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Tecnotree Oyj Updates on Rights Offering


Monday, 28 May 2012 06:00am EDT 

Tecnotree Oyj announced that in connection with the rights offering (Offering) made public May 28, 2012, the Offering will be of approximately EUR 5.9 million. The Board of Directors of Tecnotree Oyj has resolved to issue a maximum of 48,997,451 new shares (Offer Shares) in the Offering in such a manner that the shareholders of the Company will have a pre-emptive right to subscribe for new shares in proportion to their current shareholding in Tecnotree Oyj. The subscription price for the Offer Shares will be EUR 0.12 per Offer Share. The subscription period will begin on June 5, 2012 and expire at 5:00 p.m. (Finnish time) on June 19, 2012. Tecnotree Oyj will announce the final results of the Offering in a stock exchange release on or about June 29, 2012. Assuming that all of the Offer Shares are subscribed for in the Offering, the net proceeds received by Tecnotree Oyj from the Offering will be approximately EUR 5.3 million. Tecnotree Oyj intends to use the full amount of net proceeds from the Offering to finance the working capital of larger delivery projects than before and to strengthen its balance sheet. 

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