21 Mar 2016 17:10
21 March 2016
Powerflute Oyj
Completion of Secondary Placing
Powerflute Oyj ("Powerflute" or the "Company") announces that on 21 March 2016 it received notification that on the same date Bacchantes Ltd ("Bacchantes"), a company controlled by Sir Michael Smurfit, sold 25,000,000 ordinary shares in the Company at a price of 80p per ordinary share (the "Placing"). Following settlement of the Placing, Bacchantes will hold 36,050,213 ordinary shares in the Company representing 12.7% of the shares in issue.
Following completion of the Placing, which was conducted pursuant to Sir Michael's estate planning, Bacchantes Ltd and the Company's chairman, Dr Dermot Smurfit, have agreed with the Company that they and their connected persons and affiliates will not dispose of shares in the Company for a period of at least six months, subject to customary exceptions.
- Ends-
For further information, please contact:
Powerflute Dermot Smurfit (Chairman) Marco Casiraghi (CEO) David Walton (CFO)
| c/o Oliver Winters, FTI Consulting +44 20 3727 1535
|
Numis Securities Mark Lander (Corporate Broking) Andrew Holloway / Jamie Lillywhite (Nominated Advisor)
| +44 20 7260 1000
|
FTI Consulting Oliver Winters Tom Hufton
| +44 20 3727 1535 |
About Powerflute
Powerflute is a paper and packaging group quoted 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.