Exemption for Talvivaara11 Feb 2015 15:46
Talvivaara Mining Company Plc ("Talvivaara" or "Company") has applied from the Finnish Financial Supervisory Authorityfor an exemption on the basis of chapter 7, section 18 of the Finnish Securities Markets Act to defer the publication of Talvivaara's financial statements release as well as the financial statements and the Board of Directors' review for the financial year ending 31 December 2014 to no later than 30 April 2015. Talvivaara has applied for a similar exemption from the NASDAQ OMX Helsinki Oy under the rules of the stock exchange.
Talvivaara provides, inter alia, services to the bankruptcy estate of Talvivaara Sotkamo Ltd ("Talvivaara Sotkamo") and will continue to operate for the time being with the aim of ensuring sufficient funding to participate in a consortium, which acquires the mining operations from Talvivaara Sotkamo. The District Court of Espoo has on 30 January 2015 granted an extension to the deadline for re-submitting the proposal for the reorganization programme of Talvivaara until 13 March 2015, as applied by the Administrator appointed in respect of the corporate reorganisation. In the current circumstances, Talvivaara considers that it is not able to publish the financial statements release on the previously published date of 27 February 2015 or its financial statements and the Board of Directors' review on the previously published date of 23 March 2015, as it is likely that the Company will not have sufficient information on its possible future role in the mining operations in Sotkamo, Finland or on the content or approval of, the final restructuring programme on the above mentioned dates. As a result, Talvivaara is currently not in a position to approve and publish the financial statements release, the financial statements or the Board of Directors' review on a going concern basis.
Talvivaara's ability to continue its operations on a going concern basis and the content of the supplemented reorganisation programme will be based on the role that the Company may have in the future operations of the mine. Talvivaara's potential role can only be determined when further information is available.
Talvivaara has received the above-mentioned exemption from the Financial Supervisory Authority on 11 February 2015. The Financial Supervisory Authority has granted the exemption on a condition that the Company publishes, by 28 February 2015, information corresponding to the information to be given under the Interim Management Statement pursuant to chapter 7, section 14 of the Finnish Securities Market Act, as well as other information available on the prospects for continuing operations and on the effects of the bankruptcy of Talvivaara Sotkamo Ltd on the operations of the Company. The Financial Supervisory Authority has held that granting the exemption on the above-mentioned conditions does not jeopardize the position of the investors, and is not against the applicable regulat
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