Savo-Solar Ltd’s rights issue oversubscribed

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Savo-Solar Ltd.
Company Announcement                  17 December 2015 at 4 pm (CET)

Savo-Solar Ltd’s rights issue oversubscribed

Savo-Solar Ltd (“Savo-Solar” or the “Company”) has carried out a rights issue, with additional warrants (the “Offering”), during the period between 27 November and 15 December 2015 in Finland and between 27 November and 11 December 2015 in Sweden.

  • Savo-Solar’s rights issue of approximately EUR 4.2 million with additional warrants has been oversubscribed.
  • 38 % of the Offering will be allocated to subscribers who have subscribed for the shares with the subscription rights and 62 % to who have subscribed for the shares without the subscription rights.
  • Of the offered shares, 44 % will be allocated investors who have subscribed for shares in Finland and 56 % to investors who have subscribed for shares in Sweden.

Jari Varjotie, Managing Director of Savo-Solar: “We are delighted to see that the interest in Savo-Solar’s offering was so great in both Finland and Sweden, and I want to thank all our present shareholders as well as new investors for their confidence in us. We are pleased that we were able to receive our targeted financing and can now focus on serving our customers and on increasing our capacity further for future growth. It is only a few days since the triumphant Paris climate agreement, and I am sure we and our unique technology will have an important role when the world starts to implement it. ”

The Board of Directors of Savo-Solar resolved on 17 December 2015 to approve the subscriptions received in the Offering, as well as the allocation of offered shares and warrants. For offer shares subscribed for in the Offering without subscription rights and for thereto related additional warrants, the acceptance is conditional to payment of the subscriptions of offer shares on December 22, 2015 at the latest. Allocation has been made in accordance with the principles described in the prospectus. Investors with the subscription rights were allocated 38 % and investors without the subscription rights 62 % of the offered shares. The number of shares in Savo-Solar will increase by 10,591,620 shares. After the Offering the total number of shares will amount to 15,887,430. The number of warrants subscribed in the Offering is 2,647,905.

Subscribers who did not receive all of the offer shares subscribed for without the subscription rights will be repaid the subscription price for the offer shares not received to the bank account informed by the subscriber in connection with the subscription approximately on 30 December 2015. No interest will accrue for the repayable funds.

Savo-Solar will receive approximately EUR 4.2 million in issue proceeds (before transaction costs associated with the Offering to be paid by the Company). Of the total issue proceeds approximately EUR 0.525 million were paid by means of set-off.

The shares subscribed for in the Offering are expected to be registered with the Finnish Trade Register during week 53, 2015. Combination of the temporary shares with the Company’s existing shares is expected to take place and trading in the new shares subscribed for in the Offering is expected to commence approximately during week 53, 2015 on First North Finland, and approximately during week 1, 2016 on First North Sweden.

Warrants subscribed for in the Offering will be delivered to subscribers through the book-entry systems maintained by Euroclear Finland and by Euroclear Sweden approximately during week 2, 2016. Trading in the warrants is expected to commence approximately during week 2, 2016 on First North Finland and on First North Sweden. The ISIN code of the warrants is FI4000170758.

Due to the rights issue the Board of Directors of the Company also decided to amend the terms of the Company’s stock option plan 2015 for key personnel in accordance with its terms and conditions.

Advisors

Mangold Fondkommission AB is acting as financial advisor of the Company in the Offering. Smartius Oy is acting as the legal advisor of the Company on aspects of the Offering related to the Finnish law and Advokatfirman Westermark Anjou AB on aspects of the Offering related to the Swedish law.

For more information:

Ingrid Östhols, communication
Phone: +46 721 810 867
E-mail: ingrid.osthols@savosolar.se

Savo-Solar Ltd
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.fi

Mangold Fondkommission AB
Phone: +46 (0) 8 5030 1550
E-mail: info@mangold.se

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, tel.: +46 8 5030 1550.

IMPORTANT NOTICE
This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, 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.

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