PRESS RELEASE - Func Food Group Oyj receives bondholders’ approval in the Written Procedure for the Restructuring and announces a mandatory securities exchange and cash payment

Reference is made to Func Food Group Oyj (the “Issuer”) bonds with ISIN SE0007186150 (with an aggregate nominal amount outstanding of EUR 29,626,472) (the “Existing Bonds”) and the press release made on 13 September 2019, whereby the Issuer announced the Written Procedure to approve the Restructuring (both terms as defined in the notice to the Written Procedure so announced). All terms used but not defined herein shall have the meaning given to them in the notice to the Written Procedure.

Approval of the Restructuring

A sufficient number of votes was obtained to form a quorum and the Written Procedure obtained the requisite majority of the total adjusted nominal amount before the deadline for replies. When the Written Procedure was closed on 9 October 2019, bondholders representing 100 per cent. of the adjusted nominal amount of all votes cast in the Written Procedure[1], had voted in favour of the proposed resolutions to approve the Restructuring. The relevant approvals have thereby been granted.

For a full description of the proposed resolutions which have now been approved, the notice to the Written Procedure is attached to this press release and is available on the Company’s website (www.funcfood.com).

Execution of the restructuring

The Issuer is hereby confirming the mandatory securities exchange and cash payment (the “Exchange Amount”) to the holders of Existing Bonds based on the principles set out in the notice to the Written Procedure, meaning that no action will be required on behalf of the holders of Existing Bonds to effectuate such exchange (whereby the Existing Bonds will be replaced by Reinstated Bonds) and cash payment.

The mandatory securities exchange date is set to 25 October 2019 (the “Exchange Date”). Each person who is registered as owner of Existing Bonds in the debt register maintained by Euroclear Sweden at end of business on 18 October 2019 (the “Restructuring Record Date”) will (i) receive the Exchange Amount (to be paid pro rata among the holders of Existing Bonds) and (ii) Reinstated Bonds (the relevant nominal amount[2] of the Reinstated Bonds to be allocated pro rata among the holders of Existing Bonds). Following the mandatory bond exchange and the payment of the Exchange Amount on the Exchange Date, the Existing Bonds will be cancelled.

In the event of any changes in relation to the Exchange Date and the Record Date, the Company will issue a press release of any such changes.

This announcement is for information purposes only and is not to be construed as an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities of the Issuer.

For further information, please contact:

Robin Lybeck, CEO
Telephone: +358 40 735 2464
Email: robin.lybeck@funcfood.com

[1] The votes cast represented 82.89 per cent. of the total adjusted nominal amount of the Existing Bonds.

[2] The nominal amount of the Reinstated Bonds to be allocated to the holders of Existing Bonds according to the notice to the Written Procedure.