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2011-03-10 15:56:46 CET 2011-03-10 15:57:46 CET REGULATED INFORMATION Amanda Capital - Company AnnouncementCORRECTION: AMANDA CAPITAL PLC PROSPECTUS APPROVEDNOT FOR RELEASE IN THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE March 10, 2011 NOT FOR RELEASE IN THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN CORRECTION: AMANDA CAPITAL PLC PROSPECTUS APPROVED CORRECTION TO THE STOCK EXCHANGE RELEASE March 9, 2011 In the Stock Exchange release published on March 9, 2011, Pro Forma information was attached as a pdf-file. In this corrected release essential Pro Forma information is included in the release. Finnish Financial Supervisory Authority has today March 9, 2011 approved Amanda Capital Plc's (hereafter also the ”Company”) prospectus (hereafter also the “Prospectus”). The Prospectus is available from March 10, 2011 onwards at the registered office of the Company located at address Aleksanterinkatu 15 A, 6th floor, 00101 Helsinki on weekdays within the limits of normal business hours, at the NASDAQ OMX Helsinki Ltd. Service Desk, at address Fabianinkatu 14, 00130 Helsinki, Finland and in electronic format on the Company's website at www.amandacapital.fi. The Prospectus relates to the combination agreement dated December 21, 2010 by and between shareholders of Advium Corporate Finance Oy:n (”Advium”), shareholders of eQ Asset Management Group Oy (”eQ AMG”) and holders of a convertible bond of eQ AMG (as borrower) regarding acquisition of shares in Advium and eQ AMG and the convertible bond of eQ AMG (as borrower) (the ”Transaction”). According to the terms and conditions of the combination agreement the closing of the Transaction requires that the Board of Directors of the Company, by virtue of authorisation to issue new shares or other equity securities given by the shareholders meeting of the Company, issues total of 10 302 605 new shares (the ”Exchange Shares” or ”Shares”) for subscription to shareholders of Advium Corporate Finance Oy (”Advium”), shareholders of eQ Asset Management Group Oy (”eQ AMG”) and holders of convertible bond of eQ AMG (as borrower) against shares or Advium and eQ AMG and eQ AMG (as borrower) convertible bond. The intention is to close the Transaction without delay after the annual general meeting of the Company to be held on March 16, 2011. The Company issues the Prospectus solely for the purpose of admission of the Shares to public trading on NASDAQ OMX Helsinki Ltd and thus the Company does not offer Shares on the basis of the Prospectus. The Prospectus includes unpublished information described in more detail below. Description of the Transaction The total amount of shares of the Company after subscription and registration of the Shares is 33 070 351. The Shares issued to the shareholders of Advium represent 25.71 % of the shares and votes of the Company prior to the execution of the Transaction and the share issue (17.70 % of the shares and votes of the Company after the execution of the Transaction and the share issue). The Shares issued to the shareholders of eQ AMG and holders of the convertible bond of eQ AMG represent 19.54 % of the shares and votes of the Company prior to the execution of the Transaction and the share issue (13.45 % of the of the shares and votes of the Company after the execution of the Transaction and the share issue). The total amount of the Shares issued in the share issue represent 45.25 % of the shares and votes of the Company prior to the execution of the Transaction and the share issue (31.15 % of the of the shares and votes of the Company after the execution of the Transaction and the share issue). As part of the Transaction, the Board of Directors of the Company resolved on December 21, 2010 to convey a total of 587 364 shares of the Company to Fennogens Investments S.A and Notalar Oy (a company controlled by Janne Larma) in accordance with the combination agreement. The transfer price of shares in the said transaction was 1.85 euros per share. The shares represent 2,58 % of the shares and votes of the Company prior to the execution of the Transaction and the share issue (1.78 % of the of the shares and votes of the Company after the execution of the Transaction and the share issue). The combination agreement includes provisions according to which the Company shall pay, within 30 days after the closing of the Transaction, a cash consideration to the shareholders of Advium based on the liquid assets of Advium as of December 31, 2010. The combination agreement includes the formula for the calculation of the same. The Company and the shareholders of Advium have confirmed that the amount of the respective payment is 825.29 euros and the payment shall be made by March 31, 2011. The combination agreement includes provisions according to which the shareholders of Advium and shareholders of eQ AMG and holders of the convertible bond of eQ AMG undertake to lock-up provisions. According to the terms of the lock-up arrangement the respective parties may not transfer the Shares within 24 months of the closing of the Transaction. However, the lock-up restriction applies to 80 % of the Shares received by each of the respective parties. In deviation of the above said, Mr. Janne Larma has undertaken not to transfer the Shares (held by him personally or by companies controlled by him) within 36 months of the closing of the Transaction. However, the lock-up restriction applies to 80 % of the Shares held by Janne Larma for the period of 24 months of the closing of the Transaction and 40 % of the Shares during the remainder of the 36 month period mentioned above. Information About the Combined Group The Company considers that Amanda, Advium and eQ AMG do not have overlapping operations. The Company considers that the Transaction does not affect the personnel of the Combined Group (Company and/or its business after the Transaction including Amanda, Advium and eQ AMG and their business operations as conducted prior to the Transaction). All companies involved in the Transaction shall continue their operations at the current premises, although in the future the premises in the Greater Helsinki Area shall most likely be re-arranged in order to increase efficiency. In addition to the Greater Helsinki Area, the Combined Group has offices in Tampere and Kuopio. Due to the above, achieving cost synergies is not the aim of the Transaction. The management of the Company estimates that the Combined Group is able to utilize the existing customer base in its sales and that the Combined Group is able to provide to the existing and new customers wider service offering and product portfolio. As part of the Combined Group, the fund offering of Amanda and eQ AMG consists of a total of 29 own capital and investment funds (Amanda 7 funds and eQ AMG 22 funds) and funds of the partners of the Combined Group. The Combined Group has substantial institutional clients as well as total of 11 000 holders of fund units (including eQ AMG´s own funds and funds of its partners). The future emphasis is on continuing efforts in trust and quality. The purpose of the Combined Group is to be forerunner in asset management and to offer its client first class investment services also in the future. The aim of the Combined Group is to grow in all of its business areas. This will be done domestically and in neighboring markets, both organically and through acquisitions. Amanda has made investments to private equity funds from its own balance sheet. In the future such investments shall be made only to the fund of funds managed by Amanda itself, which allows for more flexible distribution of profits and more freedom to allow for the growth of the Company. Pro forma -information The Prospectus includes unpublished unaudited pro forma information. The unaudited pro forma information has been prepared to demonstrate to the reader the effects of the Transactions and the purpose of the pro forma information is not to describe the results of operations and the balance sheet position had the Transactions taken place at the time described in the said information. The pro forma information also does not demonstrate future financial performance of the Company. The subscription price of Shares to be issued is EUR 1.41 euros per share. The subscription price is based on the combination agreement and the subscription price and conversion ratio agreed therein. The total subscription price of Shares and the total value of the Transaction is approximately 14.5 million euros, which sum is used in the pro forma information. The value of the Transactions recorded on the IFRS balance sheet is determined at the time of the closing of the Transaction. Each 0.10 euro increase in the value of the share price of the Company increases the value of the Transaction by approximately 1 million euros. E.g. by using share value of 1.61 euros the value of the Transaction would be 16.6 million euros. Essential Pro Forma -information The unaudited pro forma income statement of 31 December 2010 has been drawn up presuming that the Transaction had taken place on 1 January 2010. The unaudited pro forma balance sheet of 31 December 2010 has been drawn up presuming that the combination had taken place on 31 December 2010. The unaudited pro forma financial information is based on Amanda's historic, audited financial statements as well as Advium's and eQ AMG's audited financial statements. Amanda's historic financial information has been prepared on the basis of IFRS standards. Advium's and eQ AMG's audited financial statements for the financial period that ended on 31 December 2010 have been prepared in accordance with the Finnish Accounting Standards (FAS). The differences between the accounting standards applied by Advium and eQ AMG and financial information that has been prepared according to IFRS have been described in the pro forma balance sheet table, in column ”IFRS adjustment”. The total impact of the IFRS adjustments on the pro forma income statement and the balance sheet total is EUR 238 thousand. The classification and presentation of the income statement and balance sheet items of Advium and eQ AMG have been altered to correspond to the manner of presentation applied by Amanda. In the acquisition cost calculation according to IFRS, the acquisition price will be allocated to, e.g. the order stock, customer relations and brand. This allocation has not yet been made, but according to the management's assessment, the major part of the acquisition cost to be allocated will be goodwill. As for the items allocated to customer relations and the order stock, deferred taxes will be taken into consideration and written off during the financial life-time. Most of the goodwill is regarded as resulting from professional employees. As a result of the Transaction, Advium and eQ AMG will become wholly owned subsidiaries of Amanda. The herein presented unaudited pro forma financial information should be read together with the consolidated financial statements of Amanda for the accounting period that ended on 31 December 2010 as well as Advium's and eQ AMG's consolidated financial statements for the accounting period that ended on 31 December 2010. Amanda Capital Plc's unaudited pro forma income statement and balance sheet PRO FORMA INCOME STATEMENT Amanda eQ AMG Advium Pro Forma Pro Forma -------------------------------------------------------------------------------- 1.1-31.12.2010. EUR 1 000. Audited Audited Audited adjustments Unaudited -------------------------------------------------------------------------------- (IFRS) (FAS) (FAS) -------------------------------------------------------------------------------- Net sales 5 108 5 114 2 519 12 741 -------------------------------------------------------------------------------- Personnel expenses -1 330 -2 649 -1 131 -5 110 -------------------------------------------------------------------------------- Depreciation -710 -368 -96 238 -936 -------------------------------------------------------------------------------- Other operating expenses -1 240 -2 334 -414 - 100 -4 087 -------------------------------------------------------------------------------- Operating profit 1 829 -237 878 2 608 -------------------------------------------------------------------------------- Financial income and expenses -623 -55 -10 -688 -------------------------------------------------------------------------------- Profit before taxes 1 205 -292 868 138 1 920 -------------------------------------------------------------------------------- Income tax -371 -4 -229 -604 -------------------------------------------------------------------------------- Minority interest -16 -16 -------------------------------------------------------------------------------- Profit for the period 834 -312 639 138 1 300 -------------------------------------------------------------------------------- PRO FORMA BALANCE SHEET 31.12.10 Amanda Trans- Amanda Advium eQ Advium Elimi- IFRS PF AMG -------------------------------------------------------------------------------- EUR (IFRS) action (IFRS) (FAS) (FAS) div. nation adjust thousan and -ment d issue -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cash 4 112 -100 4 012 756 11 -412 4 367 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Intangib le assets -------------------------------------------------------------------------------- Old 4 574 4 574 210 2 272 238 7 294 -------------------------------------------------------------------------------- New 10 890 10 889 -------------------------------------------------------------------------------- 4 574 4 574 210 2 272 10 890 18 184 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shares 1 798 13 527 15 325 0 36 -13 527 2 114 and particip ations -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Other 41 001 1 000 42 001 662 2 061 -1 000 43 445 assets -------------------------------------------------------------------------------- Total 51485 14427 65912 1628 4381 -412 -3637 238 68110 assets -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Liabilit 7 256 7 256 926 1 035 9 216 ies -------------------------------------------------------------------------------- Converti 1 000 -1 000 0 ble bond -------------------------------------------------------------------------------- Sharehol ders' equity -------------------------------------------------------------------------------- Old 44229 -100 44129 702 2 347 -615 -2 434 238 44367 shareho lders' equity -------------------------------------------------------------------------------- New 14 527 14 527 203 -203 14 527 issue -------------------------------------------------------------------------------- 44229 14 427 58 656 702 2 347 -412 -2 637 58894 -------------------------------------------------------------------------------- Total 51485 14427 65912 1628 4381 -412 -3637 238 68110 share- holders' equity and liabili ties -------------------------------------------------------------------------------- Helsinki March 10, 2011 AMANDA CAPITAL PLC Jyrki Orpana Deputy CEO Additional information: Topi Piela, puh. +358 40 700 2324 Amanda Group is a private equity management company. Its parent company is the first publicly listed private equity fund of funds in Scandinavia. Amanda has investments in 21 private equity funds and in five funds of funds under Amanda's own management. Amanda Group offers asset management, investment advice, administrative and reporting services to 13 investment portfolios. Investments from these portfolios have been made in more than 190 private equity funds in Europe, the U.S., Asia and Russia in the amount of EUR 2.6 billion (original investment commitments). |
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