19.6.2023

Raute – Rights issue and two convertible perpetual junior loans

Related services

We advised Raute Corporation and lead manager Evli Plc in connection with Raute’s rights issue. The offering was oversubscribed, and the company raised gross proceeds of approximately EUR 7.5 million. Trading with the new shares subscribed for in the issue will commence on the official list of Nasdaq Helsinki Ltd on or about 21 June 2023.

In addition, we advised Raute in connection with two convertible perpetual junior loans. Raute agreed on perpetual junior loans of up to EUR 2 million each with LähiTapiola Yritysrahoitus I Ky and Veritas Pension Insurance Company Ltd respectively in connection with the rights issue.

We have been the trusted partner of Raute in previous assignments as well: this spring, we acted as the legal advisor to Raute relating to its directed share issue, combination of share classes, new EUR 12 million secured revolving credit facility and a total of EUR 40 million in uncommitted secured bank guarantee facilities.

‘I would like to thank our shareholders for their trust and commitment. The completion of the offering, together with the directed issue carried out earlier this year and the agreed junior loan arrangements, form an entity, which strengthens our financial position and enables the implementation of our new growth strategy. Raute now has a strong foundation to be the partner to future-proof the wood industry. With our unique solutions, we drive change and promote resource-efficient society.,’ comments Mika Saariaho, President and CEO of Raute.

Raute is a worldwide technology and service company whose customers are companies operating in the wood products industry. Raute’s technology offering covers the entire production process for veneer, plywood and LVL (Laminated Veneer Lumber) and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernisations.

Our team

Latest references

Fingrid – Ilmarinen’s sale of shares to the Finnish State and OP Pohjola Kantaverkko

We advise Fingrid Oyj in a transaction in which Ilmarinen Mutual Pension Insurance Company is selling its holding of approximately 20 per cent of the shares in Fingrid to the Finnish State and OP Pohjola Kantaverkko Holding Ky. Fingrid owns Finland’s main electricity transmission grid and all significant cross-border transmission connections. The main grid is the backbone of the electricity transmission network, to which major power plants, industrial plants and regional electricity distribution networks are connected.

EcoUp – Directed share issue

We acted as legal adviser to EcoUp Oyj in a directed share issue, through which EcoUp raised a total of approximately EUR 3 million in gross proceeds to strengthen the company’s capital structure and finance its growth. The share issue was directed to a limited group of domestic investors, deviating from the shareholders’ pre-emptive subscription right. EcoUp’s shares are traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki. EcoUp promotes the green transition of the construction industry by producing carbon-neutral, energy-efficient and circular economy-based materials, services and technologies that help construction industry players reduce their environmental impact. The company has over 40 years of experience in developing and delivering circular economy solutions to customers.

Enersize – Rights issue and warrants

We acted as the legal counsel to Enersize Plc, in its rights issue, where the company raised gross proceeds of approximately MSEK 8.3 in order to promote continued growth and be able to meet increased demand from its customers. The proceeds were allocated to market expansion and sales efforts as well as product, licence and technical validation and development, amongst other things. In connection with the rights issue, warrants were issued free of charge and the subscription period for new shares pursuant to the warrants will run from 1 October 2025 up to and including 15 October 2025. Enersize is a Finnish public limited company having its shares listed on Nasdaq Stockholm First North Growth Market. The company’s shares are traded only in Sweden. Enersize develops and provides software, tools, and services to improve the energy efficiency of industrial compressed air systems, serving industrial companies for whom energy efficiency is both an economic and environmental consideration. With the aim of reducing energy consumption, detecting leaks, and improving performance, its technology enables detailed monitoring, analysis, and real-time optimisation of compressed air systems.

Pernod Ricard – Sale of local Nordic beverage brands to Hartwall

We acted as Finnish counsel to Pernod Ricard in the sale of a portfolio of local Nordic brands to Oy Hartwall Ab, an affiliate of the Danish group Royal Unibrew. Pernod Ricard is a worldwide leader in the spirits and wine industry. The local portfolio of brands includes spirits, liqueurs and Finnish wine brands, the best-known being the liqueur Minttu, along with their related production assets based in Turku, Finland.

Search from the site.