Sitowise Group Plc issues 10,490 own shares in a directed issue
Other stock releases - 30.11.2021 at 12.50 UTC+2
Sitowise Group Plc, Stock Exchange Release 30 November 2021 at 12:50 pm (EET)
On 29 November 2021, the Board of Directors of Sitowise Group Plc ("Sitowise") has decided, by virtue of the authorisation granted by the unanimous resolution of the shareholders on 3 March 2021, to issue in a directed issue 10,490 own Sitowise shares (the "Shares"), that the Board of Directors of Sitowise issued to the company itself on 29 June 2021. The number of Shares to be subscribed for in the share issue (the "Share Issue") corresponds to 0.03 per cent of shares in Sitowise.
The Share Issue relates to an acquisition of the share capital of Insinööritoimisto Livair Oy, a company providing planning and consulting services related to HPAC engineering (the “Acquisition”). The Share Issue will be directed in proportion to the shares sold to three sellers of Insinööritoimisto Livair Oy, Kari Ruottinen, Jari Kasurinen and Risto Keisanen (the "Sellers") as a part of the Acquisition through which the Sellers will use a portion of the purchase price to subscribe for Shares in the Share Issue.
The subscription price per Share is EUR 8.34. The subscription price is based on the average volume weighted trading price of the Sitowise's share on Nasdaq Helsinki Ltd stock exchange during the period of 24 October 2021 to 23 November 2021. The subscription of Shares shall be made and paid by 30 November 2021.
The subscribed Shares shall be subject to a transfer restriction for a period of 360 days from the completion of the Acquisition.
The Board of Directors of Sitowise considers that the Acquisition supports the Sitowise Group's growth and implementation of its strategy, in addition to which the purpose of the Share Issue is to engage the Sellers to Sitowise after the Acquisition. Therefore, there is a weighty financial reason for the directed Share Issue.
After the Shares issued pursuant in the Share Issue has been conveyed, Sitowise holds a total of 82,118 own shares, corresponding to approximately 0.23 per cent of all shares in Sitowise.
Sitowise Group Plc
Board of Directors
Minttu Vilander, Chief Communications and Corporate Responsibility Officer, Sitowise Group Plc, tel. +358 40 575 6660
Sitowise is a Nordic expert in the built environment that offers sustainable design and consulting services. Sitowise operates in various size projects to enable more responsible and smarter urban development as well as smooth transportation. Sitowise offers its services in the following areas: Buildings, Infrastructure and Digital Solutions. Sitowise’s operations are primarily in Finland and Sweden, and it also has competence centers in Estonia and Latvia mainly serving Sitowise’s projects in Finland and Sweden. The group’s net sales was approximately EUR 160 million in 2020 and the company employs about 2,000 experts.