OUTOKUMPU OYJ STOCK EXCHANGE RELEASE April 4, 2014 at 12.00 pm EET
Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, South Africa or Japan or any other jurisdiction in which the distribution or release would be unlawful.
- Rights offering oversubscribed by 23%
- Net proceeds of approximately EUR 640 million
- Total number of shares in Outokumpu to increase to 10,386,615,824 shares
- Due to oversubscription, the underwriting was not utilized
The Board of Directors of Outokumpu Oyj has today approved all subscriptions made pursuant to subscription rights.
Mika Seitovirta, CEO: “We are pleased with the results of the rights offering, which is part of the comprehensive measures we have taken to strengthen our financial position. Together with the measures we have taken to strengthen our balance sheet and credit profile, the proceeds from the rights offering enable us to carry out the turnaround plan. With the oversubscribed rights offering, our shareholders have given us a vote of confidence. We will continue the decisive execution of our ongoing restructuring efforts and the plans for profitable growth to return Outokumpu back to sustainable profitability and to create shareholder value.”
A total of 10,258,172,806 shares were subscribed for in Outokumpu’s the rights offering, representing 123.5 percent of the 8,308,534,476 shares offered (the “offer shares”). A total of 8,276,217,384 shares were subscribed for pursuant to subscription rights, representing 99.6 percent of all offer shares, and a total of 1,981,955,422 shares were subscribed for without subscription rights in the secondary subscription, representing 23.9 percent of all offer shares. Of the offer shares subscribed for without subscription rights, 32,317,092 offer shares have been allocated to subscribers in proportion to the number of subscription rights exercised for subscription of the offer shares by them. The underwriting provided by Danske Bank A/S, Helsinki Branch, Nordea Bank Finland Plc, Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities Plc plc and Swedbank AB (publ) was not utilized.
The subscription price was EUR 0.08 per offer share and Outokumpu raised net proceeds of approximately EUR 640 million through the rights offering. As a result of the rights offering, the total number of shares in Outokumpu will increase to 10,386,615,824. The offer shares will carry all ordinary shareholder rights in Outokumpu, including the right to receive dividends and other distributions of funds, if any, as of the registration of the offer shares with the Finnish trade register, on or about April 7, 2014. Because the record date of the Outokumpu’s Annual General Meeting on April 14, 2014 was April 2, 2014, the offer shares do not have voting rights in the Annual General Meeting 2014.
Trading in interim shares (OUT1VN0114), representing the offer shares subscribed for pursuant to subscription rights commenced on March 27, 2014. The interim shares will be combined with Outokumpu’s ordinary shares (OUT1V) when the offer shares have been registered with the Finnish trade register, on or about April 7, 2014. Trading of the offer shares will commence on the official list of NASDAQ OMX Helsinki Ltd from that same date. The allocated offer shares subscribed for without subscription rights will be recorded on the subscriber’s book-entry account directly as ordinary shares on or about April 7, 2014.
Outokumpu will confirm allocations of subscriptions for offer shares subscribed for without subscription rights (secondary subscription) by mail. The subscription price paid for the unallocated offer shares will be refunded to such subscribers on or about April 10, 2014.
Danske Bank, Nordea and SEB acted as Joint Global Coordinators and Joint Bookrunners for the rights offering and BNP Paribas, Crédit Agricole CIB, J.P. Morgan and Swedbank acted as Joint Bookrunners.
For more information:
Saara Tahvanainen, tel. +358 40 589 0223
Outokumpu Group Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 12 000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed on the NASDAQ OMX Helsinki. www.outokumpu.com DISCLAIMER
Each of Danske Bank, Nordea, SEB, BNP Paribas, Crédit Agricole CIB, J.P. Morgan, Swedbank and their affiliates are acting exclusively for Outokumpu and no one else in connection with the rights offering. They will not regard any other person (whether or not a recipient of this release) as their respective clients in relation to the rights offering and will not be responsible to anyone other than Outokumpu for providing the protections afforded to their respective clients, nor for giving advice in relation to the rights offering or any transaction or arrangement referred to herein. No representation or warranty, express or implied, is made by Danske Bank, Nordea, SEB, BNP Paribas, Crédit Agricole CIB, J.P. Morgan or Swedbank as to the accuracy, completeness or verification of the information set forth in this release, and nothing contained in this release is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or the future. Danske Bank, Nordea, SEB, BNP Paribas, Crédit Agricole CIB, J.P. Morgan and Swedbank assume no responsibility for its accuracy, completeness or verification and, accordingly, disclaim, to the fullest extent permitted by applicable law, any and all liability which they may otherwise be found to have in respect of this release.
The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, South Africa or Japan. These written materials do not constitute an offer of securities for sale in the United States, 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. 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 issue, exercise or sale of securities in the offering are subject to specific legal or regulatory restrictions in certain jurisdictions. Outokumpu assumes no responsibility in the event there is a violation by any person of such restrictions.
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 from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by Outokumpu.
Outokumpu has not authorized any offer to the public of securities in any Member State of the European Economic Area other than Finland and Sweden. With respect to each Member State of the European Economic Area other than Finland and Sweden and which has implemented the Prospectus Directive (each, a “Relevant Member State”), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in Relevant Member States (a) to any legal entity which is a qualified investor as defined in the Prospectus Directive; or (b) in any other circumstances falling within Article 3(2) of the Prospectus Directive. For the purposes of this paragraph, the expression an “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to exercise, purchase or subscribe the securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU.
This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
