M-REAL?S EUR 447.5 MILLION RIGHTS OFFERING FULLY SUBSCRIBED
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, FRANCE, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLES REPUBLIC OF CHINA, JAPAN, SPAIN OR THE UNITED STATES OF AMERICA.
M-real Corporation Stock Exchange Bulletin 4 October 2004 at 2 p.m. M-REALS EUR 447.5 MILLION RIGHTS OFFERING FULLY SUBSCRIBED M-reals EUR 447.5 million rights offering was completed successfully on 1 October, 2004. A preliminary assessment indicates that approximately 148.6 million Series B shares were subscribed through the exercise of primary subscription rights equaling approximately 99.6 percent of all the shares offered. Demand for shares in the secondary subscription was approximately 31.1 million shares and exceeded the number of shares available by approximately 57 times. Consequently, there will be no subscription of shares by the underwriters, Citigroup and Nordea Corporate Finance. Hannu Anttila, Chief Operating Officer and President and CEO as from 1 January, said We are very pleased with the successful outcome of the offering. The request for capital from our shareholders was large. Many existing shareholders subscribed for their pro rata share and we value their continued support. We also greatly appreciate the number of new shareholders who have taken advantage of this opportunity to invest in M-real and its future. The proceeds of the offering will enable us to improve our financial flexibility and to support the implementation of our revised business strategy.ö The interim shares, representing the shares subscribed for in the primary subscription, commenced trading today on the Helsinki Stock Exchange. The increase in the share capital based on the primary subscription will be registered with the Finnish Trade Register and the interim shares will be combined with M-reals Series B shares on 7 October, 2004. Allocation of the shares subscribed for in the secondary subscription is expected to be completed on 12 October, 2004, at the latest. The increase in the share capital based on the secondary subscriptions is expected to be registered with the Finnish Trade Register and the new shares issued and delivered to shareholders book-entry accounts and commencing trading on the Helsinki Stock Exchange on 13 October, 2004, at the latest. M-real will publish the final results of the Offering on 6 October, 2004, following the approval of the primary subscription by the Board of Directors. M-REAL CORPORATION Corporate Communications For additional information contact Chief Operating Officer Hannu Anttila +358 10 4694 343 or Executive Vice President and CFO Juhani Pöhö +358 10 4695 283 THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, NOR MAY THE SECURITIES BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION AS PROVIDED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER AND APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION, EXEMPTION OF REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.