Remedy Entertainment Plc | Inside information 08:00 am (EET) 19 February 2021
Remedy announces the result of the share issue
Not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, South Africa, Japan, New Zealand, Singapore or in any other jurisdiction in which publication or distribution would be prohibited by applicable law.
Remedy Entertainment Plc (the “Company” or “Remedy”) announces the result of the directed offering of new shares to a limited number of domestic and international institutional investors in an accelerated book-building offering (the “Share Issue”). The Company announced the launch of the Share Issue by a company announcement published on 18 February 2021.
The Board of Directors of the Company has decided in its meeting on 18 February 2021 to issue 1,000,000 new shares in the Company (the “Issue Shares”) on the basis of the authorization granted to it by the Annual General Meeting of the Company held on 6 April 2020 and approved the terms and conditions of the Share Issue. The Issue Shares offered in the Share Issue correspond to approximately 8.28 per cent of all the shares and voting rights in Remedy immediately prior to the Share Issue and approximately 7.65 per cent following the Share Issue. Following the Share Issue, the number of issued and outstanding shares of the Company will be 13,072,150. The terms and conditions of the Share Issue are attached to this release. The Board of Directors of the Company has in its meeting on 18 February 2021 decided to accept, subject to payments of the Issue Shares, the subscriptions of the Issue Shares made in accordance with the terms and conditions of the Share Issue.
The subscription price in the Share Issue was EUR 41.5 per Issue Share, amounting to total proceeds of EUR 41.5 million before the commissions and expenses paid by the Company. The subscription price of the Issue Shares is approximately 4.1 per cent lower than the volume-weighted average price per share during the two-week trading period prior to the commencement of the Share Issue (from 5 February 2021 to 18 February 2021). The subscription price of the Issue Shares is approximately 8.8 per cent lower than the closing price of (EUR 45.5) on 18 February 2021. The subscription price of the Issue Shares will be recorded into the invested unrestricted equity reserve of the Company.
The Issue Shares are expected to be registered with the Finnish Trade Register on or about 25 February 2021 and trading in the Issue Shares is expected to commence on Nasdaq First North Growth Market Finland, a multilateral trading facility maintained by Nasdaq Helsinki Ltd., on or about 26 February 2021. The Issue Shares will rank pari passu in all respects with the existing shares of the Company once they have been registered with the Finnish Trade Register.
In connection with the Share Issue, the Company has, subject to certain customary exceptions, undertaken not to issue or sell shares in the Company during a period of 90 days after the completion of the Share Issue.
The investor demand towards the Share Issue was strong and it was subscribed multiple times. Approximately 37 per cent of the Issue Shares were allocated to international investors.
Carnegie Investment Bank AB, Finland Branch and Alexander Corporate Finance Ltd are acting as Joint Global Coordinators and Joint Bookrunners in the Share Issue. Castrén & Snellman Attorneys Ltd is acting as the legal advisor for the Joint Global Coordinators and Joint Bookrunners. Nordia Attorneys at Law Ltd is acting as the legal advisor for the Company.
Remedy Entertainment Plc
MORE INFORMATION
Tero Virtala, Chief Executive Officer
Phone: +358 9 435 5040
Email: tero.virtala@remedygames.com
Lauri Haavisto, Senior Manager, Investor & Talent Relations
Phone: +358 9 435 5040
Email: lauri@remedygames.com
Alexander Corporate Finance Oy, Certified Adviser
Phone: +358 50 520 4098