HONKARAKENNE OYJ Stock Exchange Release 4 November 2016 at 1:00 p.m.
SAARELAINEN OY'S NOTIFICATION ON SISTEMA FINANCE S.A.’S PLAN TO ACQUIRE HONKARAKENNE OYJ SHARES
Relating to the voluntary public tender offer in cash on Honkarakenne Oyj's issued A series and B series shares published by Sistema Finance S.A. yesterday 3 November 2016 at 9:00am, Honkarakenne Oyj's main owner, Saarelainen Oy, has today communicated to Honkarakenne Oyj's Board of Directors that it will not accept the proposed tender offer.
Saarelainen Oy owns a total of 139,100 Honkarakenne Oyj A series shares and 665,506 B series shares. Saarelainen Oy's shareholding in Honkarakenne Oyj A series shares totals 43.35%, and Saarelainen Oy's shareholding in Honkarakenne Oyj B series shares totals 13.55%. In total, Saarelainen Oy's share of the voting rights of Honkarakenne Oyj's shares is 31.59%.
Sistema Finance S.A. has notified that its tender offer is conditional on, among other conditions, the fulfilment of the following implementation condition or on the tenderer waiving the requirement of the condition being fulfilled:
“the valid tender of shares representing, together with any other shares otherwise acquired by the Offeror prior to or during the offer period, more than 67 percent of each of the issued Series A shares and each of the Series B shares of Honka on a fully diluted basis;”
Based on the communication from Saarelainen Oy, the aforementioned condition of acquiring over 67% of Honkarakenne Oyj's issued A series shares cannot be fulfilled.
HONKARAKENNE OYJ
Board of Directors
FURTHER INFORMATION:
Marko Saarelainen, President and CEO, tel. +358 40 542 0254, marko.saarelainen@honka.com
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com