Glaston Implements Directed
Share Issue Without Payment
April 28, 2011
Glaston Corp.'s board of directors decided in its meeting on April 28, 2011, to implement a directed share issue without payment on the basis of the authorization granted to it by the annual general meeting on April 5, 2011. According to the company release, by virtue of the authorization, a maximum of 20,000,000 shares in the company may be issued.
In the share issue, a total of 3,092,501 new shares in the company will be issued without payment to those investors who have converted convertible bonds issued by the company on June 16, 2009 and February 18, 2010 into shares in the company. In accordance with the conversion offer, the company will compensate investors participating in the conversion with the price difference between the conversion price in accordance with the terms of the convertible bond EUR 1.30 (approximately $1.93 USD) per share and the company's recent share price quotation with new shares in the company granted in the share issue without payment.
Glaston says it has applied with the Finnish Financial Supervisory Authority for permission to be exempt from a duty to release a prospectus while an admission for the stock exchange list is applied for the new shares issued in the directed share issue without payment.
The new shares will be entered into the Trade Register on or around May 6, 2011. After the Trade Register entry, Glaston will have a total of 105,588,636 shares. The issued new shares will be of the same type as the company's other shares. The new shares will be publicly traded on the Helsinki Stock Exchange on or around May 9, 2011.