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Digitalist reports on conversion of convertible bonds into shares by shareholder Tremoko.

M2 EQUITYBITES-December 6, 2017-Digitalist reports on conversion of convertible bonds into shares by shareholder Tremoko

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Provider of information technology services Digitalist Group Oyj (HEL:DIGIGR) announced on Tuesday that on 5 December 2017, its board of directors has accepted a request from Tremoko Oy Ab to convert convertible bonds, worth altogether EUR9,200,000.95, into shares of the company.

Digitalist said that on 4 April 2016, its largest shareholder Tremoko subscribed for the convertible bond directed to Tremoko in accordance with the decision of Digitalist's Annual General Meeting of 7 April 2016 in full, worth altogether EUR 9,200,000.95.

Under the terms and conditions of the convertible loan, bonds 1-20 pertaining thereto can be converted into altogether 131,428,585 new shares of Digitalist. The conversion rate set out in the terms of the convertible bond is EUR0.07 per share and the conversion rate is fixed. Under the terms, the convertible bond's period of conversion begun on 8 April 2016 and will end on 8 April 2020.

On 5 December 2017, the company received a request from Tremoko to convert the bonds of the convertible bond, subscribed for by Tremoko and issued by Digitalist against the subscription, the principal amount being altogether EUR9,200,000.95, in full, into altogether 131,428,585 new shares of Digitalist in accordance with the terms.

Also, Digitalist has decided to submit a notification of the shares converted by Tremoko with the bonds, altogether 131,428,585 pieces, for entry into the Trade Register and then for admission to trading in Nasdaq Helsinki Ltd.

These shares represent approximately 23.73% of Digitalist's shares and votes after the shares have been entered in the Trade Register.

Tremoko's portion of all of the shares and votes in the company will be approximately 80.48% after the shares have been entered in the Trade Register. These shares will entitle their holder to full dividends possibly distributed by Digitalist and to other distribution of assets, as well as carry other shareholder rights in the company starting from when the shares have been entered in the Trade Register and the shareholders' register of the company.

In addition, on 5 December 2017, Tremoko also informed the company that it has decided to, for no consideration, waive all of its interest receivables arising from the convertible bond outstanding on 5 December 2017 from Digitalist, altogether EUR201,643.86. This waiver will enter into force on 5 December 2017.

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Publication:M2 EquityBites (EQB)
Date:Dec 6, 2017
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