Cramo Oyj - Company Announcement

Final outcome of Cramo Plc's Rights Offering

Vantaa, Finland, 2011-04-21 08:33 CEST (GLOBE NEWSWIRE) -- Cramo Plc    Stock
Exchange Release 21 April 2011 at 9.30 am Finnish time (GMT+2) 

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

Final outcome of Cramo Plc's Rights Offering

The final outcome of Cramo Plc's (“Cramo” or the “Company”) rights offering
(“Rights Offering”) shows that 9,227,856 shares, representing 97.2% of the
total number of shares offered in the Rights Offering, were subscribed for with
subscription rights. The remaining 262,021 shares were subscribed for without
subscription rights. 

The total subscription percentage of the new shares offered in the Rights
Offering was 175.6%. The allotment of the new shares subscribed for without
subscription rights due to the oversubscription was determined in proportion to
the subscription rights exercised by investors for the subscription of the
offered shares, according to the terms and conditions of the Rights Offering.
The Board of Directors of Cramo has today approved all subscriptions made
according to the terms and conditions of the Rights Offering with subscription
rights and the subscriptions made without subscription rights in accordance
with above described allocation principles. On or about 26 April 2011, the
Company will send letters confirming the number of offered shares, if any,
allocated to investors that have subscribed for such shares without
subscription rights. The subscription price will be returned to investors on or
about 26 April 2011 to the extent that their subscription without subscription
rights exceeds the allocated amount of the offered shares. 

As the offered shares were subscribed for in full in the Rights Offering, the
underwriting commitments were not utilised. 

Interim shares representing the new shares trade on OMX NASDAQ Helsinki until
26 April 2011. All shares to be issued based on subscriptions approved in the
Rights Offering are expected to be registered with the Finnish Trade Register
on or about 26 April 2011, after which the interim shares will be combined with
Cramo's existing shares and the shares subscribed for without subscription
rights will be registered into the book entry accounts. Trading in the new
shares together with the existing shares is expected to commence on or about 27
April 2011. 

As a result of the Rights Offering, the number of Cramo's shares will increase
by 9,489,877 shares to 41,439,086 shares. The total net proceeds of the Rights
Offering will amount to approximately EUR 97.2 million. 

Since the Rights Offering was completed as planned, the changes made to the
Company's stock options 2006B, 2006C, 2009 and 2010, disclosed on 24 March
2011, will become effective as such as of their registration with the Finnish
Trade Register which is expected to take place on or about 26 April 2011. 

Pohjola Corporate Finance and Handelsbanken Capital Markets acted as Joint Lead
Managers for the Rights Offering. 

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 were 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.
The Offering Circular relating to the Rights Offering referred to in this press
release and the subsequent listing of the offered shares on NASDAQ OMX Helsinki
has been approved by the Finnish Financial Supervisory Authority in the Finnish
language. 

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. 

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. 

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 offered
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 were only
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.