Latvian Forest Company provide a rights issue of approximately 78.2 MSEK for continued expansion
THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS SUBJECT IN WHOLE OR IN PART TO LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES.
SEE ALSO THE "IMPORTANT INFORMATION" SECTION BELOW IN THE DOCUMENT.
The Board of Directors of Latvian Forest Company AB (publ) ("Latvian Forest Company" or the "Company") has today, pursuant to authorization from the Annual General Meeting on June 29, 2020, resolved to carry out a new issue of Class-B shares with preferential rights for the Company's shareholders. The Rights Issue comprises a total of approximately 78.2 MSEK and aims to finance continued expansion through the acquisition of additional forest properties. The issue is subject to subscription commitments corresponding to approximately 43.4 percent of the issue amount.
Summary of main issue terms
- Eight (8) existing shares in the Company entitle the holder to subscribe for five (5) new Class-B shares.
- The subscription price per share is 6.10 SEK.
- The subscription period is from April 21 thru May 5,
- The record date for participation in the issue is April 19,
Summary background and motive
Latvian Forest Company acquires and manages forest properties, preferably, but not only in Latvia. The company's starting point is the view that forests are a safe investment, and that forestry is a stable and value-creating business.
In addition to forest being a sought-after asset that grows by its own, the main foundations of the business are:
1) value creation for shareholders through active forest management.
2) value creation by consolidating a larger property holding.
3) a belief in a general increase in the price levels of Latvian forest and agricultural properties.
The market continues to be considered beneficial and it is the Board's assessment that the capital intended to be contributed through the new share issue can be traded in new forest properties on favorable terms for the shareholders.
Upon full subscription, the Issue provides the Company with approximately 78.2 MSEK before issue costs, which are estimated to a total of approximately 1.5 MSEK. The funds provided are intended to be used mainly to provide the company with working capital, finance continued expansion through the acquisition of additional forest properties and repay previously communicated loans of approximately 19.8 MSEK including interest. The loans, which have been taken up from shareholders and from related companies, have been used to finance acquisitions in 2020 and 2021.
The rights issue in summary
The Board of Directors of Latvian Forest Company has, pursuant to authorization from the Annual General Meeting on June 29, 2020, resolved to carry out a new issue of Class-B shares with preferential rights for the Company's shareholders in accordance with the following main terms and conditions:
- The company's share capital may be increased by a maximum of 1,435,817.13 EUR through the issuance of a maximum of 12,819,413 new Class-B shares. The number of shares after the issue will amount to a maximum of 33,330,474 of which 33,250,474 will be Class-B shares.
- Anyone holding shares in Latvian Forest Company on the record date April 19, 2021 has preferential rights to subscribe for shares in the issue. Subscription may also take place without preferential rights.
- Holdings of one (1) share regardless of the class of shares on the record date entitle to one (1) subscription right.
- Eight (8) subscription rights entitle the holder to subscribe for five (5) new Class-B shares.
- The subscription price is 6.10 SEK per new Class-B share.
- Upon full subscription, the dilution for existing shareholders who choose not to participate in the issue amounts to a maximum of approximately 37.65 percent of the votes and a maximum of approximately 38.46 percent of the capital.
- Upon full subscription, the Company will receive approximately 78.2 MSEK before issue costs.
- Subscription of shares takes place during the period April 21 – May 5,
- The record date for the right to participate in the rights issue is April 19,
- The last day of trading including the right to subscription rights is April 15, 2021.
- The subscription rights will be traded on Spotlight from April 21 thru April 30, 2021. This means that subscription rights can be purchased by those who wish to participate in the issue with preferential rights or who want to increase their participation by purchasing more subscription rights. Subscription rights received must therefore either be used for subscription of shares no later than May 5, 2021 or sold no later than April 30, 2021 in order not to lapse.
- Trading in paid subscribed shares ("BTA") will take place on Spotlight from April 21, 2021 until the issue is registered with the Swedish Companies Registration Office. Final registration of the issue is expected to take place at the end of May 2021.
Subscription commitments
The issue is subject to subscription commitments of approximately 34 MSEK corresponding to approximately 43.4 percent of the issue.
Prospect
Prospects are expected to be published about April 20, 2021 including full terms and instructions for the issue and other information about the Company.
Indicative schedule
- April 15, 2021 Last day for trading in the Company's Class-B share including right to subscription rights
- April 16, 2021 First day of trading in the Company's Class-B share excluding right to subscription rights
- April 19, 2021 Record date for participation in the issue, i.e., shareholders registered in the share register with Euroclear on that date will receive subscription rights that entitle them to participate in the rights issue
- April 20, 2021 Estimated date for publication of prospect
- April 21 - April 30, 2021 Trading in subscription rights
- April 21 - May 5, 2021 Subscription period
- May 7, 2021 Estimated date for publication of the outcome of the issue
Directly registered shareholders will receive information about the issue. Other shareholders receive information through the respective trustee/bank. Prospect and subscription notes will be available on the company's website www.latvianforest.se.
Advisor
The issuing institution in connection with the issue is AktieInvest FK AB. HWF Advokater AB is legal advisor.
This information is information that Latvian Forest Company AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, on April 12, 2021.
For further information please contact
Aleksandrs Tralmaks, CEO
+37129203972
info@latvianforest.se
Or visit our website: www.latvianforest.se
About Latvian Forest Company
Latvian Forest Company AB (publ) is a Swedish listed company that acquires, sells, and conducts forestry on advantageously valued forest in Latvia. The three main foundations of the business are, in addition to the fact that forests are a sought-after real asset that grows on its own.
- an expected increase in the price levels of Latvian forest and agricultural properties
- to create value growth through active forest management
- to create value growth by building up a larger property portfolio.
IMPORTANT INFORMATION
This press release is not an offer to sell or acquire securities in the Company and investors shall not subscribe for or acquire any securities other than based on information in growth prospects regarding the Offer.
This press release is not provided, and may not be disseminated in or sent to, the United States, Australia, Canada, Japan, or any other jurisdiction where such dissemination would be unauthorized or require registration or other measures. The securities described in this Communication have not and will not be registered in accordance with the United States Securities Act of 1933 (the "Securities Act") in force and may therefore not be offered or sold in the United States without being registered or subject to an exemption from registration under the Securities Act and in accordance with applicable securities laws of U.S. states. The Company does not intend to register any offer in the United States or to make any public offering of securities in the United States.
This communication may contain certain forward-looking statements. Such statements are all statements that do not relate to historical facts and contain expressions such as "believe," "estimate," "expect," "assume," "anticipate," "intend," "may," "continue," "should" or the like. The forward-looking statements in this release are based on various estimates and assumptions, which in several cases are based on additional assumptions. Although the Company believes that these assumptions were reasonable at the time they were made, such forward-looking statements are subject to known and unknown risks, uncertainties and other material factors that are difficult or impossible to predict and that are beyond the Company's control. Such risks, uncertainties and material factors may cause actual results to differ materially from those expressly or implicitly stated in this communication through the forward-looking statements. The information, opinions and forward-looking statements contained in this release apply only as of the date of this notice and may change without notice.
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- Property holdings amount to 4,324* (0) hectares
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- Operating profit -498.6 (0) TEUR
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22.11.2019
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23.08.2019
All shares in the subsidiaries have been sold, leading to a surplus of 10,803 TEUR
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08.04.2019
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29.03.2019
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27.03.2019
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13.03.2019
The shareholders of Latvian Forest Company AB (publ), Reg. No. 556789-0495 ("The Company") are hereby summoned to the Extraordinary General Meeting of shareholders to be held on Wednesday, March 27, 2019 at 10.00 in Galjaden Fastigheter premises on Linnégatan 18, Stockholm.
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Bokslutskommuniké 2018
22.02.2019
- Bokfört värde på mark- och skogstillgångar uppgår till 24.574 (21.323)TEUR
- Eget kapital uppgår till 1,145 (1,027) EUR per aktie
- Fastighetsinnehaven uppgår till 10.452 (9.599) hektar
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04.02.2019
Latvian Forest Company AB signs letter of intent with Svenska Cellulosa Aktiebolaget SCA with a view of selling the company’s operations by way of sale of all shares in the operating subsidiaries SIA Latvijas mezu kompanija and Baltic Forest IV, SIA. The total sale price is estimated to 26 000 000 Euro.
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Interim Report January - September 2018
23.11.2018
- Book value on land and forest assets of 23.840 (21.062) TEUR
- Owners’ Equity per share was 1,125 (0,979) EUR
- Property holdings of 10.357 (9.416) hectares
- Timber volume was 1.016.600 (960.000) cubic meter
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Interim Report January - June 2018
23.08.2018
- Book value on land and forest assets of 22.137 (20.850) TEUR
- Owners’ Equity per share was 1,047 (1,068) EUR
- Property holdings of 9.877 (9.368) hectare
- Timber volume was 1.034.000 (940.000) cubic meter
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Come follow us on Instagram!
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Come follow us on Instagram
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European Foresters' Orienteering Championships 2018
01.08.2018
We at Latvian Forest Company are proud supporters of orienteering in Latvia.
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Interim Report January - March 2018
24.05.2018
- Book value on land and forest assets of 21.924,3 (20.829,8) TEUR
- Owners’ Equity per share was 1,034 (1,06) EUR
- Earnings per share 0,008 (0,0039) EUR
- Property holdings of 9.665 (9.368) hectare
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Interim Report January - March 2017
22.05.2017
- Book value on land and forest assets of 20.829,8 (19.228) TEUR
- Owners’ Equity per share was 1,06 (1,03) EUR
- Earnings per share was 0,0039 EUR
- Property holdings of 9.368 (8.590) hectare
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Bronsstädet AB largest shareholder
23.09.2014
Bronsstädet AB (556612-1124) has purchased 1.878.616 B-shares in Latvian Forest Company AB (publ). The ownership, after purchases, corresponds to 14.81 percent of capital and 14.01 percent of votes which makes Bronsstädet AB the largest shareholder in Latvian Forest Co.
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Acquisitions will be completed
04.03.2014
Following the completion of its due diligence analyses, the Latvian Forest Company AB has decided to complete the previously announced acquisitions.
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