Brief: Tamtron Acquires Lahti Precision, Launches Directed Share Issue, Updates Guidance

Tamtron Oyj

03/02/2023 10:37

Feb 3 (Reuters) - Tamtron Oyj  TAMTRON.HE :
    * SAID ON THURSDAY, ENTERS AGREEMENT TO ACQUIRE ENTIRE SHARE
CAPITAL OF HPP BULK TECHNOLOGIES, PARENT COMPANY OF CO'S FINNISH
COMPETITOR LAHTI PRECISION
    * ENTERPRISE VALUE OF LAHTI PRECISION IN ACQUISITION IS EUR
9 MLN
    * EQUITY VALUE FOR SHARES IS EUR 9.9 MLN AFTER ADJUSTMENTS
FOR NET
CASH, WORKING CAPITAL
    * EXPECTS TO COMPLETE ACQUISITION BY MARCH 1, 2023
    * PURCHASE PRICE PAID IN CASH AT COMPLETION
    * DECIDES TO ISSUE UP TO 845,864 NEW SHARES IN CO TO FINANCE
ACQUISITION
    * AIMS TO RAISE ABOUT EUR 4.5 MLN IN GROSS PROCEEDS 
    * SUBSCRIPTION PRICE PER SHARE IS EUR 5.32
    * ENSTO INVEST UNDERTAKES TO SUBSCRIBE FOR EUR 2 MILLION
    * CHAIRMAN PENTTI ASIKAINEN UNDERTAKES TO SUBSCRIBE FOR EUR
1.5
MILLION
    * CO UPDATES 2023 PROFIT FORECAST DUE TO ACQUISITION 
    * BOD HAS DECIDED TO WITHDRAW PROFIT FORECAST FOR 2023, ON
UNCERTAINTIES IN RELATION TO AMOUNT, TIMING OF INTEGRATION
COSTS, SYNERGIES
    * NOT ISSUING EBITDA GUIDANCE FOR 2023 (PREVIOUS GUIDANCE:
ESTIMATES EBITDA AT ABOUT 14-15% OF TURNOVER IN 2023) 
    * SEES 2023 TURNOVER IN RANGE EUR 50-55 MILLION, INCLUDING
LAHTI
PRECISION'S FORECASTED TURNOVER FOLLOWING COMPLETION (PREVIOUS
GUIDANCE: TURNOVER AT EUR 38-42 MILLION FOR 2023)

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nMFNQJ7J4
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