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ASPRO OCIO ACQUIRES PUUHARYHMÄ
Aspro Ocio, S.A. (Aspro) and the main shareholders of Puuharyhmä Oyj (Puuharyhmä), holding in total 68.37 per cent of the outstanding shares and votes of Puuharyhmä, have today executed a share transfer whereby Aspro has acquired all the shares in Puuharyhmä held by these main shareholders at the purchase price EUR 95 per share in the Helsinki Stock Exchange. Aspro will as a result make a mandatory offer for the remaining shares of Puuharyhmä at the same price per share.
ASPRO PURCHASES PUUHARYHMÄ SHARES FROM THE MAIN SHAREHOLDERS
Aspro and the main shareholders of Puuharyhmä: Erkki Mattila, Claes Kristiansson and Jouko Dufva (the Main Shareholders), have today executed a share transfer whereby Aspro has acquired all shares held by the Main Shareholders, i.e. 270,282 shares in Puuharyhmä. The transferred shares represent in aggregate 68.37 per cent of the outstanding shares and votes of Puuharyhmä (excluding 19,670 shares owned by Visulahden Kiinteistöt Oy, a fully owned subsidiary of Puuharyhmä) and 65.13 per cent of the issued shares and votes of Puuharyhmä.
The purchase price received by the Main Shareholders of Puuharyhmä will be EUR 95.00 per share in cash. The aggregate purchase price will be EUR 25.7 million. The purchase price is 45.9 per cent above the closing price of Puuharyhmä share on 1 March 2007 and 66.4 per cent above the 3-month volume weighted average price of Puuharyhmä share.
MANDATORY CASH OFFER TO REDEEM THE REMAINING SHARES OF PUUHARYHMÄ
After the above share purchases, Aspro’s holding exceeds 30 % of the votes in Puuharyhmä. As a result of the above share purchases Aspro shall make a public offer for the remaining shares of Puuharyhmä at the same price per share, pursuant to the Finnish Securities Market Act.
The intention of Aspro is to acquire all shares of Puuharyhmä and to apply for the delisting of the Puuharyhmä share from the Helsinki Stock Exchange.
ASPRO IN BRIEF
Aspro is a privately held limited liability company registered with the Madrid Trading Register (CIF: A79256871). The company is a leading European operator of leisure parks and centres. Before the acquisition, Aspro operates 27 parks and centres of which 12 in Spain, 9 in France, 2 in the UK, 1 in Portugal, 1 in Switzerland, 1 in Belgium, and 1 in Martinique. Aspro Group encompasses the broadest spectrum of the leisure market, covering five segments of the sector: Water Parks, Marine Zoos and Dolphinariums, Zoological and Botanical parks, Aquariums and Amusement Parks.
Founded in October 1991, the Aspro Group has since enjoyed strong and ongoing growth, reaching it's position of leadership in the leisure industry. Aspro’s sales in 2006 amounted to 130 million euros.
PUUHARYHMÄ IN BRIEF
Puuharyhmä operates three amusement parks (Puuhamaa, Visulahti and Wasalandia), two water parks/spas (Serena and Tropiclandia) and two camping sites in four locations in Finland.
During the last reported 12 months period, 1 November 2005 – 31 October 2006, Puuharyhmä’s sales totaled 14.8 million euros, operating profit 3.7 million euros or 24.7 % of sales and its parks sold 870.000 tickets.
Puuharyhmä’s net interest bearing debt amounted to -2.4 million euros on 31 October 2006.
TRANSACTION EXPANDS ASPRO’S OPERATIONS TO NORDIC COUNTRIES
The acquisition of Puuharyhmä is in line with Aspro’s growth strategy targeting at becoming a world leader in the sector. The acquisition expands Aspro’s operations to the Nordic countries, says Juan Carlos Smith, the Chairman of Aspro Group.
Aspro invests in constant business development by keeping its current parks in excellent condition, updating their offers with new contents and acquiring of new attractions.
PUUHARYHMÄ WILL CONTINUE ITS CURRENT OPERATIONS
The transaction has no immediate effect on Puuharyhmä’s operative management or employees.
Puuharyhmä has investigated several options how to participate into ongoing consolidation development in European amusement park sector. This transaction fulfils best the benefits of the company, customers, personnel and shareholders. The joining into the leading European leisure group will open up many interesting development possibilities to Puuharyhmä, comments Erkki Mattila, CEO and a member of the Board of Directors of Puuharyhmä.
Puuharyhmä’s Board of Directors will make a statement to the shareholders at a later date once Aspro has published the terms of the mandatory redemption offer.
ADVISORS
HSH Corporate Finance Oy, a member of HSH Nordbank Group, acts as financial advisor to Puuharyhmä. Ernst & Young Oy Transaction Advisory Services acts as financialadvisor to Aspro.
FURTHER INFORMATION
Puuharyhmä Oyj
Mr. Erkki Mattila, Chief Executive Officer, tel. +358 500 637 428
For further information on Puuharyhmä, please visit to: http://www.puuharyhma.fi/
Aspro Ocio, S.A.
Mr. Juan Carlos Smith, the Chairman of the group
For further information on Aspro, please visit to: http://www.aspro-ocio.es/
PUUHARYHMÄ OYJ
Erkki Mattila
CEO
DISTRIBUTION
Helsinki Stock Exchange
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