Arrangement of NoHo Partners' convertible loan granted by Tesi – investors include company management and domestic investors

NoHo Partners PlcINVESTOR NEWS 16 May 2022 at 7:00 Arrangement of NoHo Partners' convertible loan granted by Tesi – investors include company management and domestic investors The management and domestic investors of NoHo Partners Plc have acquired the majority of the convertible capital loan granted to the company by Finnish Industry Investment Ltd (Tesi) and converted their purchase into new shares in the company. The company repaid the remaining portion of the loan principal and...

Tampere, 16/05/2022 (informazione.news - comunicati stampa - turismo)

NoHo Partners Plc

INVESTOR NEWS 16 May 2022 at 7:00

The management and domestic investors of NoHo Partners Plc have acquired the majority of the convertible capital loan granted to the company by Finnish Industry Investment Ltd (Tesi) and converted their purchase into new shares in the company. The company repaid the remaining portion of the loan principal and interest, approximately one sixth, to Tesi using its cash assets.

As the result of the arrangement, the company's equity is strengthened and its net debt decreases by over MEUR 10. The arrangement allows the company financial flexibility, which will drive the implementation of future growth projects as part of the company's strategy for profitable growth.

The arrangement included investments from the Chairman of the Board of Directors Timo Laine (through Laine Capital Oy) and new board members (through Seico Investments Ltd) and Vice-Chairman . Of the company's management, CEO , Deputy to the CEO and CFO invested in the company as part of the arrangement. New investors include and . Additionally, the current shareholders (through PowerBank Ventures Ltd) and increased their holding in the company as part of the arrangement, the latter significantly.

'The company is moving into a growth phase in accordance with is strategy on its way to become the leading restaurant company in Northern Europe. This arrangement strengthens the company's balance sheet structure and releases its own cash flow for future growth investments. It is also a strong indicator that the company's owners, the new board members and the management believe in our joint growth story,' says Timo Laine, Chairman of the Board of Directors of NoHo Partners.

The convertible capital loan was a part of stabilisation financing from Tesi during the coronavirus pandemic and it formed a part of the company's financing solution for the exceptional circumstances caused by the pandemic.

The company announced the subscription for shares based on special rights in a stock exchange release on 13 May 2022, available here.

Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 235 7817
Jarno Suominen, Deputy to the CEO, NoHo Partners Plc, tel. +358 40 721 5655

Principal media
www.noho.fi/en