The Meriaura course has risen sharply-ownership of the new company is significantly diluted in Summa Arrangement

Meriaura Group and a defense company Summa Defence At the end of January they announced that they would become a new defense company. In practice, the Summa Defense bought a Meriaura shell, which was listed on the stock exchange without the usual listing process.

The arrangement will be implemented with a stock exchange, where Meriaura acquires the entire amount of Defense’s share capital. The arrangement still requires the approval of the Meriaura Annual General Meeting. The meeting is scheduled for 24.4. In Helsinki.

On Monday, the Meriauura Group released a company brochure related to the acquisition of the Defense share capital.

According to the brochure, when the general meeting so decides, the Meriauura Group will direct a total of 4,030 374 032 new Meriauura Group shares to Defence shareholders. As a result of the arrangement, the number of Meriaura shares will increase from the current 867 494,765 shares to 4,897,868,797.

In the arrangement, the old owners of the Meriaura experience a clear dilution: their ownership of the new company drops to about 11.8 %, while the amount of Defence owners will be transferred to about 88.2 % of the company’s share capital. The new company would be owned mainly by defense companies and businessmen behind the arrangement.

In the acquisition, the amount of the Defence share capital was determined by approximately EUR 185 million and the value of the Meriauura Group was approximately EUR 40 million. The value of the new company would thus be approximately EUR 225 million.

However, the Meriaura course has been clearly above this level. The company’s market value has risen to more than EUR 150 million. This would mean that as the number of shares increases, the market value of the new company would be significantly higher than the estimated EUR 225 million in valuation.

On Tuesday’s course, the market value of the Meriaura would be approximately EUR 800 million, while the fusion of Defense is included. The Meriaura course has more than four times since the beginning of the year. The course has featured sharp rise days, but on Tuesday afternoon the Meriaura share price was about 9 % down.

One of the largest owners of the new company is, among other things, an investor group members of active owners. PM Ruukki Oy on Markku Kankaala the company and Oy Haapalandia Invest Martti Haapala company. Kankaala and Haapala were involved in a similar arrangement where a car house Weather Came to the stock market with a soprano fusion.

However, mutual funds or other institutional investors have hardly trapped the new defense company.

According to a brochure published by the Meriaura Ostrobothnia Value Investment Cooperative owns about 92 million shares and BaltiaCap Latvia Venture Capital Fund about 61 million shares. Also United Bankersilla There are about 121 million in Defence’s shares.