Powerflute’s Rights Issue completed
Nov 23 2010 A total of 108,613,630 rights issue shares were offered for subscription by Powerflute to raise proceeds of 14.9 million Euros. Powerflute received valid acceptances of approximately 79.07 percent of the total number of rights issue shares offered to shareholders.
Rights issue shares not subscribed for by existing shareholders will be taken up based on subscription commitments received by Powerflute.Powerflute also intends to issue 36,386,370 new shares through the placing to institutional shareholders to raise further proceeds of five million euros. The Company has received subscription commitments for the full amount of the placing.Following completion of the placing and the rights Iissue, it is expected that Powerflute will have 289,818,174 ordinary shares in issue, to which an equal number of voting rights are attached.Powerflute is a packaging group with one paper mill, Savon Sellu, in Kuopio, Finland, and one paper mill, Papierfabrik Scheufelen, in Lenningen, Germany.