14 Nov 2016 09:10
14 November 2016
POWERFLUTE OYJ
CANCELLATION OF ADMISSION TO AIM
On 14 November 2016, Nordic Packaging and Container (Finland) Holdings Oy ("Bidco") declared its recommended cash offer (the "Offer") for Powerflute Oyj ("Powerflute") wholly unconditional, having received acceptances to the Offer representing more than 90% of the issued and to be issued shares in Powerflute.
As a result, Powerflute today announces, in accordance with the requirements of Rule 41 of the AIM Rules for Companies, and as set out in the offer document relating to the Offer dated 26 September 2016 (the "Offer Document"), that at the request of Bidco it has applied for cancellation of admission to trading on AIM of its shares and depositary interests (the "Cancellation").
Cancellation of admission to trading on AIM is likely to reduce significantly the marketability and transferability of any Powerflute shares or depositary interests in respect of which the Offer has not been accepted. Holders of securities in Powerflute wishing to effect transfers of their securities should be aware that the procedure for acceptance of the Offer is set out in the Offer Document.
The Cancellation is expected to take effect from 7.00 a.m. on or shortly after 13 December 2016, being a date no earlier than 20 business days following this notification.
For further information, please contact:
Powerflute Dermot Smurfit (Chairman) Marco Casiraghi (CEO) David Walton (CFO)
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c/o Oliver Winters, FTI Consulting +44 20 3727 1535 |
Numis Securities Mark Lander (Corporate Broking) Andrew Holloway / Jamie Lillywhite (Nominated Advisor)
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+44 20 7260 1000 |
FTI Consulting Oliver Winters Tom Hufton
| +44 20 3727 1535 |
About Powerflute
Powerflute is a paper and packaging group whose shares are admitted to trading on the AIM market of the London Stock Exchange (Ticker: POWR) which seeks to acquire businesses with strong fundamentals whose performance can be improved through a combination of management focus and targeted investment.
The Group currently has two main activities; Packaging Papers which trades under the name Powerflute and operates a paper mill in Kuopio, Finland producing a specialised form of Nordic semi-chemical fluting used in the manufacture of high-performance corrugated board; and Coreboard and Cores, which trades under the name Corenso and is a leading international manufacturer of high performance coreboard and cores, with coreboard mills in the United States and Europe and a network of core producing facilities in Europe, North America and China.
Nordic semi-chemical fluting is made from locally sourced birch and boxes manufactured using it demonstrate superior 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.
Cores and coreboard are manufactured from recycled paper and are used for applications in paper, packaging, textiles, steel, aluminium and many other industries. Coreboard and cores produced by Corenso demonstrate superior strength and rigidity and are suitable for use in the most demanding applications.
For further information, please visit www.powerflute.com.