Stockmann has decided on a directed share issue of 307,489 new shares in accordance with its restructuring programme to creditors of confirmed restructuring debts and files a listing application
STOCKMANN plc, Other information disclosed according to the rules of the Exchange 25.1.2024 at 13:15 EET
Stockmann has decided on a directed share issue of 307,489 new shares in accordance with its restructuring programme to creditors of confirmed restructuring debts and files a listing application
The directed share issue
Stockmann plc’s (“Stockmann” or the “Company”) Annual General Meeting resolved on 7 April 2021, in accordance with the terms of the Company's restructuring programme approved by the Helsinki District Court on 9 February 2021 (as amended, the “Restructuring Programme”), to authorize the Board of Directors of the Company to decide on the directed issuance of at most 30,000,000 new shares of the Company to the creditors of conditional and disputed debts as well as the creditors of restructuring debt that will be determined later during the Restructuring Programme, to enable conversion of parts of their receivables into shares in the Company.
The Company’s Board of Directors has today on 25 January 2024 decided, in accordance with the Restructuring Programme and pursuant to the authorization granted by the Annual General Meeting, to issue 307,489 new shares of the Company (the “Conversion Shares”) in deviation from the shareholders’ pre-emptive subscription rights to a creditor of the Company whose previously conditional or disputed restructuring debt under the Restructuring Programme has been confirmed to its final amount by 9 November 2023 (the “Share Issue”) and has approved the subscription made in the Share Issue.
The subscription price in the Share Issue was EUR 0.9106 per share, which has been paid by setting off restructuring debt in accordance with the Restructuring Programme. As a result of the Share Issue, the total number of shares in the Company will increase by 307,489 shares to a total of 159,023,044 shares.
After the Share Issue, the Company will continue to have restructuring debt under the Restructuring Programme that is disputed, conditional or maximum amount, in respect of which the amount subject to the payment programme will be confirmed later, and the creditors of such restructuring debt will be entitled to conversion after their respective restructuring debt receivables have been confirmed.
Registration and listing of the shares
The Conversion Shares will be registered in the Finnish Trade Register on or about 26 January 2024 and recorded on the book-entry accounts of the subscribers on or about 30 January 2024. The Conversion Shares will, as of their registration in the Finnish Trade Register and recording on the book-entry accounts of the subscribers, confer the same rights as the Company’s other shares.
Stockmann will today also submit an application for the Conversion Shares to be admitted to trading on the official list of Nasdaq Helsinki Ltd. Trading with the Conversion Shares is expected to commence on or about 30 January 2024 under the trading code “STOCKA”.
STOCKMANN plc
Susanne Ehnbåge
CEO
Further information:
Jukka Naulapää, Chief Legal Officer, tel. +358 50 389 0013
Distribution:
Nasdaq Helsinki
Principal media
Stockmann Group is an international omnichannel retail group with two divisions: Lindex and Stockmann. Lindex is a global fashion company with a purpose to empower and inspire women everywhere. It is a market leader in lingerie in the Nordics and a forerunner in sustainability. Stockmann is a premium multi-brand retailer with department stores in Finland and the Baltics. Its purpose is to be a marketplace for a good life. In 2022, the Stockmann Group’s revenue was EUR 982 million and it had some 5 800 employees. Stockmann plc is founded in 1862 and its shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.stockmanngroup.com