English

LÄNNEN TEHTAAT PLC DECIDES ON A TARGETED

Report this content 
LÄNNEN TEHTAAT PLC    STOCK EXCHANGE RELEASE May 13, 2004, 9.00 am


LÄNNEN TEHTAAT PLC DECIDES ON A TARGETED SHARE ISSUE

The Board of Directors of Lännen Tehtaat plc has decided to issue
195,000 new Lännen Tehtaat plc shares through a targeted issue to the
managing director of Kuopion Kalatukku Oy, Antti Räsänen. In return,
Antti Räsänen will assign 50.9% of his shares in Kuopion Kalatukku Oy
to Lännen Tehtaat plc as a contribution in kind.

The Lännen Tehtaat plc Annual General Meeting of March 24, 2004
authorized the Board of Directors to decide on whether to raise the
company’s share capital by means of a new issue. The authorization was
entered in the Trade Register on April 23, 2004. It includes the right
to diverge from the pre-emptive subscription right of shareholders if,
from the company’s viewpoint, there exists a pressing reason to do so.
The authorization also allows shares to be subscribed against a
contribution in kind.

The Board of Directors has decided to raise the company’s share
capital through an issue of 195,000 new Lännen Tehtaat plc shares. The
issue will bring the company’s total number of shares to 6,317,576.
Each share has a nominal value of EUR 2.

The new shares are in a targeted issue for subscription by Antti
Räsänen. Lännen Tehtaat has a pressing financial reason for diverging
from the pre-emptive subscription right of shareholders in that the
issue is connected with a corporate acquisition in which the company
and Antti Räsänen have agreed that Räsänen will assign approximately
51% of Kuopion Kalatukku Oy’s share capital to Lännen Tehtaat plc. The
deal will be arranged as a share exchange under section 52f of the
Corporate Taxation Act.

Under the agreement on the contribution in kind, which refers to the
share exchange, Antti Räsänen will surrender approximately 51% of
Kuopion Kalatukku Oy’s share capital, or 168 Kuopion Kalatukku Oy
shares. The value of these assets assigned as a contribution in kind
is EUR 2,340,000. The increase in Lännen Tehtaat’s share capital
through the targeted issue will be EUR 390,000. The amount in excess
will be entered in the share premium account.

The shares will be subscribed on a separate subscription list during
the week following approval for the acquisition by the competition
authorities. If the competition authorities do not give their
approval, the share issue will not be made and the decision taken now
will become void. The subscription price will be EUR 12.00 per share,
which is the value of the assets forming the contribution in kind
divided by the number of new shares. Antti Räsänen will pay the cost
of the share subscription by assigning 168 Kuopion Kalatukku Oy shares
to Lännen Tehtaat plc.

Lännen Tehtaat plc has a single series of shares and each share
confers one vote at shareholders’ meetings. The new shares will be of
the same value as the company’s other shares and will give full
dividend entitlement on the financial year ending December 31, 2004
and subsequent financial years.


LÄNNEN TEHTAAT PLC

Erkki Lepistö
President & CEO


More details: Erkki Lepistö, tel. +358 2 8397 4001.

Distribution:
Helsinki Exchanges
Main media
www.lannen.fi

Subscribe