SRV GROUP PLC STOCK EXCHANGE RELEASE 5 JULY 2022 10:00 EEST
SRV Group Plc has executed a reverse share split
SRV Group Plc (“SRV” or “Company”) has on the previously announced reverse split date, 4 July 2022, executed a reverse share split and thereto related directed share issue without consideration, redemption of shares and cancellation of shares. After these measures, the new number of shares in the Company is 16,982,343. The new number of shares has been registered with the Trade Register maintained by the Finnish Patent and Registration Office on 4 July 2022, and trading with the merged shares commences today on Tuesday 5 July 2022 with a new ISIN code FI4000523675. SRV’s trading code SRV1V will remain the same after the reverse share split.
SRV’s Extraordinary General Meeting held on 30 May 2022 resolved on the reverse share split and thereto related redemption of shares to the effect that each forty (40) shares of the Company will be merged into one (1) share. Concurrently with the execution of the reverse share split, the Board of Directors of the Company has on 4 July 2022 resolved, based on the authorization granted by the Extraordinary General Meeting, on a directed share issue without consideration in which the Company has conveyed without consideration a total of 193,700 shares held by the Company to the effect that the number of shares in each shareholders’ book-entry account will be made divisible by 40. After the reverse share split, SRV holds 44,533 of its own shares. The combined market value of the shares conveyed in the directed share issue is EUR 24,948.56, based on the closing price of 4 July 2022. After the directed share issue, the Company has redeemed without compensation 39 shares for each 40 shares of the Company, in accordance with the resolution of the Extraordinary General Meeting. The Company’s shares redeemed without compensation in connection with the reduction of the number of shares have been cancelled immediately by a resolution of the Board of Directors.
The purpose of merging the shares is to facilitate trade in the Company’s shares by increasing the value of an individual share and to contribute to the shares’ efficient price formation. The procedure has been explained in more detail in SRV’s stock exchange release on the resolutions of the Extraordinary General Meeting, issued on 30 May 2022.
In connection with the reverse split the Board of Directors has in accordance with the terms and conditions of the convertible hybrid bonds ISIN FI4000198122 (with outstanding capital of EUR 21,061,512) and ISIN FI4000315395 (with outstanding capital of EUR 36,047,145) decided to amend the number of shares that can be subscribed for with the special rights relating to bonds so that the maximum number of the shares is 14,277,165. After the reverse split the subscription price of the shares that can be subscribed for with the convertible bonds is EUR 4.00 per share.
For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, email@example.com
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, firstname.lastname@example.org
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, email@example.com
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SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes into consideration the wellbeing of both the environment and people. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in both Finland and Russia. In 2021, our revenue totalled EUR 932.6 million. In addition to about 1,000 SRV employees, we have a network of around 3,600 partners.
SRV – Building for life