Suominen which had issued a convertible hybrid issue in February 2014; said the Bond notes and the accrued capitalised interest related to the notes, have been converted into shares as per the prospectus.

“Bond notes and the accrued capitalised interest related to the notes have been converted to total of 1,059,968 new shares in Suominen Corporation,” the nonwovens producer noted in a press release.

The new shares have been registered in the Trade Register on 10 April 2015, as of which date, the new shares will establish shareholder rights for the owners.

The shares will be traded on the NASDAQ OMX Helsinki Ltd approximately as of April 13, 2015 and the conversion rate shall be recorded under the invested non-restricted equity fund of Suominen.

Prior to the conversion, Suominen Corporation had total of 251,365,648 shares and votes and after the registration of the new shares, it has now a total of 252,425,616 shares and votes.

According to Suominen, the number of shares may rise by maximum of 43,330,000 shares on the basis of the conversion, if the conversion is carried out by issuing new shares in Suominen.

In February 2014, Suominen issued a €17.5 million convertible hybrid bond and as per terms, bondholders have a right to convert the bond notes and the accrued interest into Suominen shares.

The conversion period started on February 11, 2014 and will end on February 10, 2018 and the conversion rate pursuant to the terms of the bond is €0.50 per share and is determined market-based.

The average volume weighted share price of the Company’s share during the last three months before the issue of the bond was €0.48.

The purpose of the issue of the hybrid bond was to finance the acquisition of the plant in Brazil in February 2014 and was authorized by the Extraordinary General Meeting held on January 31, 2014. (AR)