SATO CORPORATION Stock Exchange Release 16 February 2024 at 4.15 pm EEST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, SOUTH AFRICA, SINGAPORE, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
Subscription period of SATO Corporation’s (the “Company”) rights offering (the “Offering”) expired on 14 February 2024. According to the final result, a total of 28,279,377 new shares in the Company were subscribed for in the Offering, which corresponds to approximately 99.90 per cent of the 28,308,533 new shares in the Company offered in the Offering. The subscription price was EUR 7.07 per new share. The Offering will generate for the Company gross proceeds of approximately EUR 200 million. The proceeds raised in the share issue will be entered in full in the Company’s reserve for invested non-restricted equity.
The Board of Directors of the Company has today, on 16 February 2024, decided on the approval of the subscriptions made in the Offering in accordance with the terms and conditions of the Offering. As the Offering was almost fully subscribed, no unsubscribed offer shares were offered for subscription in a secondary offering. The Offering will increase the number of shares in the Company by 28,279,377 shares from the current 56,783,067 to 85,062,444 shares. The new shares correspond to approximately 33.25 per cent of all shares in the Company after the completion of the Offering.
The new shares will be registered with the Trade Register maintained by the Finnish Patent and Registration Office on or about 20 February 2024.
The new shares will carry the right to receive dividends and other distributions of funds by the Company, if any, and to other shareholder rights in the Company as of the registration of the shares with the Trade Register and in the shareholders’ register of the Company maintained by Euroclear Finland Ltd on or about 21 February 2024.
SATO CORPORATION
For more information, please contact:
Antti Aarnio, President and CEO, phone: +358 20 134 4200
Markku Honkasalo, CFO, phone: +358 20 134 4226
www.sato.fi/en
CC: Euronext Dublin, main media, www.sato.fi/en
SATO Corporation is an expert in sustainable rental housing and one of Finland’s largest rental housing providers. SATO owns around 25,000 rental homes in the Helsinki Metropolitan Area, Tampere and Turku.
SATO aims to provide an excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services. We promote sustainable development and work in open interaction with our stakeholders. SATO invests profitably, sustainably and with a long-term view. We increase the value of our assets through investments, divestments and repairs.
In 2023, SATO Group’s net sales totalled EUR 288.4 million, operating profit EUR -113.6 million and profit before taxes EUR -185.8 million. The value of SATO’s investment properties is around EUR 4.9 billion. www.sato.fi
IMPORTANT INFORMATION
This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.
The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, South Africa, Singapore, Japan or New Zealand. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this release or any of its contents.
This release does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and, as such, does not constitute or form part of, and should not be construed as, an offer to sell, or a solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.
No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the transactions, including the merits and risks involved.
