ENEDO PLC Stock Exchange Release 8.3.2021 at 24:00
The Finnish Financial Supervisory Authority has granted Inission AB (publ) a permanent exemption from obligation to launch a mandatory bid
On 16 February 2021, Enedo (the “Company”) announced having agreed on a comprehensive arrangement of its debts totalling EUR 8.6 million. In connection with the arrangement, a total of EUR 3.3 million of its current debts will be cancelled (the ”Loan Arrangement”). In order to complete the Loan Arrangement, to secure the continuity of its operations and to carry out the turnaround programme, the Company aims to carry out a rights issue (the ”Rights Issue”) and a directed issue (the ”Directed Issue”) to certain new investors (jointly, the ”Issues”), totalling approximately EUR 12 million.
Enedo has convened its Extraordinary General Meeting on 9 March 2021 to decide on the authorisations concerning the Rights Issue and the Directed Issue. If the Extraordinary General Meeting grants the required authorisations, the Company aims to carry out the Issues as soon as possible.
Swedish Inission AB (publ) (“Inission”), which is listed on First North Growth Market Sweden, has undertaken to subscribe for shares to be offered in the Directed Issue for a total of EUR 6.8 million (34,000,000 shares). If the Rights Issue and the Directed Issue are realised in full and the other arrangements announced on 16 February 2021 are completed, Inission will hold 49.5 percent of shares and votes in Enedo.
In addition to certain customary conditions, Inission’s subscription undertaking is conditional upon the FIN-FSA granting Inission a permanent exemption in accordance with Chapter 11, section 26 of the Finnish Securities Markets Act from the obligation to launch a mandatory bid.
Inission has announced to the Company that the Finnish Financial Supervisory Authority has today decided to grant such exemption subject to certain conditions. The exemption applies to the crossing of the 30 percent threshold for the obligation to launch a mandatory bid.
The exemption also requires that, after the crossing of the threshold for the obligation to launch a bid, Inission or persons acting in concert with it will not acquire or subscribe for additional shares in Enedo or otherwise increase their share of votes in Enedo.
The exemption requires that the arrangement is supported at the Company’s Extraordinary General Meeting by shareholders independent thereof that represent at least two thirds of the votes given.
For further information please contact CEO Mr. Vesa Leino, tel. +358 40 759 8956.
Nasdaq Helsinki LtdPrincipal media
Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo’s three main product categories are Led Drivers, Power Supplies and Power Systems. In 2020 the group’s net sales was EUR 38,5 million. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and USA. The group’s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.
- Headline: The Finnish Financial Supervisory Authority has granted Inission AB (publ) a permanent exemption from obligation to launch a mandatory bid
- Check our latest news updates now.