SATO Corporation, Corporate Action, 17th June 2016 at 9:10 am
The Board of Directors of SATO Corporation ('SATO') has approved all subscriptions made pursuant to primary and secondary subscription rights.
A total of 5,052,462 shares were subscribed for in the rights issue, representing 99.38 percent of the 5,084,184 shares offered (the 'offer shares'). A total of 5,043,889 shares were subscribed for pursuant to primary subscription rights, representing 99.21 percent of all offer shares. A total of 8,573 shares were subscribed for pursuant to secondary subscription rights, representing 0.17 percent of the offer shares.
The subscription price was EUR 19.53 per offer share and SATO raised proceeds of approximately EUR 98.7 million through the rights issue. As a result of the primary and secondary subscriptions, the total number of shares in SATO will increase to 56,054,304. The subscribed shares will carry all ordinary shareholder rights in SATO, including the right to receive dividends, if any, as of the registration of the shares with the Finnish Trade Register, on or about 22 June 2016.
The unsubscribed shares were not offered for subscription.
The subscription price will be recorded in its entirety in the invested unrestricted equity fund.
For more information please contact:
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 551 5953
Katri Innanen, General Counsel, phone +358 400 678 898
SATO is one of Finland's leading rental housing providers. SATO's aim is to offer comprehensive alternatives in rental housing and an excellent customer experience. All told, SATO holds roughly 23,400 rental homes in Finland's largest growth centres and in St Petersburg.
In our operations, we promote sustainable development and initiative-taking, and work in open interaction with our stakeholders to create added value. We operate profitably and with a long-term view. We increase the value of our housing property through investments, divestments and repair work.
SATO Group's net sales in 2015 were €323.4 million, operating profit €196.5 million and profit before taxes €159.4 million. SATO's investment properties have a value of roughly €2.8 billion.
The information contained in this release shall not constitute an offer to sell or the solicitation of an offer to buy securities of SATO Corporation in any jurisdiction. In particular, this release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. Any securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.