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. 4.
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.
