The Finnish Financial Supervisory Authority has granted Inission AB (publ) a permanent exemption from obligation to launch a mandatory bid on Enedo share

On 16 February 2021, Enedo Oyj (publ) announced having agreed on a comprehensive arrangement of its debts totalling EUR 8.6 million. In connection with the arrangement, a total of EUR 3.3 million of Enedos current debts will be cancelled (the ”Loan Arrangement”). In order to complete the Loan Arrangement, to secure the continuity of Enedos operations and to carry out the turnaround programme, Enedo aims to carry out a rights issue (the ”Rights Issue”) and a directed issue (the ”Directed Issue”) to certain new investors (jointly, the ”Issues”), totalling approximately EUR 12 million.

Enedo has convened its Extraordinary General Meeting on 9 March 2021 to decide on the authorisations concerning the Rights Issue and the Directed Issue. If the Extraordinary General Meeting grants the required authorisations, the Company aims to carry out the Issues as soon as possible.

On 16 February 2021, Inission AB (publ) announced having agreed to subscribe for shares to be offered in the Directed Issue for a total of EUR 6.8 million (34,000,000 shares). If the Rights Issue and the Directed Issue are realised in full and the other arrangements announced on 16 Februrary 2021 are completed, Inission will hold 49.5 percent of shares and votes in Enedo.

In addition to certain customary conditions, Inission’s subscription undertaking is conditional upon the FIN-FSA granting Inission a permanent exemption in accordance with Chapter 11, section 26 of the Finnish Securities Markets Act from the obligation to launch a mandatory bid.

The Finnish Financial Supervisory Authority has today decided to grant Inission such exemption subject to certain conditions. The exemption applies to the crossing of the 30 percent threshold for the obligation to launch a mandatory bid.

The exemption also requires that, after the crossing of the threshold for the obligation to launch a bid, Inission or persons acting in concert with it will not acquire or subscribe for additional shares in Enedo or otherwise increase their holding in Enedo.

The exemption requires that the arrangement is supported at the Company’s Extraordinary General Meeting by shareholders independent thereof that represent at least two thirds of the votes given.

About Enedo
Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo´s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo´s three main product categories are Led Drivers, Power supplies and Power Systems. In 2019 the group´s revenue was EUR 43,3 million with an Adjusted operating profit of minus EUR 2,4 million . Enedo has 394 employees and its main functions are located in Finland, Italy, Tunisia and USA. The group´s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy. www.enedopower.com

 

For more information:
Fredrik Berghel, Chairman of the Board Inission AB
[email protected]
+46 732 02 22 10

This information is such information that Inission AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on March 8 2021 at 23:00 CET.

 

About Inission
Inission is a profitable total supplier that offers demanding industrial customers in the Nordic region complete electronic and mechanical products of the highest quality. Our services cover the entire product life cycle, from development and design to industrialization, volume production and aftermarket. By combining this with logistics services and a production based on high flexibility, customer adaptation and short lead times, our offer becomes very competitive. Inission has production units in Stockholm, Västerås, Borås, Munkfors, Malmö, Trondheim (Norway), Lohja (Finland), Lagedi and Tallinn (Estonia). Inission is listed on OMX Nasdaq First North with Stockholm Certified Advisers AB ([email protected], +46 707 94 90 73) as a certified adviser. The company’s reports are archived under: www.inission.com/investor-relations

Inission AB: org.nr 556747-1890, Lantvärnsgatan 4, 652 21 Karlstad