Investors
As a result of Loxam S.A.S gaining title to all shares in Ramirent Plc, the quoting of the Ramirent shares ceased on Nasdaq Helsinki on December 20, 2019.
Loxam S.A.S. and Ramirent Plc entered on June 10, 2019 into a Combination Agreement pursuant to which Loxam made a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares of Ramirent that are not owned by Ramirent or any of its subsidiaries. Through the transaction, Loxam and Ramirent created a pan-European equipment rental leader. In the Tender Offer, Ramirent’s shareholders were offered a cash consideration of EUR 9.00 for each share, valuing Ramirent’s equity at approximately EUR 970 million. The Board of Directors of Ramirent represented by a quorum formed by the conflict free board members unanimously decided to recommend that the shareholders of Ramirent accept the Tender Offer.
Redemption of minority shares Upon application by Ramirent, Nasdaq Helsinki decided on December 17, 2019 that Ramirent shares be delisted from the Official list of Nasdaq Helsinki after Loxam has gained title to all the shares in Ramirent in the redemption proceedings in accordance with the Finnish Companies Act. The Ramirent share was delisted on Friday December 20, 2019 following an interim ruling in which the arbitral tribunal assigned for the Ramirent redemption confirmed Loxam’s legal right to redeem the shares against posting security to the trustee who has been assigned to oversee minority interests in the process.
The arbitral tribunal issued its arbitral award concerning the redemption price on January 22, 2020. The redemption price for the Ramirent shares was confirmed at EUR 8.77 per share. Pursuant to the Finnish Companies Act, the arbitral award was subject to a 60 day appeals period which ended on March 27, and the redemption price was paid within one month after the arbitral award gained legal force. In practice this means that the redemption price was paid in April 2020.
All shareholders have been treated equally in the redemption process and no active measures were needed in order to receive the redemption price. It was paid through the custodian banks where each shareholder had the securities account holding the Ramirent shares in the Finnish book-entry system.