Avidly Plc has acquired the minority shares of its subsidiary Avidly Media Oy

Avidly Plc has acquired the minority shares of its subsidiary Avidly Media Oy

Avidly Plc, company announcement, 30 September 2020 at 11:00 a.m. EET

Avidly Plc (”Company”) has acquired 125 minority shares of Avidly Media Oy, a subsidiary belonging to Avidly group of companies, through a share deal through which Avidly Media Oy became a wholly-owned subsidiary of the Company. Prior to the share deal the Company owned 95% of Avidly Media Oy’s shares. The shares that were subject to the share deal were acquired from Avidly Media Oy’s managing director.

The purchase price of EUR 19,024.00 of the share deal was paid half with cash while the other half was paid with treasury shares of the Company held by the Company. Therefore the seller of the minority shares of Avidly Media Oy subscribed 3,739 Avidly’s treasury shares held by the Company in a directed share issue. The valuation of the Company’s shares as part of the share deal was based on the weighted average daily closing prices of the Company’s shares listed on the Nasdaq First North Growth marketplace for thirty days preceding the share deal between 31 August 2020 – 29 September 2020, based on which the per share valuation was set at EUR 2.544.

The Board of Directors of the Company decided on the directed share issue based on the authorization granted to it by the Annual General Meeting of 1 April 2020. There was a weighty financial reason for deviating from the shareholder’s pre-emptive subscription right as the share issue was related to the share deal of the minority shares in Avidly Media Oy and the transfer of minority shares to the ownership of the Company simplifies the Avidly’s group structure and governance.

After the completed transaction and the related directed share issue the Company has 10,473 treasury shares. The directed share issue has no effect on the number of shares in the Company.

AVIDLY PLC

Board of Directors

Additional information:

Hans Parvikoski, CFO, Tel. +358 40 586 6154

Oaklins Merasco Oy acts as Avidly Plc’s Certified Advisor, tel. +358 9 6129 670

Avidly is Finland’s leading marketing and communications service provider and a leading marketing automation company in the Nordics, listed on the Nasdaq First North Growth marketplace in Helsinki. We create an atmosphere for growth to take our customers forward. We are a team of more than 230 navigators and explorers, makers and shakers in 16 locations in Finland, Sweden, Norway, Denmark and Germany. Read more: investors.avidlyagency.com/en