including Russia. In 2009
Tikkurila had a revenue of EUR 530 million. Its operating profit, excluding non-
recurring items, amounted to EUR 50 million.
Further information: Managing Director Kari Järvinen, Solidium Oy, tel. +358
(0)10 830 89 05
Solidium is a limited company wholly owned by the State of Finland. Its mission
is to strengthen and stabilise Finnish ownership in nationally important
companies and increase the value of its holdings in the long run. Investment
activities are based on financial analysis. The core of Solidium's investment
strategy is proper, value enhancing asset management of the current holdings.
Through its stakes, Solidium is a minority owner in ten listed companies: Elisa,
Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso, TeliaSonera
and Tieto. The market value of Solidium's investments is approximately EUR 8.8
billion at the date of this press release. Further information: www.solidium.fi.
Important notice
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN
OFFER TO BUY, SELL, ISSUE, OR SUBSCRIBE FOR, OR THE SOLICITATION OF AN OFFER TO
BUY, SELL, ISSUE, OR SUBSCRIBE FOR ANY SECURITIES, NOR SHALL THERE BE ANY SALE
OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE
WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES
LAWS OF ANY SUCH JURISDICTION.
MEMBERS OF THE GENERAL PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.
THIS ANNOUNCEMENT AND ANY OFFER OF SECURITIES TO WHICH IT RELATES ARE ONLY
ADDRESSED TO AND DIRECTED AT PERSONS WHO ARE (1) QUALIFIED INVESTORS WITHIN THE
MEANING OF DIRECTIVE 2003/71/EC AND ANY RELEVANT IMPLEMENTING MEASURES (THE
"PROSPECTUS DIRECTIVE") AND (2) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS
RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES
AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER") OR ARE
PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES,
UNINCORPORATED ASSOCIATIONS, ETC") OF THE ORDER OR ARE PERSONS TO WHOM AN OFFER
OF THE PLACING SHARES MAY OTHERWISE LAWFULLY BE MADE (ALL SUCH PERSONS TOGETHER
BEING REFERRED TO AS "RELEVANT PERSONS"). THE INFORMATION REGARDING THE PLACING
SET OUT IN THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO
ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED
IN ONLY WITH RELEVANT PERSONS.
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA).
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES.
THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION.
NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.
ANY INVESTMENT DECISION TO BUY SECURITIES IN THE PLACING MUST BE MADE SOLELY ON
THE BASIS OF PUBLICLY AVAILABLE INFORMATION WHICH HAS NOT BEEN INDEPENDENTLY
VERIFIED BY MORGAN STANLEY (THE "MANAGER") OR THE SELLER. NEITHER THIS
ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED,
DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR
INTO ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF UNITED STATES, CANADIAN, AUSTRALIAN, JAPANESE OR OTHER APPLICABLE
SECURITIES LAWS.
THE DISTRIBUTION OF THIS ANNOUNCEMENT AND THE OFFERING OR SALE OF THE PLACING
SHARES IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. NO ACTION HAS BEEN
TAKEN BY THE MANAGER, OR ANY OF ITS RESPECTIVE AFFILIATES, OR ANY OTHER PERSON
THAT WOULD PERMIT AN OFFER OF THE PLACING SHARES OR POSSESSION OR DISTRIBUTION
OF THIS ANNOUNCEMENT OR ANY OTHER OFFERING OR PUBLICITY MATERIAL RELATING TO THE
PLACING SHARES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.
PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED BY THE
MANAGER TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS.
THE MANAGER IS ACTING EXCLUSIVELY FOR THE SELLER AND NO ONE ELSE IN CONNECTION
WITH THE PLACING. THE MANAGER WILL NOT REGARD ANY OTHER PERSON (WHETHER OR NOT A
RECIPIENT OF THIS DOCUMENT) AS ITS CLIENT IN RELATION TO THE PLACING AND WILL
NOT BE RESPONSIBLE TO ANYONE OTHER THAN THE SELLER FOR PROVIDING THE PROTECTIONS
AFFORDED TO ITS CLIENTS NOR FOR GIVING ADVICE IN RELATION TO THE PLACING OR ANY
TRANSACTION, ARRANGEMENT OR OTHER MATTER REFERRED TO IN THIS ANNOUNCEMENT. THE
MANAGER MAY PARTICIPATE IN THE PLACING ON A PROPRIETARY BASIS.
[HUG#1465329]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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: Solidium Oy via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2010 - 08:02 Uhr
Sprache: Deutsch
News-ID 49094
Anzahl Zeichen: 7998
contact information:
Town:
Helsinki
Kategorie:
Business News
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"SOLIDIUM HAS SOLD ALL ITS SHARES IN TIKKURILA PLC"
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