Stockholm, 2015-12-08 08:00 CET (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, JAPAN OR HONG KONG OR WITHIN ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OF THIS PRESS RELEASE WOULD NOT COMPLY WITH APPLICABLE LAWS AND REGULATIONS.
Vostok Emerging Finance Ltd (”Vostok Emerging Finance” or the “Company”) successfully completed its rights issue, resolved by the Special General Meeting on 9 November 2015 (the “Rights Issue”). The subscription period ended on 3 December 2015. The subscription price was SEK 1.00 per new Swedish Depository Receipt (“SDR”), each representing one new common share in the Company. The Rights Issue was fully subscribed, raising the Company approximately SEK 588 million before transaction costs.
Over 80% of the Rights Issue was subscribed for by virtue of subscription rights, with the remainder allotted to general investor demand without subscription rights. The Rights Issue was oversubscribed. Broad based demand for the issue was received, reflecting the Company’s diverse investor base inclusive of the local retail investor right through to some of the largest global money managers.
Vostok Emerging Finance’s Managing Director David Nangle comments:
“We are extremely pleased with the outcome of the Rights Issue. This success is a welcome vote of confidence from our existing shareholders as well as new incoming investors in support of our long-term strategic vision. The new capital will allow us to continue to build a diverse and exciting portfolio of high quality and entrepreneur led fintech ventures across emerging and frontier markets.”
Those who subscribed for SDRs without subscription rights have been allotted SDRs according to the principles outlined in the prospectus which was published on 16 November 2015. Notices to those who have subscribed for SDRs without subscription rights are expected to be distributed on or about 8 December 2015. Through the Rights Issue, Vostok Emerging Finance’s share capital will increase by USD 5,879,964.40 to USD 6,614,959.95 and the number of SDRs and underlying common shares will increase by 587,996,440 to a total of 661,495,995.
Trading in paid subscribed SDRs (SDB P1) on Nasdaq First North is proceeding until the increase of the share capital has been registered. New SDRs are expected to start trading on Nasdaq First North on or about 18 December 2015, when the SDRs are expected to be registered on the subscribers’ securities accounts.
Pareto Securities AB acted as financial advisor to Vostok Emerging Finance, while Advokatfirman Vinge KB was the legal advisor to Pareto Securities AB and Vostok Emerging Finance in connection with the Rights Issue.
David Nangle, Managing Director
For further information please contact: Björn von Sivers, Investor Relations, Tel +46 (0)8 545 015 50
Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB.
Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB.
IMPORTANT INFORMATION
This press release is not an offer or solicitation to acquire shares or SDRs in Vostok Emerging Finance.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. Vostok Emerging Finance does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. The information in this press release may not be announced, published or distributed, directly or indirectly, to the United States, Canada, Australia, New Zealand, Singapore, South Africa, Japan or Hong Kong or in any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations.
