The Board of Directors of Incap Corporation has approved the subscriptions of the directed share issue that was decided in the companys extraordinary general meeting on 9 September 2010. The subscriptions for new shares exceeded the maximum amount which was a total of 4,500,000 new shares, representing approximately 31.7% of all shares before the directed share issue.
In connection with the directed share issue, Finnish Industry Investment Ltd. became a new shareholder of Incap as it subscribed a total of 2,185,509 new shares.
Of the biggest shareholders, Oy Etra Invest Ab subscribed 1,000,000 new shares and Oy Ingman Finance Ab for 224,600 new shares while other biggest shareholders subscribed a total of 368,568 shares. The Board members and the President and CEO subscribed a total of 721,323 new shares.
The subscription price for each new share was 0.64 euros, and Incap will register for new shares approximately EUR 2.9 million in the reserve of invested unrestricted equity.
Sami Mykkänen, President and CEO of Incap Group: The directed share issue succeeded well and strengthened our companys capital and financing structure in line with the target. Finnish Industry Investment Ltd. is most welcome as one of the biggest shareholders and gives certain stability to future development of Incap.
Antti Kummu, investment director at Finnish Industry Investment Ltd.:The internationalisation and the enhancement of the competitiveness of the Finnish industrial manufacturing competence are of vital importance in order to maintain manufacturing industry also in Finland. We trust that Incaps resources and competence enable the companys profitable growth globally. Finnish Industry Investment Ltd is a government-owned investment company whose mission is to promote Finnish business, employment and economic growth through capital investment. Finnish Industry Investment invests in funds and directly in growth companies, in co-operation with private investors.
Incap aims at entering the new shares to the trade register as soon as possible. After the registration, Incap Corporation has a total of 18,680,880 shares. The new shares are equal to other shares of the company and entitle to dividend as from the date of the registration of the new shares. The application for taking the new shares into a public trading at the NASDAQ OMX Helsinki is estimated to be made by end of October, and the company is publishing a prospectus for this purpose.
Further information:
– Sami Mykkänen, President and CEO, Incap Corporation,
Tel. +358 40 559 9047, sami.mykkanen (at) incap.fi
– Antti Kummu, Investment Director, Finnish Industry Investment Ltd,
Tel. +358 50 432 4486, antti.kummu (at) industryinvestment.com
Incap Corporation is an internationally operating contract manufacturer whose comprehensive services cover the entire lifecycle of electromechanical products from design and manufacture to maintenance services. Incaps customers are leading equipment suppliers in energy-efficiency and well-being technology, for which the company produces competitiveness as a strategic partner. Incap has operations in Finland, Estonia and India. The Groups revenue in 2009 amounted to around EUR 70 million, and the company currently employs approximately 800 people. Incap’s shares are listed on the NASDAQ OMX Helsinki Oy. For additional information, please contact www.incap.fi
Finnish Industry Investment Ltd is a government-owned investment company whose mission is to promote Finnish business, employment and economic growth through capital investment. Finnish Industry Investment invests in growth companies, directly and through funds. Capital investments are needed for financing growth, and for internationalisation, spin-offs, major industrial investments, and both sectoral and corporate restructurings. The targets are in all sectors. The company co-invests with private investors, limiting its investment to at most half the capital invested and ownership. The investments of Finnish Industry Investment amount to MEUR 650. www.industryinvestment.com