NoHo Partners Plc will redeem its EUR 25 million hybrid bond

16.01.2020 klo 08:00 NoHo Partners Plc will redeem its EUR 25 million hybrid bond

NoHo Partners Plc

STOCK EXCHANGE RELEASE 16 January 2020 at 8:00

NoHo Partners will redeem its EUR 25 million hybrid bond

NoHo Partnes Plc announces that it will redeem the EUR 25 million hybrid bond (ISIN: FI4000375258) issued on 29 March 2019. The redemption will be made on 17 February 2020 in accordance with Clause 7.3 (Disposal Event) of the terms and conditions of the hybrid bond for the amount equal to 102 per cent of the principal amount, together with any accrued interest.

The Extraordinary General Meeting of VMP Plc (“VMP”) held on 22 August 2019 approved the acquisition of the share capital of NoHo Partners Plc’s subsidiary Smile Henkilöstöpalvelut Oyj (“Smile”) in exchange for shares (hereinafter referred to as the “Transaction” or “Combination”). The conditions for the completion of the Transaction have been fulfilled and the Transaction was completed, on 23 August 2019. NoHo Partners announced the Transaction in a stock exchange release on 5 July 2019. VMP and Smile (hereinafter referred to as the “Combined Company”) became an associated company of NoHo Partners and NoHo Partners became the Combined Company’s largest shareholder with a 30.27% stake. Correspondingly, Smile became a subsidiary of VMP, and therefore, pursuant to Clause 7.3 of the terms and conditions of the hybrid bond, a Disposal Event has occurred. Currently, the Combined Company operates under the name Eezy Plc.

“We achieved a major profitability turnaround last year. Thanks to our stronger financial position, we are able to pay out the hybrid bond issued last spring, ahead of schedule and utilize more affordable financial facilities in the future. The hybrid bond allowed us more time to find the best possible solution for the Smile arrangement in the spring 2019. Due to this arrangement, our debt was reduced by approximately MEUR 33, and the current value of our shareholding in the new Eezy company has already increased to over MEUR 50. At the same time we also implemented the acquisitions in the Norwegian market using the hybrid bond. Based on the actual figures from last year, this has proven to be a highly profitable investment with positive outlook. In other words, the use of the hybrid bond has significantly increased our shareholder value,” says Aku Vikström, CEO, NoHo Partners.

This notice of redemption is irrevocable and is given to the calculation agent and holders of the hybrid bond in accordance with the terms and conditions of the hybrid bond.

A hybrid bond is an instrument which is subordinated to the company's unsubordinated debt obligations and which is treated as equity in the consolidated financial statements under IFRS. The hybrid bond does not confer to its holders the rights of a shareholder, such as the right to vote at shareholder meetings, and does not dilute the holdings of the current shareholders.

NOHO PARTNERS PLC

Additional information:
Aku Vikström, CEO, NoHo Partners Plc, puh. +358 44 011 1989
Jarno Suominen, Deputy to the CEO, NoHo Partners Plc, tel. +358 40 721 5655

Distribution:
NASDAQ Helsinki
Major media
www.noho.fi

NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. Well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2018, NoHo Partners Plc’s turnover was MEUR 323.2 and EBIT MEUR 7.2. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.

NoHo Partners corporate website: www.noho.fi
NoHo Partners consumer websites: www.ravintola.fi ja www.royalravintolat.fi

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