Oriola-KD Corporation has investigated the development of its capital structure
Oriola-KD Corporation Stock Exchange Release 21 October 2013 at 6:00 p.m.
The Board of Directors of Oriola-KD Corporation ("Oriola-KD" or the "Company")
has investigated possibilities for developing the Company's capital structure.
In this context, the Company has also investigated the preconditions for
combining the current two share classes of the Company, as well as for
strengthening the Company's balance sheet with equity financing. The request for
the investigation of the combination of the share classes was presented by a
group of shareholders holding more than 10 per cent of the shares of Oriola-KD
and more than 15 per cent of the total votes.
The Board estimates that the conducted investigations do not currently give rise
to any further measures. A resolution concerning the combination of the share
classes would require, among other things that the resolution receives consent
from the majority of shares in the share class whose rights would be reduced.
Based on its investigations, the Board of Directors estimates that it could not
secure the aforesaid consents even if the shareholders of the class A shares
with multiple votes would be offered a market-term premium in conjunction with
the combination. The Board presented as its recommendation a premium of 8.3 per
cent to be offered to the owners of class A shares. The presented premium level
was based on an analysis of market data up until 11 October 2013 by an external
advisor. On the basis of its investigations the Board of Directors also
estimates that currently the Company could not secure commitments from the
Company's largest shareholders to take part, for example, in a rights issue
during the year 2013.
The Board of Directors will continue its investigations concerning the
development of the Company's capital structure as part of the Company's ordinary
operations. The aforesaid does not change the Company's previous estimates of
the Company's funding positions or its outlook for the current financial year.
Board of Directors
For additional information, please contact:
Chairman of the Board of Directors
tel. +358 40 7367433
tel. +358 46 876 5207
General Counsel, secretary to the Board of Directors
tel. +358 10 429 5761
NASDAQ OMX Helsinki Ltd