Application for delisting from First North Finland (0957D)
May 10 2012 - 8:45AM
UK Regulatory
TIDMPOWR
RNS Number : 0957D
Powerflute Oyj
10 May 2012
10 May 2012
POWERFLUTE
APPLICATION FOR DELISTING FROM FIRST NORTH FINLAND
Powerflute Oyj ("Powerflute" or the "Company"), the packaging
and paper group, announces that further to the intention expressed
in its preliminary results announcement made on 15 March 2012, it
has today submitted a formal application to the Helsinki Stock
Exchange for the removal of the Company's shares from trading on
First North Finland, the alternative investment market of NASDAQ
OMX Helsinki ("First North"), with effect from the end of June
2012.
Since February 2008, the Company's shares have been listed on
both First North and the Alternative Investment Market of the
London Stock Exchange ("AIM"). Following careful consideration of
the merits or otherwise of maintaining the dual listing status, it
has been concluded that the interests of shareholders will be best
served if trading in the Company's shares is concentrated on its
primary listing on AIM.
Further details of how the proposed delisting from First North
will affect shareholders and the options available to them,
including details of the actions that must be taken by shareholders
to facilitate trading of shares through AIM, will be communicated
once confirmation of the timetable and any conditions associated
with the delisting have been received from the Helsinki Stock
Exchange.
- Ends-
For further information, please contact:
PowerfluteOyj
Dermot Smurfit (Chairman) c/o Billy Clegg, FTI Consulting
Marco Casiraghi (Chief Executive +44 20 7269 7157
Officer)
David Walton (Chief Financial
Officer)
Canaccord Genuity Limited
Piers Coombs
Mark Dickenson +44 20 7523 8350
Pareto hman AB
Ms Arja Vayrynen +358 9 8866 6029
FTI Consulting
Billy Clegg
Oliver Winters +44 20 7831 3113
FTI Consulting (Ireland)
Mark Kenny
Jonathan Neilan +353 1 663 3686
About Powerflute
Powerflute Oyj ("the Company" or "Powerflute") is a paper and
packaging group quoted on the AIM market of the London Stock
Exchange (Ticker: POWR) and on NASDAQ OMX First North, the
alternative market of NASDAQ OMX Helsinki (Ticker POW1V). Through
its subsidiary Savon Sellu Oy, the Group operates a paper mill in
Kuopio, Finland which produces a specialised form of semi-chemical
fluting made from locally sourced birch. Corrugated boxes
manufactured using Nordic semi-chemical fluting demonstrate
strength and moisture resistance and are used for transportation of
fruit and vegetables, high-value industrial goods such as
electrical appliances and automotive components. The Kuopio mill is
one of only three suppliers of Nordic semi-chemical fluting in
Europe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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