Sitowise Group Plc issues 161,206 own shares in a directed issue
Sitowise Group Plc Stock Exchange Release 1 June 2022 at 10:15 am (EET)
Sitowise Group Plc issues 161,206 own shares in a directed issue
On 31 May 2022, the Board of Directors of Sitowise Group Plc (“Sitowise”) has decided, by virtue of the authorisation granted by the annual general meeting on 20 April 2022, to issue in a directed issue 161,206 own Sitowise shares which it holds (the “Shares”). The number of Shares to be subscribed for in the share issue (the “Share Issue”) corresponds to approximately 0.45 per cent of shares in Sitowise.
The Share Issue relates to the acquisition of the share capital of Rakennuttajakaari Oy, a company providing construction related construction, supervision and planning services, in connection with which Rakennuttajakaari Oy will acquire 30 per cent of the shares in Rakennuttajakaari Pohjanmaa Oy from Hannu Kankaanpää, after which Rakennuttajakaari Oy will hold all shares in Rakennuttajakaari Pohjanmaa Oy (the “Acquisition”). The Share Issue will be directed to the sellers of Rakennuttajakaari Oy, Ari Grönberg, Sami Linnermo, Tuomas Pakka, Pasi Saastamoinen and Harri Vaattovaara and to the seller of Rakennuttajakaari Pohjanmaa Oy, Hannu Kankaanpää (the “Sellers”) as a part of the Acquisition through which the Sellers will use a portion of the purchase price to subscribe for Shares in the Share Issue. The completion of the Acquisition has taken place on 1 June 2022.
The subscription price per Share is approximately EUR 5.74. The subscription price is based on the average volume weighted trading price of the Sitowise’s share on Nasdaq Helsinki Ltd stock exchange during the period of 25 April 2022 to 25 May 2022. The subscription of Shares shall be made by 1 June 2022 and paid by 3 June 2022.
The subscribed Shares shall be subject to a transfer restriction for a period of 360 days from the completion of the Acquisition.
The Board of Directors of Sitowise considers that the Acquisition supports the Sitowise Group’s growth and implementation of its strategy, in addition to which the purpose of the Share Issue is to engage the Sellers to Sitowise after the Acquisition. Therefore, there is a weighty financial reason for the directed Share Issue.
The Shares are expected to be transferred to the Sellers by on or about 3 June 2022 at the latest. After the Shares issued pursuant to the Share Issue have been conveyed, Sitowise holds a total of 157,104 own shares, corresponding to approximately 0.44 per cent of all shares in Sitowise.
Sitowise Group Plc
Board of Directors
Additional information:
Minttu Vilander, Chief Communications and Corporate Responsibility Officer, Sitowise Group Plc, tel.+358 40 575 6660
Distribution:
Nasdaq Helsinki
Major media
www.sitowise.com
About Sitowise
Sitowise is a Nordic specialist and digital expert in the built environment. We offer design and consulting services for smarter and more sustainable urban development as well as smooth transportation. We operate in three business areas in Finland and Sweden: real estate and buildings, infrastructure, and digital solutions.
We want to raise the bar of being smart and sustainable, which is why our vision is to be the most responsible partner in developing a prosperous living environment. Sitowise has grown rapidly and profitably in the past years. The group’s net sales were EUR 179 million in 2021 and the company employs over 2,000 experts. Sitowise Group Plc is listed on Nasdaq Helsinki as SITOWS.