Sitowise Group Plc issues 37,330 own shares in a directed issue relating to acquisition of Infrasuunnittelu Oy
Sitowise Group Plc Changes in company's own shares 2 May 2023 at 12.30 pm EEST
The Board of Directors of Sitowise Group Plc (“Sitowise”) has decided on 2 May 2023, by virtue of the authorization granted by the annual general meeting on 25 April 2023, to issue 37,330 own shares (the "Share") held by Sitowise in a directed share issue. The number of Shares to be subscribed for in the share issue (the “Share Issue”) corresponds to approximately 0.10 per cent of shares in Sitowise.
The Share Issue relates to an acquisition of all shares in Infrasuunnittelu Oy, a company providing on national level road, street and regional designs as well as surveying and supervisory expert services and construction consulting for its clients (the “Acquisition”). The completion of the Acquisition has taken place on 2 May 2023.
The Share Issue will be directed to Antti Haataja and Seppo Haataja, the sellers of Infrasuunnittelu Oy (the “Sellers”), who will use a portion of the purchase price to subscribe for Shares in the Share Issue. The subscription price per Share is approximately EUR 4.23, which corresponds to the average volume weighted trading price of the Sitowise’s share on Nasdaq Helsinki Ltd stock exchange during the period of 7 March 2023 to 19 April 2023. The subscription of Shares shall be made and paid by 2 May 2023.
The subscribed Shares shall be subject to a transfer restriction for a period of 12 months from the completion of the Acquisition.
The acquisition of Infrasuunnittelu Oy strengthens Sitowise's expertise especially in infrastructure services offered to the mining industry. The company's key clients include cities and municipalities, industry, civil engineering companies and authorities, among others. Infrasuunnittelu Oy employs 17 people and in 2022 its turnover was approximately EUR 1.5 million.
There is a weighty financial reason for the directed Share Issue, as the Acquisition supports the Sitowise Group’s growth and strategy implementation. The Share Issue also commits the Sellers to Sitowise after the Acquisition.
After the Shares issued pursuant to the Share Issue have been conveyed, Sitowise holds a total of 82,069 own shares, corresponding to approximately 0.23 per cent of all shares in Sitowise. The Shares are expected to be transferred to the Sellers on or about 4 May 2023 at the latest.
Sitowise Group Plc
Additional information:
Hanna Masala, talousjohtaja, Sitowise Group Oyj, puh. +358 40 558 1323
Distribution:
Nasdaq Helsinki Ltd
Major media
www.sitowise.com
About Sitowise
Sitowise is a Nordic expert in the built environment and digital solutions. We provide design and consulting services to enable more sustainable and smarter urban development as well as smooth transportation. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden. Global megatrends drive huge changes that require a re-evaluation of the smartness in the built environment – therefore we have set our vision to be Redefining Smartness in Cities. The Group’s net sales were EUR 204 million in 2022, and the company employs more than 2,200 experts. Sitowise Group Plc is listed on the main list of Nasdaq Helsinki as SITOWS.
