RNS24 Mar 2014 13:17
Talvivaara has applied for exemption to defer publication of Financial Statements Release, Financial Statements, and B.o.D Review
Mon, 24th Mar 2014 13:14
Stock Exchange Release
Talvivaara Mining Company Plc
24 March 2014
Talvivaara has applied for an exemption to defer the publication of the Financial Statements Release, the Financial Statements and the Board of Directors' Review
Talvivaara Mining Company Plc ("Talvivaara" or the "Company") has appliedfrom the Finnish Financial Supervisory Authority for an exemption on the basis of Chapter 7, Section 18, Subsection 2 of the Finnish Securities Markets Act to defer the publication of the Financial Statements Release, the Financial Statements and the Board of Directors' review for the financial period from 1 January 2013 to 31 December 2013 until 30 April 2014. The Company will apply, on the basis of the rules of the stock exchange, for a similar exemption from NASDAQ OMX Helsinki Ltd. The Company has previously announced that it would publish its Financial Statements Release on 27 March 2014 and its Annual Report, which includes the Financial Statements and the Board of Directors' review, on 31 March 2014.
The Finnish Financial Supervisory Authority granted on 24 January 2014 an exemption for Talvivaara from the publication deadline of the Financial Statements Release for the financial period from 1 January 2013 to 31 December 2013 until 31 March 2014, provided that the Company will no later than on 28 February 2014 publish information for the period of 1 January 2013 to 31 December 2013 that is equivalent to the contents of an interim management statement as described in Chapter 7, Section 14, Subsection 3 of the Finnish Securities Markets Act. Talvivaara published the statement referred to above on 28 February 2014. NASDAQ OMX Helsinki Ltd. granted, on the basis of the rules of the stock exchange, a similar exemption to the Company in January 2014.
As previously announced in the release published on 28 February 2014 by the Company, Talvivaara had as at 31 December 2013 cash and cash equivalents amounting to EUR 5.9 million. As a result of cash generated from nickel and cobalt sales since then, and the cost savings made by restricting operations, the Company has been able to continue operations for the time being. However, in the absence of further funding, the Company's liquidity situation remains critical. Talvivaara continues, together with the Administrator of the corporate reorganisation, active discussions with certain parties regarding bridge funding and will inform the markets about the progress of these in due course. In addition, the Company is also in discussions with certain parties regarding a long-term financing solution for Talvivaara. As also stated in connection with the Company's Q3 2013 results and in the release published on 28 February 2014, the Directors have in the current circumstances concluded that there exists a material uncertainty t