Vantaa, Finland, 2011-01-31 16:00 CET (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 31 January 2011, at 5.00 pm Finnish time (GMT+2)
The acquisition of Theisen Baumaschinen AG and the conditional directed share issue have been completed
Cramo Plc ("Cramo") announced on 11 January 2011 that it had signed an agreement to acquire the entire share capital of a German-based company Theisen Baumaschinen AG ("Theisen") and on 31 January 2011 that the Board of Directors of Cramo had resolved on a conditional directed share issue to the shareholder of Theisen, Arrex Beteiligungs-GmbH, as a part of the consideration in the acquisition of Theisen. The transaction has today been closed and Theisen has been transferred to Cramo's ownership.
The conditional share issue of 374,532 new shares in Cramo directed to Arrex Beteiligungs-GmbH has been completed in accordance with its terms and conditions and Arrex Beteiligungs-GmbH has subscribed and paid for the shares. The new shares are estimated to be registered into the Trade Register and listed and admitted to trading on the main list of NASDAQ OMX Helsinki Ltd together with the existing shares in Cramo by 20 February 2011. The new shares are subject to a lock-up arrangement pursuant to which 50 per cent of the shares issued in the share issue may not be transferred during a period of one year from the closing of the transaction and the remaining 50 per sent of the shares may not be transferred during a period of two years from the closing of the transaction.
CRAMO PLC
Vesa Koivula
President and CEO
Further information
Vesa Koivula, President and CEO, Cramo Plc, tel: +358 40 510 5710
Martti Ala-Härkönen, CFO, Cramo Plc, tel: +358 40 737 6633
Distribution
NASDAQ OMX Helsinki Ltd.
Major media
www.cramo.com
Cramo is a service company specialising in construction machinery and equipment rental and rental-related services, as well as the rental and sale of modular space. As one of the industry's leading service providers in the Nordic countries and Central and Eastern Europe, Cramo operates in fifteen countries with approximately 400 depots. With a group staff close to 2.400, Cramo's consolidated sales for 2009 was EUR 450 million and Cramo shares are listed on the NASDAQ OMX Helsinki Ltd. For further information, please visit www.cramo.com.