Based on an authorisation granted by the Annual General Meeting on 26 March 2020, SRV's Board of Directors passed on 22 May 2020 a resolution on offering up to 131,049,371 new shares (the "Offer Shares") for SRV's existing shareholders in accordance with the pre-emptive right of shareholders with a subscription price of EUR 0.38 per Offer Share (the "Offering").
The Offering is part of SRV's recovery programme announced on 31 October 2019, and the purpose of the Offering is to improve SRV's balance sheet, liquidity and financial position.
The Offering in brief
- SRV aims to raise gross proceeds of approximately up to EUR 50 million by offering up to 131,049,371 Offer Shares for subscription in the Offering.
- The existing shareholders of SRV have a pre-emptive right to subscribe for Offer Shares (the "Subscription Right") issued in the Offering in proportion to their existing shareholdings in SRV.
- A shareholder of SRV that is on the record date of 26 May 2020 recorded on SRV's shareholder register maintained by Euroclear Finland Oy will for each share held in SRV on the record date, receive one Subscription Right. The Subscription Rights will be recorded on shareholders' book-entry accounts on 27 May 2020. The first trading date without Subscription Rights is 25 May 2020.
- Each holder of Subscription Rights shall with each Subscription Right have the right to subscribe for one Offer Share at the Subscription Price (as defined below).
- The subscription price for each Offer Share is EUR 0.38 ("Subscription Price").
- The subscription period for the Offer Shares will commence on 29 May 2020 at 9:30 am Finnish time and end on 12 June 2020 at 4:30 pm Finnish time (the "Subscription Period").
- The Subscription Rights are freely transferrable and trading in the Subscription Rights on the official list of Nasdaq Helsinki Ltd ("Nasdaq Helsinki") is expected to take place between 29 May 2020 and 8 June 2020.
- SRV will publish a prospectus approved by the Finnish Financial Supervisory Authority on or about 28 May 2020.
- SRV has received commitments for an aggregate amount of EUR 40 million from Ilmarinen Mutual Pension Insurance Company, Pohjola Insurance Ltd, OP Life Assurance Company Ltd, Varma Mutual Pension Insurance Company, Tiiviste-Group Oy and Pontos Ltd to subscribe for new Offer Shares in the Offering (the "Subscription Commitments").
- Danske Bank A/S, Finland Branch, is acting as the sole global coordinator of the Offering (the "Sole Global Coordinator").
- 25 May 2020 First trading date without Subscription Rights
- 26 May 2020 Record date of the Offering
- 29 May 2020 The Subscription Period for the Offering commences
- 29 May 2020 Trading in the Subscription Rights commences on the official list of Nasdaq Helsinki
- 8 June 2020 Trading in the Subscription Rights ends on the official list of Nasdaq Helsinki
- 12 June 2020 The Subscription Period for the Offering ends and unused Subscription Rights lapse worthless (estimated)
- 15 June 2020 Trading in the Interim Shares commences on the official list of Nasdaq Helsinki (estimated)
- 16 June 2020 Announcement of the initial results of the Offering (estimated)
- 17 June 2020 Announcement of the final results of the Offering (estimated)
- 18 June 2020 Trading in the Interim Shares ends on the official list of Nasdaq Helsinki (estimated)
- 18 June 2020 The Offer Shares offered in the Offering are registered in the Trade Register (estimated)
- 22 June 2020 Interim Shares are converted into Offer Shares (estimated)
- 22 June 2020 Trading in the Offer Shares commences on the official list of Nasdaq Helsinki (estimated)
SRV in brief in brief
SRV is a bold developer and innovator in the construction industry. We want to offer the best customer experience as a constructor of urban city centres, while also being the most attractive employer in the industry. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.
Established in 1987, we are a publicly listed company since 2007 in Helsinki Nasdaq stock exchange that operates in selected growth centres in Finland and Russia. Our revenue in 2019 was EUR 1,061 million. Over 1,000 people work for us and we employ a network of almost 4,000 subcontractors in our projects.
Related documents and SRV website