According to preliminary calculations, a total of approximately 72.1 million shares were applied to be subscribed for in Amer Sports rights offering. Compared to a total of approximately 48.5 million shares offered, this represents a total subscription level of 148.8%. Due to the oversubscription, the underwriting commitments by J.P. Morgan and Pohjola will not be utilized.
Of the total shares offered, approximately 98.9% were subscribed for with subscription rights and the remainder without subscription rights. New shares subscribed for without subscription rights will be allocated first to investors who subscribed for new shares by exercise of subscription rights and then to investors who subscribed for new shares without subscription rights, according to allocation principles described in the prospectus published on September 28, 2009.
Roger Talermo, President and CEO, said, “The rights offering strengthens Amer Sports' balance sheet and provides the company with financial, operational and strategic flexibility, enabling Amer Sports to execute on its strategy.”
Trading in interim shares representing the new shares will commence on the NASDAQ OMX Helsinki today, October 20, 2009. All shares subscribed for in the rights offering are expected to be registered with the Finnish Trade register on or about October 26, 2009, after which the interim shares will be combined with Amer Sports' existing shares. Trading in the new shares alongside the existing shares is expected to commence on or about October 27, 2009.
J.P. Morgan and Pohjola Corporate Finance acted as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners for the rights offering.
