Sitowise Group Plc issues 95,532 own shares in a directed issue
Sitowise Group Plc Stock Exchange Release 31 January 2022 at 5.55 p.m. (EET)
Sitowise Group Plc issues 95,532 own shares in a directed issue
On 31 January 2022, the Board of Directors of Sitowise Group Plc ("Sitowise") decided, by virtue of the authorisation granted by the unanimous resolution of the shareholders on 3 March 2021, to issue in a directed issue 95,532 own Sitowise shares (the "Shares"), that the Board of Directors of Sitowise issued to the company itself on 29 June 2021 and 15 December 2021. The number of Shares to be subscribed for in the share issue (the "Share Issue") corresponds to approximately 0.27 per cent of shares in Sitowise.
The Share Issue relates to an acquisition of the share capital of Mavacon Mark & VA Consult AB, a company providing consulting services in the land construction as well as water and sewage sector with projects comprising all phases of technical consultations within construction, water and sewage as well as other facilities and therewith related activities (the “Acquisition”). The Share Issue will be directed to Mavacon AB, ASö AB, MReblin AB, and M Sandmark AB, the sellers of Mavacon Mark & VA Consult AB (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 is scheduled to take place on 31 January 2022.
The subscription price per Share is EUR 7.9235. 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 9 December 2021 to 24 January 2022. The subscription of Shares shall be made and paid by 31 January 2022.
Of the total amount of subscribed Shares, 82,795 Shares shall be subject to a transfer restriction for a period of 12 months from the completion date of the Acquisition. The remaining 12,737 subscribed Shares shall be subject to a transfer restriction for a period of 37 months from the completion date 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 on or about 15 February 2022. After the Shares issued pursuant to the Share Issue have been conveyed, Sitowise holds a total of 186,145 own shares, corresponding to approximately 0.52 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
Information about Sitowise
Sitowise is a Nordic specialist and digitalist 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 160 million in 2020 and the company employs over 2,000 experts. The company is listed on Nasdaq Helsinki. www.sitowise.com