All offered shares of INTER RAO Lietuva were subscribed, the price for shares set at 5.85 EUR
NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.
INTER RAO Lietuva, a leading player in the electricity market in the Baltic countries and one of the largest independent suppliers of electricity in Lithuania, sets the offer price in the company’s IPO at 5.85 EUR. In the offering all 4 million shares, representing 20% of the share capital, have been preliminary allotted to investors. Total value of INTER RAO Lietuva initial public offering amounts to EUR 23.4 m. The book was covered fully with strong over subscription.15 percent of shares are preliminary allocated to retail investors.
Debut on the Warsaw Stock Exchange, which will be the sole listing market for its securities, is expected on or around 18 December 2012.
– INTER RAO Lietuva’s shares enjoyed significant interest of international and Polish investors. This is confirmed by preliminary allotment of all offered shares nevertheless tough situation in IPO market – says Jonas Garbaravičius, member of the Supervisory Board of Inter RAO Lietuva.- On the one hand, investors value INTER RAO Lietuva’s dynamic growth in recent years, its strong market position and solid financial results. On the other hand, they also perceive great potential for growth of our company. In the coming years we want to keep high profitability and through solid dividends distribute earnings to shareholders – adds Jonas Garbaravičius.
Subscription period for INTER RAO Lietuva shares took place from 27 November to 7 December. The offering covered up to 4 million existing shares offered by Scaent Baltic, a Lithuanian company. After the IPO, assuming no stabilization transactions are executed, new shareholders will hold 20% of share capital.
– Successfulcompletion of the subscription periodshows a solid evaluation of the company. We can presume that the right time was chosen to offer company’s shares for investors after complicated situation in capital markets, already lasting for several years. We are sure, that being listed in WSEINTER RAO Lietuva will access all the benefits of capital markets and this will encourage other interested companies to consider getting listed too – says Alius Jakubėlis, CEO of Orion Securities.
Existing shareholders will be bound by a year-long lock-up period from the date of the debut. In addition, an agreement between principal shareholders RAO Nordic OY and Scaent Baltic prevents each of them from selling their holding until the end of 2015 without the consent of the other shareholder.
Determination and announcement of the final number of the offer shares and the allotment between investors is scheduled for 12 December, settlement on or about 13 December while listing on the WSE on or about 18 December. The final price for the offered shares is the same for both retail and institutional investors.
Investment firm Orion Securities is acting as global coordinator of the IPO, while Baker & McKenzie and LAWIN are advising on legal aspects.
Contacts:
Jacek Jan Komar
AB „INTER RAO Lietuva“
Tel. +370 5 242 11 21
Mob. +370 662 52 287
E-mail j.komar@iterrao.lt
Disclaimer
The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.
This publication is for promotional purposes only and under no circumstances shall constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of AB INTER RAO Lietuva (the “Company”) in the United Kingdom, the United States, Australia, Canada or Japan (or in any jurisdiction to whom or in which such offer or solicitation is unlawful), nor should it or any part of it form the basis for a decision to invest in securities of the Company.
The offering prospectus (the “Prospectus”), prepared in connection with the public offering of the Company’s shares to investors in Poland and Lithuania, and admission of all of the Company’s shares to listing and trading on the Warsaw Stock Exchange (the “WSE”), is the sole legally binding document containing information on the Company and the public offering of its shares in Poland and Lithuania (the “Offering”).
On 23 November 2012 the Prospectus was approved by the Central Bank of the Republic of Lithuania (Lietuvos Respublikos Centrinis Bankas, the “CBRL”), the Lithuanian financial markets supervision authority, and was made available to the public once all the conditions provided under Art. 12 of the Law on Securities of the Republic of Lithuania dated 18 January 2007, as amended, and Art. 37 of the Polish Public Offering Act dated 29 July 2005 had been met, i.e., once the Polish Financial Supervision Authority was notified by the CBRL of the approval of the Prospectus and received a certificate of the approval of the Prospectus along with copy of the Prospectus and a translation of its summary into Polish.
The Prospectus in electronic form is available on the following websites: of the Company (www.interrao.lt) and UAB FMI Orion Securities (www.orion.lt). Printed copies of the Prospectus are available free of charge on request made to the Company or UAB FMI Orion Securities.
Disclaimer