Cramo Oyj - Company Announcement

Cramo prepares a rights offering of up to EUR 100 million

Vantaa, Finland, 2011-02-17 08:00 CET (GLOBE NEWSWIRE) -- Cramo Plc    Stock
Exchange Release 17 February 2011 at 9.00 am Finnish time (GMT+2) 

Not for release, publication or distribution in or into the United States,
Australia, Japan, Canada, Hong Kong or Singapore. 

Cramo prepares a rights offering of up to EUR 100 million

The Board of Directors of Cramo Plc ("Cramo" or the "Company") has decided to
begin preparations of a rights offering (the "Rights Offering") of up to EUR
100 million pursuant to the shareholders' pre-emptive subscription right. The
proceeds from the Rights Offering are intended to be used to further support
the Company's growth strategy and to strengthen its balance sheet. The Board of
Directors has proposed the Annual General Meeting to be held on 24 March 2011
to authorise the Board of Directors to decide on the issuance of a maximum of
12 million new Cramo shares in one or more share issues against payment.
Pohjola Corporate Finance and Handelsbanken Capital Markets will act as Joint
Lead Managers for the Rights Offering. 

The Rights Offering is fully underwritten through irrevocable subscription and
underwriting commitments given by certain Cramo's shareholders and through
underwriting commitments from Pohjola Bank and Handelsbanken Capital Markets. 

Hartwall Capital Oy Ab, Ilmarinen Mutual Pension Insurance Company and the
Chairman of the Board of Directors of Cramo and certain other board members
have given irrevocable commitments to subscribe for their pro rata entitlement
of the new shares offered for subscription in the Rights Offering. The
shareholders' irrevocable commitments represent approximately 17% of the
registered Company's shares. In addition, the Company has received underwriting
commitments from Ilmarinen Mutual Pension Insurance Company and Hartwall
Capital Oy Ab, as well as from Pohjola Bank and Handelsbanken Capital Markets
for the new shares which possibly remain unsubscribed in the Rights Offering.
Hartwall Capital Oy Ab's commitment is such, that Hartwall Capital Oy Ab's and
its controlled entities' ownership in the Company shall not reach 30% based on
the subscription and underwriting commitments. The underwriting commitments are
subject to customary terms, conditions and agreements. 

Cramo Group's President and CEO Mr Vesa Koivula comments: “Cramo has recently
entered new geographic markets by acquiring the Theisen Group, thus expanding
Cramo's business to Germany, Austria, Switzerland and Hungary. Through this and
the outsourcing deals completed in 2010 we have taken major steps to execute
our strategy for 2010-2013. The planned rights offering provides Cramo a solid
base for its further growth initiatives.” 

The terms and conditions of the Rights Offering, such as the number of shares
to be offered and the subscription price, are expected to be decided by the
Board of Directors provided that the Annual General Meeting will authorise the
Board of Directors to take the resolution on the Rights Offering. The Rights
Offering is expected to be completed by the end of April 2011, taking into
consideration then prevailing market conditions. 

The Annual General Meeting will be held on 24 March 2011 at the Marina Congress
Center, Helsinki. The notice of the Annual General Meeting was published
through a separate stock exchange release today. The proposal for the
authorisation of the issuance of new shares and other information relating to
the Annual General Meeting are available on the Company's website at
www.cramo.com. 

Helsinki, 17 February 2011

CRAMO PLC

Vesa Koivula
President and CEO


Further information
Vesa Koivula, President and CEO, tel. +358 40 510 5710
Martti Ala-Härkönen, CFO, tel. +358 40 737 6633



Distribution
NASDAQ OMX Helsinki Ltd.
Major media
www.cramo.com



Cramo is a service company specialising in construction machinery and equipment
rental and rental-related services, as well as the rental and sale of modular
space. As one of the industry's leading service providers in the Nordic
countries and Central and Eastern Europe, Cramo operates in fifteen countries
with approximately 400 depots. With a group staff close to 2.400, Cramo's
consolidated sales for 2010 was EUR 500 million and Cramo shares are listed on
the NASDAQ OMX Helsinki Ltd. For further information, please visit
www.cramo.com. 



IMPORTANT NOTICE:

This press release is not an offer for subscription for shares in the Company.
A prospectus relating to the rights issue referred to in this press release and
the subsequent listing of the ordinary shares at NASDAQ OMX Helsinki will be
prepared and filed with the Finnish Financial Supervisory Authority. 

The distribution of this press release in certain jurisdictions may be
restricted by law and persons into whose possession it or any part of it comes
should inform themselves about and observe any such restrictions. The
information in this press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or
sale would require preparation of further prospectuses or other offer
documentation, or be unlawful prior to registration, exemption from
registration or qualification under the securities laws of any such
jurisdiction. 

This press release has not been approved by any regulatory authority. This
press release is not a prospectus and investors should not subscribe for or
purchase any securities referred to in this press release except on the basis
of information provided in the prospectus to be published by the Company on its
website in due course. 

Pohjola Corporate Finance and Handelsbanken Capital Markets are acting for the
Company and no one else in connection with the rights offering and will not be
responsible to anyone other than the company for providing the protections
afforded to their respective clients or for providing advice in relation to the
rights offering and/or any other matter referred to in this announcement. 

Pohjola Corporate Finance and Handelsbanken Capital Markets accept no
responsibility whatsoever and make no representation or warranty, express or
implied, for the contents of this announcement, including its accuracy,
completeness or verification or for any other statement made or purported to be
made by it, or on its behalf, in connection with the company and the new
shares, or the rights offering, and nothing in this announcement is, or shall
be relied upon as, a promise or representation in this respect, whether as to
the past or future. 

Pohjola Corporate Finance and Handelsbanken Capital Markets disclaim to the
fullest extent permitted by law all and any responsibility and liability
whether arising in tort, contract or otherwise which they might otherwise have
in respect of this announcement or any such statement. 

United States

This press release does not constitute or form part of an offer or solicitation
of an offer to purchase or subscribe for securities in the United States. The
securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not
be offered or sold in the United States absent registration under the
Securities Act or an exemption therefrom. No public offering of the securities
referred to herein is being made in the United States. Copies of this
announcement are not being, and may not be, distributed or sent, in whole or in
part, directly or indirectly, into the United States, Australia, Canada, Hong
Kong, Japan or Singapore. 

European Economic Area

The Company has not authorised any offer to the public of shares or rights in
any Member State of the European Economic Area other than Finland. With respect
to each Member State of the European Economic Area other than Finland (each, a
“Relevant Member State”), no action has been undertaken to date to make an
offer to the public of shares or rights requiring a publication of a prospectus
in any Relevant Member State. As a result, the shares or rights may only be
offered in Relevant Member States in circumstances, not requiring the company
to publish a prospectus as provided under the Directive 2003/71/EC. 

United Kingdom

This communication is directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net
worth entities, and other persons to whom it may lawfully be communicated,
falling within Article 49(2) of the Order (all such persons together being
referred to as “relevant persons”). Any investment activity to which this
communication relates will only be available to and will only be engaged with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.