INISSION AB TO COMMENCE REDEMPTION PROCEEDINGS IN RESPECT OF THE REMAINING MINORITY SHARES IN ENEDO PLC
07 Octubre 2022 - 6:00AM
INISSION AB TO COMMENCE REDEMPTION PROCEEDINGS IN RESPECT OF THE
REMAINING MINORITY SHARES IN ENEDO PLC
Enedo Plc / Stock Exchange Release 7 October
2022 at 14:00
INISSION AB TO COMMENCE REDEMPTION
PROCEEDINGS IN RESPECT OF THE REMAINING MINORITY SHARES IN ENEDO
PLC
Not for release, publication or distribution, in
whole or in part, directly or indirectly, in or into Australia,
China, Hong Kong, Japan, New Zeeland, Singapore, South Africa or
the United States, or in any other jurisdiction in which the tender
offer would be prohibited by applicable law.
Inission AB ("Inission" or the
”Offeror”) commenced on 8 September 2022 a
mandatory public tender offer to purchase all of the issued and
outstanding shares in Enedo Plc (“Enedo”) that are
not held by the Offeror or Enedo (the “Tender
Offer”). The final results of the Tender Offer were
disclosed on 3 October 2022. Pursuant to the terms and conditions
of the Tender Offer the shareholders of Enedo had the option to
choose either cash consideration or share consideration payable in
Inission Series B shares in the Tender Offer. In total 1,824 Enedo
shareholders (6,630,428 Enedo shares) validly accepted the cash
consideration in the Tender Offer, and in total 295 Enedo
shareholders (3,932,851 Enedo shares) validly accepted the share
consideration in the Tender Offer.
As a result of the consummation of the Tender
Offer, Inission’s ownership in Enedo is increased to approximately
95.85 per cent of all the shares and related votes in Enedo.
The Offeror has thus informed Enedo that it
holds more than 90 per cent of the all the shares and voting rights
carried by the shares in Enedo, and that the Offeror therefore has
the right and the obligation under Chapter 18, Section 1 of the
Finnish Companies Act to redeem the shares in Enedo held by the
other shareholders at fair price.
The Offeror has decided to exercise its
redemption right pursuant to the Finnish Companies Act and to
redeem all the shares in Enedo held by any other remaining
shareholders of Enedo. To implement the redemption of the remaining
shares in Enedo, the Offeror will initiate arbitration proceedings
as soon as possible as provided in the Finnish Companies Act. In
such redemption proceedings, the Offeror will demand that the
redemption price for the remaining shares in Enedo is set to EUR
0.26 per share, which corresponds to the cash consideration paid by
the Offeror in the Tender Offer in accordance with the terms and
conditions of the Tender Offer.
The Offeror will apply for the shares in Enendo
to be delisted from Nasdaq Helsinki Ltd (“Nasdaq
Helsinki”) as soon as permitted and reasonably practicable
under the applicable laws and regulations and the rules of Nasdaq
Helsinki.
ENEDO PLC
Mikael Fryklund
President and CEO
For further information please contact Mr.
Mikael Fryklund, CEO, tel. +358 40 500 6864.
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
About Enedo
Enedo is a European designer and producer of
high-quality electronic power supplies and systems for critical
equipment even in the most demanding environments. Enedo´s mission
is to make electricity better – more reliable, more secure, more
energy efficient – and just right to fit its purpose. Enedo´s three
main product categories are Led Drivers, Power supplies and Power
Systems. In 2021 the group´s revenue was EUR 36,4 million. Enedo
has 330 employees, and its main functions are located in Finland,
Italy, Tunisia and USA. The group´s head office is in Finland and
parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.
Enedo (LSE:0E96)
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