30 Apr 2010 15:01
30th April 2010
POWERFLUTE OYJ
APPOINTMENT OF DIRECTOR
Powerflute Oyj ("Powerflute") which operates paper mills in Kuopio, Finland and Lenningen, Germany is pleased to announce the appointment of Dermot Stopford Smurfit, 35, as a Non-Executive Director of the Company following the Annual General Meeting of shareholders held in Kuopio, Finland on 29th April 2010.
Mr Smurfit is a director and Chief Operating Officer of GameAccount Global Limited, one of Europe's leading providers of internet gaming software. Prior to this he worked in investment banking with Wit Capital LLC. Mr Smurfit is a qualified lawyer.
Commenting on the appointment Chris Knight, Powerflute's Senior Independent Non-Executive Director said:
"We are delighted to announce the appointment of Dermot S Smurfit as a Non-executive Director and we are confident that his background and experience will enable him to make a valuable contribution to the Board."
The additional information required under AIM Rule 17 in connection with the appointment as a Director of Powerflute is as follows:
Dermot Stopford Smurfit is currently a director of the following: GameAccount Global Limited
Mr Smurfit currently holds 2,000,000 ordinary shares in Powerflute representing 1.38% of total voting rights.
There are no further disclosures required under paragraph (g), Schedule Two of the AIM Rules for Companies.
- Ends-
Contacts
For additional information please contact:
| Powerflute OYJ Dermot Smurfit (Chairman) Marco Casiraghi (Chief Executive) David Walton (Chief Financial Officer)
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c/o Billy Clegg, Financial Dynamics +44 (0)20 7269 7157 |
| Collins Stewart Europe Ltd: Piers Coombs Mark Dickenson
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+44 (0)20 7523 8350 |
| E.Öhman J:or Fondkommission AB: Ms Arja Väyrynen
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+358 9 8866 6029 |
| Financial Dynamics: Billy Clegg
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+44 (0)20 7831 3113 |
| K Capital Source Mark Kenny Jonathan Neilan |
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+353 (1) 663 3686 |
About Powerflute
Powerflute Oyj ("the Company" or "Powerflute") is a packaging group with established positions in Nordic semi-chemical fluting and coated woodfree papers.
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 birchwood sourced principally in Finland and Russia. Corrugated boxes manufactured using Nordic semi-chemical fluting demonstrate exceptional strength and moisture resistance and are extensively used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill has the capacity to produce up to 300,000 tonnes per annum and is one of three suppliers of Nordic semi-chemical fluting in Europe.
Through its recently acquired subsidiary Papierfabrik Scheufelen, the Group operates a paper mill in Lenningen, Germany which produces a range of coated woodfree papers from mixed hardwood and softwood pulps. Coated woodfree papers are used in the production of printed promotional material such as brochures, leaflets and other point of sale materials for producers and distributors of premium branded goods. The Lenningen mill has the capacity to produce up to 300,000 tonnes per annum and supplies the majority of its products into the European market where total demand has historically been in excess of 7.7 million tonnes per annum.