Evolva Holding SA (SIX: EVE) today announced that a group of core shareholders, holding in total approximately 114.4m shares, equal to 82.2% of Evolva Holding SA’s share capital, have agreed to partially extend the lock-up on their current holdings until 1 September 2011, through a staggered release and a coordinated sale of shares.
The aim is to increase the free float and to achieve an orderly unwinding of the lock-up.
The group includes the 12 major shareholders as well as all management team members.
In addition Ventureast/APIDC, an investor owning an option to acquire an 8% stake in Evolva Holding SA, has agreed to join the lock-up extension agreement.
Following Evolva’s listing in December 2009 some 118m shares have been subject to a lock-up agreement which expires as of 14 December 2010.
In view of the large number of locked-up shares relative to the currently limited free float and the low trading volumes, the shareholders involved have agreed to a staggered release of their shares in combination with a coordinated sale of parts of their holdings.
The current time plan provides for the lock-up to be extended with regard to the 114.4m shares, which shall be unlocked as follows:
- On 14 December 2010 a first tranche of approximately 8.9% of Evolva Holding SA’s share capital is released from the lock-up and available for a coordinated sale by the group until 23 May 2011 (the Sale Pool). Depending on the trading liquidity and the general demand for the shares (including possible block trades), additional shares may be released from the lock-up and added to this first tranche.
- On 24 May 2011 the coordinated sale will be terminated and any unsold shares in the Sale Pool will become freely tradable. In addition up to approximately 36.65% of the share capital is expected to be released from the extended lock-up.
- On 1 September 2011 the last tranche of approximately 36.65% of the share capital is expected to be released from the extended lock-up.
Erich Schlick, Chairman of Evolva’s Board of Directors, said: “The staggered release of the lock-up that has been agreed by our core shareholders is an important step towards normalising trade in our stock and gradually increasing the free float. I welcome this very constructive approach from our investors.”