Incap Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Incap Oyj's Board of Directors Decides on Private Placement as Payment for Convertible Loan
Incap Oyj announced that its Board of Directors has used the authorization issued by the Annual General Meeting on April 11, 2012 and decided on a private placement, which the Company uses to redeem a part of the convertible loan issued in the year 2007. The private placement is a part of the financing arrangement, which the Company announced on January 17, 2013. In the private placement, one holder of the convertible bond will receive a total of 1,697,286 new shares as a settlement for loan shares. The calculatory subscription price is EUR 0.22. The new shares amount to approximately 8.1% of all shares in the Company prior to the share issue. The issue of new shares deviates from the pre-emptive right of the current shareholders by way of offering the new shares entirely to a holder of the Company's convertible loan. There is a financial reason for the Company to deviate from shareholders' pre-emptive subscription rights because the purpose of the private placement is to ensure the Company's solvency through a quick, low-cost arrangement. The new shares convey a right to dividend and other shareholder's rights as from the registration of the new shares to the Trade Register. The Company aims to register the new shares as soon as possible. When the new shares have been taken to public trading on the Helsinki Stock Exchange, the number of Incap Corporation's shares is a total of 22,546,266.
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