Talvivaara Mining Company Plc ("Talvivaara" or the "Company") announces that the Administrator of the Company's corporate reorganization proceedings has today filed a request for confirmation of the Restructuring Programme of Talvivaara to the District Court of Espoo. According to the Administrator's request, all the special conditions set for the confirmation and entry into force of the Restructuring Programme have been fulfilled. Based on the final Draft Restructuring Programme filed with the District Court of Espoo on 10 April 2015, the Administrator was to notify the District Court of the fulfillment of the special conditions and to request the confirmation of the Restructuring Programme by 10 April 2017.
The entry into force of the Company's Draft Restructuring Programme requires a decision from the District Court of Espoo. Talvivaara anticipates the District Court of Espoo to announce its decision regarding the confirmation of the Restructuring Programme in the next few weeks. The Company will inform the market on the decision in due course.
The Administrator's confirmation request is available on the Talvivaara corporate website at www.talvivaara.com/corporate-reorganisation.
Talvivaara's Extraordinary General Meeting resolved to approve the proposal by the Board of Directors to authorise the Board of Directors resolve on a share issue
An Extraordinary General Meeting of Talvivaara Mining Company Plc (the "Company") has today on 2 February 2017 resolved to approve the proposal by the Board of Directors to authorise the Board of Directors resolve on a share issue for consideration pursuant to the shareholders' pre-emptive subscription right to raise the funds needed to pay the remaining restructuring debts of the Company and/or to finance the development of the Company's new business opportunities. Based on the authorization, the number of shares which can be issued through one or several share issues shall not exceed 40,000,000,000 shares in aggregate. The Board of Directors may decide to issue new shares and/or the Company's own shares held in treasury by the Company. The Board of Directors has the right to decide upon the offering to parties determined by the Board of Directors of any shares that may remain unsubscribed for pursuant to the shareholders' pre-emptive subscription right. Should the total number of the shares in the Company afterwards decrease as a result of a reverse share split, the maximum number of the shares to be issued based on the authorisation shall decrease pro rata. The Board of Directors is authorised to determine the subscription price for the new shares and the other terms and conditions of the share issue. The authorisation of the Board of Directors to issue shares is valid until 30 June 2018.
On 10 April 2015, the Administrator of the restructuring proceedings of the Company filed the final Draft Restructuring Programme with the District Court of Espoo. The confirmation and entry into force of the Draft Restructuring Programme requires the fulfilment of certain special conditions. One of these special conditions was that the general meeting of shareholders executes or authorises the Company's Board of Directors to execute a financial arrangement (e.g. a share issue, bond or other financing instrument) to raise the funds needed for paying the remaining restructuring debts and for covering other possible liabilities to the extent the Company's other funds are not sufficient for such purpose. The Company's view is that the authorization of the Board of Directors approved by the Extraordinary General Meeting today fulfills this special condition of the Draft Restructuring Programme.
Talvivaara Mining Company Plc extends the subscription period of the directed conversion issue to expire on 28 December 2016
The subscription period of Talvivaara Mining Company Plc's ("Talvivaara" or the "Company") directed conversion issue (the "Share Issue") commenced on 28 November 2016 at 10:00 a.m. (Finnish time) and was initially set to expire on 22 December 2016 at 4:00 p.m. (Finnish time). Pursuant to the terms and conditions of the Share Issue, the Board of Directors of Talvivaara has today decided to extend the subscription period of the Share Issue to expire on 28 December 2016 at 4:00 p.m. (Finnish time).
As result of the extension, the new shares issued in the Share Issue are expected to be (i) registered in the trade register maintained by the Finnish Patent and Registration Office on or about 4 January 2017; (ii) issued as book-entry securities in the book-entry system maintained by Euroclear Finland on or about 4 January 2017; and (iii) listed on the official list of the Helsinki Stock Exchange on or about 5 January 2017.
The offering circular related to the Share Issue and the terms and conditions of the Share Issue are available on Talvivaara's website at www.talvivaara.com/conversion_issue and at Talvivaara's registered office located at Ahventie 4 B 47, FI-02170 Espoo, Finland. Talvivaara expects to supplement the offering circular reflecting such new dates and the supplement will be made available on the same Talvivaara website and at Talvivaara's registered office.
Nothing to add, no. He obviously can't say much, only what is in the public domain, as he would be in breach of trading rules. He has only advised me that I don't need to do anything.
Sorry chaps, meant to add to this on Saturday. Pekka Pera replied to me on Friday evening. He said old shares will be converted to new ones, no need to do anything.