NoHo Partners Plc
STOCK EXCHANGE RELEASE July 1, 2022 at 1 p.m.
The Board of Directors of NoHo Partners Oyj has decided on a directed share issue as part of the acquisition of all shares in Sea Horse Oy.
The Board of Directors of NoHo Partners Plc (“NoHo Partners”) Has today decided to issue 170,728 new shares pursuant to the authorization given by the Company’s Annual General Meeting on April 27, 2022 (“New shares”) In a directed share issue. The new shares represent approximately 0.83 percent of all NoHo Partners shares prior to the share issue.
The share issue is related to a transaction in which NoHo Partner buys all the shares in Sea Horse Oy. The share issue is directed to Fonda Oy (“Seller”) As a seller of Sea Horse Oy. Sea Horse Oy owns the Sea Horse restaurant in Helsinki. Following the transaction, Sea Horse Oy is wholly owned by NoHo Partners. The purchase price of all Sea Horse Oy shares is EUR 2,000,000, of which approximately EUR 620,000 will be paid in cash. The remaining amount of the purchase price will be paid in new shares. In addition, the Seller is entitled to a cash replacement price to be paid in cash if certain income criteria agreed in the share purchase agreement are met.
The subscription price for the new shares is EUR 8,083 per share. The subscription price corresponds to the trade-weighted average trading price of the NoHo Partners share on the official list of Nasdaq Helsinki Oy during the previous three months (ie April 1, 2022-30 June 2022).
As a result of the share issue, the total number of NoHo Partners shares will increase to 20,699,801 shares.
The new shares will be registered in the Trade Register on or about July 7, 2022 and will have shareholder rights in NoHo Partners as of the registration date. The company is applying for the admission of the New Shares to trading with the company’s other shares on the stock exchange list of Nasdaq Helsinki Oy, so that trading is expected to begin on July 8, 2022.
Aku Vikström, CEO of NoHo Partners, comments on the transaction:
“Restaurant Sea Horse, founded in 1934, is an institution in Finnish restaurant history. We are honored to continue this tradition with the restaurant’s professional staff. Our goal is to maintain the spirit of the restaurant so that the townspeople who truly own the place can continue to experience the story without interruption.
When a well-known long-term entrepreneur decided to sell his business and this opportunity opened up, the choice was easy. Restaurant Sea Horse goes well with other prestigious restaurants in our company, such as Elite and Savoy. These classic restaurants have not only a loyal customer base and respect for their traditions, but also a sustainable and profitable business model.
Aku Vikström, President and CEO, NoHo Partners Oyj, tel. +358 44 235 7817
Jarno Suominen, Executive Vice President, NoHo Partners Oyj, tel. +358 40 721 5655
NoHo Partners Plc
Hatanpää Highway 1 B
NoHo Partners Plc is a Finnish group specializing in restaurant services, founded in 1996. The company was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company. It has continued its strong growth throughout its history. The Group companies have about 250 restaurants in Finland, Denmark and Norway. The company’s best-known restaurant concepts include Elite, Savoy, Theater, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs, Campingen and Cock’s & Cows. Depending on the season, the Group employs about 2,100 people converted to full-time employees. The Group’s goal is to achieve a turnover of EUR 400 million by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.