2023 July 03
PlusPlus progresses in restructuring liabilities
Changes in Management and Supervisory Board to strengthen Corporate Governance
PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivables management group, has achieved significant progress in restructuring its liabilities following bondholder approval to amend the terms of its EUR 2022/2026 bonds. As a result, liabilities maturing in 2023 were reduced to approximately one-quarter of the original value. In particular, approximately 74% of the holders of Estonian PlusPlus Capital bonds with a total outstanding principal of approximately EUR 43.7 million took the opportunity to exchange their bonds into EUR 2022/2026 bonds. Further 16% of Estonian PlusPlus Capital bonds shall be redeemed at 70% of nominal value plus accrued interest. Furthermore, loans and subordinated loans with a total outstanding principal amount of approximately EUR 19.9 million were exchanged by approximately 68%. Further 32% of loans and subordinated loans shall be redeemed at 70% of nominal value plus accrued interest. Finally, a further subordinated loan in the amount of EUR 2 million was fully converted into a Eurobond. At present, negotiations are still taking place on outstanding bonds with a nominal value of around EUR 2.6 million.
The amount of liabilities due on 30 September 2023 corresponds to EUR 11.3 million of principal and accrued interest.
At the Annual General Meeting of PlusPlus Capital held on 27 June 2023, Mr. Peeter Piho, who had been Chairman of the Supervisory Board until then, was recalled from the Supervisory Board and appointed as Member of the Management Board and the new CEO by the Supervisory Board. Kaarel Raik and Linda Visocka will continue as Members of the Management Board of PlusPlus Capital.
In addition to the existing Supervisory Board members Mrs. Mirje Trumsi and Mr. Mihkel Õim, Mr. Viljar Kähari, Mr. Hannu Kananen, and Mr. Rasmus Pikkani were newly elected to the Board. Mirje Trumsi was elected Chairman of the Supervisory Board in succession to Peeter Piho.
The changes to the Management Board and Supervisory Board serve to strengthen the corporate governance structures of PlusPlus Capital.
Viljar Kähari is a lawyer with 24 years of experience in the financial and legal services industries. Currently owner of his own law firm, Mr. Kähari has been a co-founder and Managing Partner of PwC Legal and has experience with leading financial institutions and law firms including SEB, Nordea, and Sorainen.
Hannu Kananen has been Chairman and Partner of Front Group, a Helsinki-based leading financial services and asset management company, for 17 years. Prior to founding Front, Mr. Kananen worked in several Finnish financial sector firms including FIM Corporate Finance, EVLI Corporate Finance, and Skopbank.
Rasmus Pikkani is the Director of Financial Administration at Tartu University Hospital, the largest healthcare institution in Estonia. Mr. Pikkani has also performed mainly asset management-related managerial positions in leading financial institutions like Luminor, Swedbank, and Sampo Bank, and worked as economist at Estonian Central Bank.
PlusPlus Capital AS
Kaarel Raik, Member of the Management Board
Phone: +372 56 606 148
Aalto Capital (Investor Relations)
Sven Pauly, Director
Phone: +49 89 898 67 77 0
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 117 thousand claims with nominal value of approximately EUR 289 million as at 31 December 2022. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.