RusForest carries out a rights issue amounting to approximately SEK 440 million, proposes authorisation for an issue in kind to enable acquisition of shares in companies within Nord Timber Group and acquires a majority stake in LDK-3, both companies with operations in the city of Arkhangelsk in North West Russia.
The rights issue and in kind authorisation are subject to resolutions at an extraordinary general meeting to be held on 8 October 2010 and the LDK-3 acquisition is contingent on inter alia Russian anti-monopoly approval, which is expected to be attained before the end of the year. The transactions are prompted by a capital need to facilitate the development of RusForest’s existing operations in Ust Ilimsk, Magistralny and Boguchany as well as enable RusForest’s expansion into North West Russia, which are central steps in RusForest’s development plan to become Russia’s leading independent forestry and sawmilling company.
Vinge has assisted RusForest in questions relating to Swedish law and Vinge’s team has primarily consisted of Göran Nyström, Jesper Schönbeck, Dain Nevonen, Jonas Johansson and Christian Granqvist.
