Inside information: Temporary waiver of HKScan's bond terms approved in procedure in writing
HKScan Corporation, Stock Exchange Release, Inside Information 20 December 2022 at 5.15 p.m. EET
Inside information: Temporary waiver of HKScan's bond terms approved in procedure in writing
HKScan Corporation (the "Company") announced on 13 December 2022 a procedure in writing in respect of its EUR 90,000,000 senior unsecured fixed-rate notes due 24 March 2025 with ISIN FI4000490990 (the "Notes") regarding a temporary waiver from a covenant under the terms and conditions of the Notes.
Today, the Company announces that a sufficient number of replies was provided in the procedure in writing in order to constitute a quorum, and more than fifty per cent of the votes cast voted in favour of the proposed temporary waiver before the expiry of the voting period on 23 December 2022. Therefore, the voting has been closed and the proposed temporary waiver is deemed to have been approved in the procedure in writing in respect of the Notes.
The payment of the Approval Fee (as defined in the notice of the procedure in writing) will be made on 13 January 2023 to all holders of the Notes registered on 5 January 2023 as direct registered owners or nominees on the list of noteholders maintained by Euroclear Finland Oy. In addition, the payment of Early Voting Fee (as defined in the notice of the procedure in writing) will be made on 13 January 2023 to the holders of the Notes who voted in favour of or against the proposal in the procedure in writing by submitting a valid vote no later than by 3 p.m. (Finnish time) on 20 December 2022.
“We are pleased that the majority of bondholders expressed their support for the proposal even before the end of the actual voting period. It can be considered as a sign of the positive attitude towards the sale of HKScan's Baltic businesses, which we announced on 13 December 2022. The divestment of the Baltic business will improve HKScan's profitability and strengthen its balance sheet. In addition, the divestment will enhance our ability to improve our operational efficiency and to execute our long-term strategy of growing into a versatile food company,” says HKScan's interim CEO Juha Ruohola.
Further information on the procedure in writing can be found in the Company's announcement of 13 December 2022 and the notice of the procedure in writing attached to such announcement.
The Company has mandated Nordea Bank Abp as solicitation agent in the procedure in writing in respect of the Notes.
HKScan Corporation
Juha Ruohola
interim CEO
For further information, please contact:
HKScan Corporation:
Juha Ruohola, interim CEO, HKScan Corporation, tel. +358 400 647 160
Jyrki Paappa, CFO, HKScan Corporation, tel. +358 50 556 6512
HKScan Media Service Desk, by e-mail: communications@hkscan.com, tel. + 358 10 570 5700
Nordea Bank Abp, by e-mail: NordeaLiabilityManagement@nordea.com, tel. +45 6136 0379
At HKScan, we make life tastier – today and tomorrow. Our strategic target is to grow into a versatile food company. Our responsibly produced, delicious products are part of consumers’ varied food moments – both every day and on special occasions. We have some 7,000 HKScan professionals applying more than 100 years of experience to make locally produced food. For us at HKScan, responsibility means continuous improvements and concrete actions throughout the food chain. As part of our Zero Carbon programme, we are targeting a carbon-neutral food chain from farms to consumers by the end of 2040. Our home markets cover Finland, Sweden, Denmark and the Baltics. Our strong product brands include HK®, Kariniemen®, Via®, Scan®, Pärsons®, Rose™, Rakvere® and Tallegg®. Through our strategic partnerships, we are also known for Kivikylän®, Tamminen® and Boltsi brands. HKScan is a publicly listed company, and in 2021, our net sales totalled over EUR 1.8 billion.
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www.hkscan.com