Sitowise Group Plc issues 50,441 own shares in a directed issue
Other stock releases - 21.12.2021 at 14.15 UTC+2
Sitowise Group Plc Stock Exchange Release 21 December 2021 at 2:15 pm (EET)
On 20 December 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 50,441 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 approximately 0.1 per cent of shares in Sitowise.
The Share Issue relates to an acquisition of the share capital of Insinööritoimisto Jorma Jääskeläinen Oy, a company providing structural design for buildings (the “Acquisition”). The Share Issue will be directed to Jorma Jääskeläinen, the seller of Insinööritoimisto Jorma Jääskeläinen Oy (the "Seller") as a part of the Acquisition through which the Seller will use a portion of the purchase price to subscribe for Shares in the Share Issue. The Share Issue is subject to the completion of the Acquisition. The completion of the Acquisition is scheduled to take place on 31 December 2021.
The subscription price per Share is EUR 7.93. 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 15 November 2021 to 14 December 2021. The subscription of Shares shall be made and paid by 31 December 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 Seller to Sitowise after the Acquisition. Therefore, there is a weighty financial reason for the directed Share Issue.
After the Shares issued pursuant to the Share Issue have been conveyed, Sitowise holds a total of 31,677 own shares, corresponding to approximately 0.1 per cent of all shares in Sitowise. After the new shares issued in the directed issue published on 16 December 2021 to the company itself without consideration have been registered in the Trade Register on or about 3 January 2022, Sitowise holds a total of 281,677 own shares, corresponding to approximately 0.8 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
Information about Sitowise
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.