Decision on changed terms in the composition proposal
(Thomson Reuters ONE) -
Ruric has in a send out addressed to all of Ruric's known creditors on 11
February and 12 February 2010 proposed a composition offer to the creditors.
Since the composition offer has obtained sufficient approval for the composition
procedure to officially begin before the district court, the district court of
Stockholm has on 3 March 2010 decided to initiate the composition proceedings.
The district court has also decided that the creditors meeting, where the voting
procedure regarding the composition offer will be carried out, is to be held on
26 March 2010 at 1.30 pm before the district court of Stockholm.
The composition offer was supposed to be partly financed by a guaranteed
cash-issue of new shares, with a pre-emption right for the shareholders,
amounting to approximately MSEK 110 with a subscription price of SEK 3 and by a,
also guaranteed, subordinated convertible loan amounting to a maximum of MSEK
79 with a nominal amount and conversion rate of SEK 7. The convertible loan was
only to be issued if Alternative no. 2 received an approval corresponding to at
least 20 % of the total, outstanding amount.
Ruric has hereafter, regarding the financing of the composition offer, decided
to make certain amendments to the composition offer as follows:
* Financing by issue if the convertible shall fall out
* The guaranteed cash-issue of shares, with a pre-emption right for the
shareholders shall be increased from MSEK 110 to a minimum amount of MSEK
160 and a maximum amount of MSEK 180, with an unaltered subscription price
of SEK 3.
* The subscription price for the set-off issue of shares, in accordance with
Alternative no. 1 shall be decreased from SEK 7 to SEK 6.
For the rest, the composition offer remains unaltered. For those creditors of
the composition proceedings that already have accepted Alternative no. 1, the
above stated amendments are for the better, since the indebtedness of Ruric
decreases and the subscription price for the set-off issue of shares is more
favourable. For those creditors that have accepted Alternative no. 2, the
amendments will make no difference.
As previously communicated the terms in the pledge agreement have been revised
and now include intra-group receivables.
The administrator, appointed by the district court of Stockholm, approve of the
proposed changes. The administrator has, in a separate letter to the creditors,
in more detail described the above changes. The letter including the attached
bond terms are available on the web pages of the administrator, www.gronberg.se
Up until today 76.8 % of the creditors of the composition proceeding holding
69.8% of the claims in the composition proceeding have accepted the composition
offer.
Russian Real Estate Investment Company AB (publ)
For further information
Roland Sundqvist, attorney/administrator, G Grönberg Advokatbyrå, phone +46
8 614 49 64, e-mail: roland.sundqvist(at)gronberg.se
Craig Anderson, CEO
Phone +7 812 703 35 50 (St. Petersburg)
Phone +46 8 509 00 100 (Stockholm)
e-mail craig(at)ruric.com
ABOUT RURIC
Ruric's business concept is to acquire, develop, manage, lease out and divest
real estate assets in St. Petersburg, Russia, offering top-quality commercial
premises in the best locations, thus contributing to the successful business
performance of its tenants. The company's vision is to become a leading real
estate company in central St. Petersburg.
The company's strategy is to identify high-potential real estate in the city
centre of St. Petersburg, structure appropriate deals and acquire at best price.
After renovation top-notch commercial space is offered to tenants seeking the
best possible premises and that are willing to pay for such premises.
Ruric's Certified Advisor on First North is Erik Penser Bankaktiebolag
[HUG#1393745]
Press Release: http://hugin.info/141656/R/1393745/350836.pdf
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Datum: 15.03.2010 - 03:01 Uhr
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