Ferronordic Machines postpones IPO decision
Stockholm, Sweden – September 30, 2014
In connection with the issue of preference shares in October 2013, Ferronordic Machines announced that the board of directors had decided to investigate a potential listing of Ferronordic Machines’ ordinary shares on NASDAQ OMX Stockholm with an aim to list the shares in 2014. Due to current uncertain situation in Russia and Ukraine, the board has decided not to list the ordinary shares on NASDAQ OMX Stockholm this year. Ferronordic Machines will continue to investigate a potential listing in 2015 and is well prepared if and when the situation stabilizes.
Since a listing of the ordinary shares will not take place before 25 October 2014, the implied discount obtained when preference shares are used to subscribe for new ordinary shares in connection with a potential future listing of the ordinary shares on NASDAQ OMX Stockholm will start to increase by approximately one percentage point per month during the 15 months following 25 October 2014. Also the redemption premium which the company shall pay if the preference shares are redeemed in cash will start to increase by one percentage point per month during the 15 months following 25 October 2014. The percentages indicated above are based on the subscription price when the preference shares were issued.
The decision of the board does not affect the payment or amount of the dividend on the company’s preference shares.
For more information, please contact:
Anders Blomqvist, CFO and Head of IR, Tel: +46 8 5090 7280
or e-mail pr@ferronordic.ru
About Ferronordic Machines
Ferronordic Machines is the authorized dealer of Volvo Construction Equipment in Russia. The company began its operations in June 2010 and has expanded rapidly across Russia and is today well established in all federal districts with more than 70 outlets and over 750 employees. In addition to distributing and providing aftermarket support to Volvo Construction Equipment machines, the company has also been appointed aftermarket dealer for Volvo Trucks as well as dealer for Volvo Penta in certain parts of Russia. The company has also signed up some other high quality brands such as LogSet and several attachment manufacturers. The vision of Ferronordic Machines is to be regarded as the leading service- and sales company in the CIS markets.
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