eQ PLC LAUNCHES A SHARE ISSUE DIRECTED TO CERTAIN KEY PERSONS
2/14/2013 9:00 AM EST
eQ Oyj
Company Announcement
eQ PLC LAUNCHES A SHARE ISSUE DIRECTED TO CERTAIN KEY PERSONS
eQ PLC
STOCK EXCHANGE RELEASE
14 February 2013, at 4.00 p.m.
eQ PLC LAUNCHES A SHARE ISSUE DIRECTED TO CERTAIN KEY PERSONS
The Board of Directors of eQ Plc (eQ) decided, based on the authorisation
received from the annual general meeting of eQ held on 13 March 2012, to carry
out today a share issue against payment directed to Jussi Mäkinen, Markus
Neimo, Jenni Roberts and Niklas Åkerfelt (Key persons) as key persons of the
Group. Through the share issue, a total of 145,000 new shares were offered for
subscription in deviation from the shareholders' pre-emptive subscription
right.
As part of the integration process which aims to make the of eQ Group's
structure simpler, the Key persons have agreed to sell their minority
shareholdings in Icecapital Financial Products Ltd and in relation with the
sale of the minority shareholdings, the purpose of the directed share issue is
to enhance the Key persons’ commitment. eQ has a weighty financial reason to
deviate from the shareholders' pre-emptive right, as the shares will be issued
to the Key persons in order to incentivise the Key persons and enhance their
commitment as Group's key persons.
The subscription price will be EUR 2.01 per share. The volume-weighted average
price of the company's share on NASDAQ OMX Helsinki Ltd for the period of 20
consecutive trading days before the Board meeting that decided on the personnel
issue was EUR 2.23 per share. Thus the discount in the issues is EUR 0.22 for
each share i.e. 10 per cent. An amount corresponding to the subscription price
of the new shares will be entered into eQ's invested unrestricted equity
reserve.
The Key persons have today subscribed for all the offered shares and undertaken
to pay the subscription price by 28 February 2013. The Board has approved the
share subscription. As a result of the share subscription, the Key persons own
approximately 0.40 per cent of the shares of eQ. The subscriber has no right to
dispose or assign the subscribed shares before 14 February 2014 and if the
subscription is more than 20.000 shares not before 14 February 2016.
Rights to dividends and other shareholder rights will commence on the day when
the new shares have been entered into the Trade Register and the shareholders'
register of the company. The shares will be entered onto the subscriber's
book-entry account and will become subject to public trading on NASDAQ OMX
Helsinki Oy after the shares have been entered into the Trade Register.
Due to the share issue, the amount of shares of eQ will grow from the present
36,297,198 shares to 36,442,198 shares. The share capital will not change as a
consequence of the share issue. The shares subscribed for in the share issue
represent approximately 0.40 per cent of the shares and votes of eQ after the
share issue.
Helsinki, 14 February 2013
eQ Plc
BOARD OF DIRECTORS
Additional information: Janne Larma, CEO, tel. +358 40 500 4366
Distribution: NASDAQ OMX Helsinki, www.eQ.fi
eQ Group is a Finnish publicly listed group of companies that specialises in
asset management and corporate finance operations. eQ Asset Management offers a
wide range of asset management services (including private equity funds) for
both institutional investors and private individuals. The assets managed by the
Group total approximately EUR 6.3 billion. Advium Corporate Finance Ltd, which
is part of the Group, offers services related to mergers and acquisitions, real
estate transactions and equity capital markets.
More information about the Group is available on our website at www.eQ.fi.