PCB | November 22, 2006
Aspocomp Raises €11M for China investment
The Board of Directors of Aspocomp Group Oyj has today resolved to use the authorization given by the Shareholders' Meeting on April 10, 2006, to issue a convertible debenture loan. The loan will be issued to institutional investors in deviation from the shareholders' pre-emptive subscription rights. The selling period will begin on November 21 and end on November 27, 2006.
The maximum amount of the loan is EUR 11 million, issued as a Private Placement, and the maturity of the loan is 5 years. The convertible debenture loan grants an option to subscribe a maximum of 4,016,410 new shares in the company. The share subscription period will begin on February 1, 2007, and end on October 31, 2011. The net proceeds from the sale of loan will be used to effect potential acquisitions or other arrangements related to development of the company's operations and/or for financing investments. The issue will be managed by OKO Bank plc. Due to the issuance of the convertible debenture loan, the company discloses the following matter still under preparation: Aspocomp Group Oyj and Chin-Poon Industrial Co. Ltd (Chin-Poon) are negotiating about further developing ACP Electronics Ltd. (ACPE) and the possibility of increasing Aspocomp's investments in China. ACPE is a joint venture of the negotiating partners that manufactures printed circuit boards (PCBs) in Suzhou, China. The partners are studying the possibility to transfer the manufacturing of single-sided PCBs to Chin-Poon's Changshu plant in China. This would allow an increase in manufacturing capacity for high density interconnection (HDI) PCBs at ACPE. HDI products are mainly used for portable devices such as mobile phones. The duration of the negotiations cannot be estimated at this point and they may not result in a contract.
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