YIT Corporation (”YIT”) submitted on June 17, 2013 an application to NASDAQ OMX Helsinki Ltd (“Helsinki Stock Exchange”) on the listing of its shares in public trading on the official list of the Helsinki Stock Exchange on behalf of Caverion Corporation (“Caverion”), a company to be established in the partial demerger of YIT.
Helsinki Stock Exchange has on June 18, 2013 approved the listing application of Caverion’s shares. Trading in Caverion’s shares on the official list of the Helsinki Stock Exchange begins on 1 July 2013. The number of shares subject to public trading is expected to be 125,598,591.
The Extraordinary General Meeting of YIT decided on June 17, 2013 that YIT will demerge through a partial demerger so that all of the assets, liabilities and responsibilities related to YIT's Building Systems business are transferred to a company to be established in the demerger named Caverion Corporation. YIT's Construction Services business will remain with YIT. YIT’s shareholders shall receive as demerger consideration one (1) share in Caverion for each share owned in YIT. No demerger consideration shall be issued on any treasury shares held by YIT. The shares will be entered in the book-entry accounts of the shareholders on or about June 30, 2013.
Friday June 28, 2013 is the last trading day on which the right to the demerger consideration is included in YIT’s share and its price. From Monday July 1, 2013 onwards Caverion’s share is traded as a separate share class. In a situation where a shareholder of YIT has sold his/her shares, but the transaction has not been cleared prior to the effective date of the demerger (June 30, 2013), the right to the demerger consideration is transferred to the purchaser of the YIT share in accordance with the general market practice, and the demerger consideration will be transferred on the book-entry account of the purchaser together with the purchased YIT shares after the transaction has been cleared. The normal settlement period for stock exchange trades is three banking days.
The registration document according to the Finnish Securities Markets Act, which includes information on Caverion and its business and financial position, as well as the securities note and summary (together with the registration document the “Prospectus”) related to the partial demerger disclosed by YIT on February 5, 2013 and the shares to be given as demerger consideration in connection with the partial demerger, have been available as of June 5, 2013 on YIT’s website at www.yit.fi/sijoittajat. The unofficial English translation of the Prospectus has been available as of June 5, 2013 on YIT’s website at www.yitgroup.com/investors.
For further information, please contact:
Jonne Heino, Corporate General Counsel, tel. +358 20 43 32469, email@example.com
NASDAQ OMX Helsinki,
This release includes forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this communication, including, without limitation, those regarding the demerger plan and its execution. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Such statements are based on numerous assumptions and may differ materially from (and be significantly more negative than) those made in, or suggested by, the forward-looking statements contained in this release.