In order to expand RusForest AB’s (publ) (“RusForest” or the “Company”) operations in the Arkhangelsk region, the Board of Directors has entered into a sale and purchase agreement with the shareholders of Clonri Holding Limited and Piatkowski Holdings Limited, which together with subsidiaries comprise the Nord Timber Group (“NTG”), regarding the purchase of shares in and receivables from NTG against payment in the form of newly issued shares in RusForest. The total consideration amounts to 29 437 529 RusForest shares. The acquisition is conditioned upon, inter alia, the extraordinary shareholders’ meeting on 15 April 2011 approving the proposed increase of the share capital thresholds in RusForest’s articles of association, and on the Board of Directors resolving in accordance with its authorization to issue the consideration shares.
RusForest is a forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 2 million m3, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its Pine and Larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
Vinge’s team consisted of Jesper Schönbeck, Christian Granqvist and Jonas Johansson. Göran Nyström is partner in charge.
