Lehto Group Plc
Stock Exchange Release
24 April 2017 at 08:30 EEST
Lehto Group Plc: Significant shareholders are exploring options for reducing their ownership in Lehto Group Plc
Shareholders (the “Shareholders”) representing 69.7 per cent of the outstanding shares in Lehto Group Plc (the “Company” or “Lehto”) have informed Lehto that they have mandated OP Corporate Bank and Pareto Securities to jointly explore options for reducing their ownership in the Company in one or several stages. The Company believes that the planned share sale may improve the liquidity of the Company’s shares.
The Shareholders include, among others, the Company’s CEO Hannu Lehto, Chairman of the Board Pertti Huuskonen, COO Asko Myllymäki and CFO Veli-Pekka Paloranta as well as other shareholders whose shares are part of the lock-up arrangement expiring today. The lock-ups were put in place in conjunction with the Company’s listing on Nasdaq Helsinki.
The intention of the Shareholders is to sell at most not more than 30 per cent of their ownership in the Company with the exception of the Company’s CEO Hannu Lehto, who has agreed to reduce his ownership (held through Lehto Invest Oy) by not more than 5.0 per cent. The Shareholders will thus remain significant shareholders in Lehto after any potential transaction(s).
The amount of shares to be potentially sold will depend on the demand and price achieved, but will not in total represent more than 7,200,000 shares in the Company or 12.4 per cent of all the Company’s shares. The Shareholders have agreed not to sell the remainder of their holdings in Lehto during a 180-day period if the transaction(s) to reduce their ownership is completed.
Further information:
Veli-Pekka Paloranta, CFO
+358 400 944 074