Brief: SRV Writes Down Almost All Assets In Russia, Holdings In Fennovoima

SRV Yhtiot Oyj

28/04/2022 06:22

April 28 (Reuters) - SRV Yhtiot Oyj  SRV1V.HE :
    * SRV HAS WRITTEN DOWN ALMOST ALL OF ITS ASSETS IN RUSSIA
AND ITS
HOLDINGS IN FENNOVOIMA, PUBLISHES PROGRAMME TO REORGANISE ITS
BALANCE SHEET TO REINFORCE ITS EQUITY
    * REMAINING VALUE OF ASSETS IN RUSSIA AFTER WRITE DOWNS IS
TOTAL
OF EUR 2.6 MILLION
    * THERE ARE NO MORE UNRECOGNIZED MARGIN ELIMINATIONS.
    * HAS WRITTEN DOWN FROM ITS BALANCE SHEET  EUR 141.2 MILLION
    * OBJECTIVE OF REORGANISATION IS TO INCREASE EQUITY BY
APPROXIMATELY EUR 100 MILLION
    * UPON COMPLETION OF RESTRUCTURING, COMPANY WILL BE ALMOST
FREE OF
NET DEBT
    * CONTEMPLATED RIGHTS ISSUE FOR APPROXIMATELY EUR 35 MILLION
THAT
IS ISSUED TO COMPANY'S CURRENT SHAREHOLDERS
    * CONVERSION OF COMPANY'S EUR 100 MILLION UNSECURED
FIXED-INTEREST
BOND WHICH BECOMES DUE AND PAYABLE ON 23 MARCH 2025
    * CONVERSION OF ANOTHER EUR 75 MILLION UNSECURED
FIXED-INTEREST
BOND WHICH BECOMES DUE AND PAYABLE ON 27 MARCH 2025
    * SUBSCRIPTION PRICE IN RIGHTS ISSUE, WHEN EXERCISING RIGHT
TO
CONVERT BONDS INTO SHARES AND IN DIRECTED SHARE ISSUE, IS EUR
0.10 PER SHARE
    * CONTEMPLATED EXTENSION OF LIQUIDITY AND PROJECT FINANCING
FACILITY GRANTED TO SRV ( "CREDIT FACILITY") BY 12 MONTHS

Source text for Eikon:  ID:nWkr7VDwfN 
Further company coverage:  SRV1V.HE 

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