Company Announcement 1 July 2016 at 8 a.m. (CET)
Main owner Finnish Innovation Fund Sitra has submitted a subscription commitment corresponding to its ownership in Savo-Solar’s planned rights issue
Referring to Savo-Solar Plc’s (“Savo-Solar” or the “Company”) company announcement released on 21 June 2016, the Company has received new subscription commitments from existing shareholders corresponding to a maximum of 16.3 percent of the planned rights offering (“the Offering”).
The Company has received new subscription commitments from existing shareholders amounting to a maximum of EUR 0.6 million, which is equivalent to a maximum of 16.3 per cent of the Offering. The Company has earlier received subscription commitments from existing shareholders and underwriting commitments from external investors amounting to approximately EUR 2.4 million, which is equivalent to 61.2 percent of the Offering. Thus, the Offering is guaranteed to a maximum of approximately 77.5 per cent.
The new subscription commitments have been obtained from the Finnish Innovation Fund Sitra (“Sitra”), which is the Company’s largest shareholder, and from the chairman of the Board of Directors Feodor Aminoff. Sitra has committed to subscribe for its pro rata share of the shares subscribed for in the Offering.
Sitra’s capital investment director Sami Tuhkanen: “The rapid growth of Savo-Solar’s net sales, the development of the Company’s profitability in a good direction and promising growth prospects are the main arguments for the submitting of Sitra’s subscription commitment.”
Sitra is a public fund, whose mission is to promote the Finnish economy’s qualitative and quantitative growth, stable and balanced development as well as international competitiveness and cooperation.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savo-Solar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savo-Solar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.
The company’s Certified Adviser is Mangold Fondkommission AB, phone: +46 8 5030 1550.
This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savo-Solar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.
The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savo-Solar.