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2011-10-07 10:30:00 CEST 2011-10-07 10:30:04 CEST REGULATED INFORMATION GeoSentric Oyj - Company AnnouncementDIRECTED SHARE OFFERING HAS SECURED COMMITMENTS IN EXCESS OF €1 MILLION ENABLING THE COMPANY TO PARTICIPATE FULLY IN THE GEOSOLUTIONS HOLDINGS NV SHARE OFFERINGGEOSENTRIC OYJ STOCK EXCHANGE RELEASE October 7, 2011 at 11:30 DIRECTED SHARE OFFERING HAS SECURED COMMITMENTS IN EXCESS OF €1 MILLION ENABLING THE COMPANY TO PARTICIPATE FULLY IN THE GEOSOLUTIONS HOLDINGS NV SHARE OFFERING As previously announced, the Company is currently arranging a directed share offering (“GSOY Offering”) to its largest shareholders. The GSOY Offering is primarily intended to allow GSOY to participate in the planned second tranche of the share offering of GeoSolutions Holdings NV (“GHNV”), its previously wholly owned subsidiary (now 15% owned associate company). The second tranche of the GHNV share offering, agreed to be executed on 14 October 2011 at the latest, shall raise €2m directed equally to the lead investor and to the Company, each being entitled to subscribe for new GHNV shares for the amount of €1 million. The Company can announce today that it has received signed investment commitments totaling just over €1 million and intends to participate fully in the GHNV share offering. After the Company subscribes all the shares offered to it in the second tranche of the GHNV share offering, the Company's shareholding in GHNV will increase to approximately 24% after the repayment of the Convertible Bond Loan 2008-B, which repayment was approved at the Company's EGM on September 8, 2011. The Company has received further indications of interest to subscribe to the GSOY Offering and intends to continue accepting investment commitments for a further short period of time up to the planned full amount of the GSOY Offering of €1.25 million. The Company will announce the final total as soon as the offering is closed, whereupon the Board will approve the commitments and will issue the new shares based on the approved commitments shortly thereafter. It is estimated that the decision to issue the new shares will be made by the Board on October 14, 2011 at the latest. As soon as practicably possible following the share issue, the Company will issue a formal Prospectus and apply to get the new shares listed and eligible for trading. This process can take several months. As announced before, the Company now also intends to execute a reverse share split after the GSOY Offering has been completed in the ratio of approximately ten to one to improve the marketability and liquidity of the Company's shares. The decision on the reverse split will be made by an Extraordinary General Meeting, to be called in the first convenience after closing of the GSOY Offering. GEOSENTRIC OYJ Board of Directors Distribution: NASDAQ OMX Helsinki Principal news media |
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