Cargotec contemplates sale of own shares held in treasury directed to selected qualified investors

Cargotec Corporation announces its intention to offer up to 2,959,487 Cargotec class B shares held in treasury by the company to a limited number of selected domestic and international qualified investors in an accelerated book-built offering deviating from the shareholders' pre-emptive subscription right. The shares to be offered correspond to approximately 5.40 percent of the class B shares and 4.60 percent of all the shares and 1.97 percent of all voting rights in the company immediately prior to the completion of the share issue and would correspond to approximately 1.97 percent of all voting rights in the company following the completion of the share issue.

 

The proceeds from the share issue are intended for refinancing of existing debt of Cargotec and restrengthening the balance sheet following the completed and pending acquisitions in Cargotec's MacGregor business area.

 

The share issue will be based on an accelerated book-building process in which selected qualified institutional investors may submit subscription commitments for the shares. In this accelerated book-building process, the share subscription price will be determined on the basis of the subscription commitments received. The book-building will commence immediately and is expected to end on 4 December 2013 at the latest. Cargotec's Board of Directors shall make the decision on the share issue, including the number of shares to be re-issued and the subscription price of the shares, immediately after the close of the book-building process. The result of the share issue will be published on or about 4 December 2013.

 

The share issue is based on the authorisation granted to the Board of Directors by Annual General Meeting held on 19 March 2012. The Annual General Meeting authorised the Board of Directors to decide on issuance of a maximum of 6,400,000 treasury shares, of which no more than 952,000 are class A shares and 5,448,000 are class B shares, in one or more lots. The authorisation shall remain in effect for a period of five years from the date of decision of the Annual General Meeting.

 

Nordea Markets is acting as the Lead Manager and Sole Bookrunner in the share issue.

 

 

Further information:

Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104

Outi Aaltonen, Senior Vice President, General Counsel, tel. +358 777 4020

Paula Liimatta, Director, Investor Relations, Tel. +358 20 777 4084