Share Issues in 2007

The Board of Directors on 17 June 2008 resolved to issue for subscription total of 2 462 600 new shares in deviation of the shareholders’ pre-emptive subscription right. The shares were issued to the chairman of the Board of Directors Mr. Harry Salonaho (855 000 shares, subscription price approximately EUR 300 000) and to four Finnish professional and institutional investors that are unaffiliated with the company.

The subscription price of each new share was EUR 0.35. The shares must be paid for by 23 June 2008 according to the terms and conditions of the share issue.

The total subscription price of shares, EUR 861 910, is recorded entirely to the fund of invested non-restricted equity. With the permission of the Board of Directors, the subscription price may be paid by setting off receivables from the company.

The Board of Directors considers that there exist weighty financial reasons to deviate from shareholders’ pre-emptive subscription right. The reasoning for the directed share issue is to strengthen company’s capital structure and liquidity and to secure the execution the business plan and investment plan. 

The subscription price is based on the estimate of the Board of Directors on the fair market value of the company´s share prior to execution of the share issue. When setting the subscription price, the Board of Directors have considered that a larger share issue to the shareholders and the public, and preparing a necessary prospectus, is not feasible considering the timetable and costs of such arrangement. 

The shares issued for subscription were subscribed in full at the meeting of the Board of Directors and the Board of Directors approved the subscriptions. The new shares have together with the old shares taken into public trading on 30 June 2008.

Share Issues in 2007

The Financial Supervision has on 10 September 2007 approved Stromsdal`s Prospectus related to the directed Share Issues implemented by Stromsdal:

On 21 August 2007 the Extraordinary General Meeting (EGM) decided to issue for subscription 11,222,221 new shares, in deviation of the pre-emptive subscription right of the shareholders, to Atine Group Oy, Baltiska Handels Ab and the managing director of the company Mr. Mikael Åbacka at the subscription price of EUR 0.45 a share:
Atine Group Oy subscribed total 7,407,406 shares
Baltiska Handels Ab subscribed total 3,703,704 shares
Mikael Åbacka subscribed total 111,111 shares

On 21 August 2007 the meeting of the Board of Directors decided to issue for subscription of 80,000 new shares to Chairman Mr. Harry Salonaho, in deviation of the pre-emptive subscription right of the shareholders, at the subscription price of EUR 0.63 a share.

The shares were subscribed in full, total 11,302,221 shares. The subscription price of the shares, total EUR 5,100,399.45 was recorded to the fund of freely distributable funds of the company. Atine Group Oy and Baltiska Handels Ab set-off their receivables, total of EUR 2,000,000 from the company as partial payment of the subscription price. The share issues had no impact on the company`s share capital. After the share issues, the number of company`s shares is 27,515,399.

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