Lamor Corporation Plc | Inside Information | July 07, 2026 at 11:15:00 EEST

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Inside information: Lamor Corporation Plc publishes programme in relation to the comprehensive reorganisation of its outstanding debt financing

In August 2023, Lamor Corporation Plc (“Lamor”) issued EUR 25,000,000 senior secured green fixed rate notes due August 2026 (ISIN: FI4000556154) (the “Notes”) to finance the Kuwait soil remediation project and, to a lesser extent, the development of the Kilpilahti plastic recycling facility.

The extension of the Kuwait project in January 2026, while commercially positive and value accretive, has postponed the release of working capital beyond what was anticipated at the time of issuance of the Notes. Lamor is paying rigorous attention to reduce the net working capital of the Lamor group and has made significant progress during the past year which, however, has not been sufficient to fully offset the impact of the Kuwait project extension while capital remains also invested in the Kilpilahti plastic recycling facility, which has not yet commenced cash flow generation.

The aforementioned factors are expected to normalize over this and the following year – as the Kuwait project is approaching completion, continued working capital release is expected, while the Kilpilahti plastic recycling facility progresses through ramp-up and begins contributing operational cash flow.

Among other things, due to the aforementioned issues, Lamor has initiated a programme with the aim of achieving a comprehensive reorganisation of its debt financing, which, now completed, comprises the following measures:

(i) a written procedure for the Notes to solicit consents to amend the terms and conditions of the Notes including, among others, the extension of the final maturity date of the Notes until 24 August 2028, a step-up of the redemption price of the Notes at certain intervals, incorporation of certain new undertakings concerning equity raise and Lamor Recycling Oy, incorporation of a minimum liquidity maintenance covenant and certain other amendments relating to the permission of the Bank Financing (as defined below) (the “Written Procedure”);

(ii) refinancing of its and Lamor Recycling Oy’s existing bank loans and guarantee facilities in the amount of approximately EUR 60,000,000 and provision of additional funding in the amount of approximately EUR 15,000,000 to finance the remaining investments and working capital needs related to the ramp-up of its plastic recycling facility and certain working capital requirements of Lamor Recycling Oy (the “Bank Financing”) which Lamor has been negotiating with certain Nordic banks and a Nordic financial institution. As of the time of this announcement, Lamor has received (i) a credit-approved financing confirmation from two Nordic banks as lenders concerning provision of certain loan and guarantee facilities for the implementation of the Bank Financing and (ii) a credit-approved offer from a Nordic financial institution concerning the provision of certain guarantees for the benefit of the Nordic banks as lenders concerning the Bank Financing; and

(iii) an equity raise in the aggregate amount of at least EUR 5,000,000 (gross) by way of a share issue by Lamor Corporation Plc (the “Share Issue”) which it would undertake to complete by 15 December 2026 as a condition subsequent for the Bank Financing and the proposals set out in the Written Procedure.

The implementation of the measures specified above requires that (i) those holders of the Notes that represent at least 75 per cent of the adjusted nominal amount for which the noteholders vote in the Written Procedure consent to the proposals set out in the Written Procedure, (ii) final negotiations, documentation and fulfilment of certain conditions precedent in respect of the Bank Financing are completed, and (iii) Lamor’s general meeting may further need to decide on the necessary authorisations for the Share Issue. The board of directors of Lamor will evaluate the method of implementation of the Share Issue and, if necessary, convene an extraordinary general meeting. Lamor will publish the possible notice of general meeting, any resolutions and information on the implementation of Share Issue separately.

Lamor aims to complete the Written Procedure and Bank Financing during July–August 2026 and the Share Issue by 15 December 2026 in accordance with the condition subsequent.

Lamor intends to offer certain fees to noteholders who submit valid voting instructions in accordance with the detailed terms and instructions to be set out in the notice of the Written Procedure.

As of the time of this announcement, discussions have been held with certain larger institutional holders of the Notes which represent approximately 64 per cent of the adjusted nominal amount of the Notes and which have expressed support for the proposals to be presented under the Written Procedure. In addition, Lamor’s principal shareholder, Larsen Family Corporation Oy, has undertaken to participate in the Share Issue with an investment of EUR 2,000,000 and to vote in favour of the Share Issue in the relevant extraordinary general meeting of Lamor.

To support its financing negotiations, Lamor further provides an update on its liquidity position as of 31 May 2026, which remained solid at EUR 7.1 million. Lamor estimates that the described new funding under the Bank Financing would be sufficient to finance the remaining investments and working capital needs related to the ramp-up of the Kilpilahti plastic recycling facility.

Further enquiries:

Lamor Corporation Plc

Fred Larsen, CEO
fred.larsen@lamor.com
+358 40 090 6311

Nalle Stenman, CFO
nalle.stenman@lamor.com
+358 40 566 8918

About Us

Lamor is one of the world’s leading providers of environmental solutions. For four decades, we have worked to clean up and prevent environmental incidents on land and at sea.

Environmental protection, soil remediation and material recycling: Our innovative technologies, services and tailored solutions, ranging from oil spill response, waste management and water treatment to soil remediation and plastic recycling, benefit customers and environments all over the world.

We are capable of vast and fast operations thanks to our connected ecosystem of local partners, steered by our experts. We have nearly 600 employees in more than 20 countries. In 2025, our turnover was 90 million euros. Lamor's share is listed on the Nasdaq Helsinki (ticker: LAMOR). Further information: www.lamor.com.

Disclaimer

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or the United States or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes or shares in Lamor in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes and shares in Lamor have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of the notes or shares in Lamor to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the notes or shares in Lamor. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom that are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 that are also (a) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (b) high net worth entities, and (iii) other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.