5 Apr 2016 07:01
5 April 2016
Powerflute
Exercise of share options by Directors
Powerflute Oyj ("Powerflute" or the "Company") today announces that on 4 April 2016 it received irrevocable instructions from Marco Casiraghi and David Walton, both directors of the Company, of their desire to exercise their rights under share options granted to them by the Company and to subscribe the following shares with immediate effect:
· Marco Casiraghi - 4,673,600 shares, of which 2,000,000 shares have no subscription price and 2,673,600 shares have a subscription price of EUR 0.01 per share.
· David Walton - 1,858,600 shares, with a subscription price of EUR 0.01 per share.
The Company will proceed with the issue, registration and application for admission of new shares to satisfy its obligations to each of the directors without delay. Following completion of the necessary formalities, the number of shares in issue (excluding those held in treasury) will be 290,650,374, the expected admission date is 12 April 2016. The Company holds 5,700,000 of its own shares in treasury and the remaining number of options awarded under the Company's share option schemes but not yet exercised is 7,237,100, representing 2.5% of the Company's issue share capital (excluding treasury shares).
The shareholdings of Mr Casiraghi and Mr Walton following completion of the issue of new shares will be as follows:
· Marco Casiraghi - 12,612,229 shares, representing 4.3% of the issued share capital
· David Walton - 3,108,600 shares, representing 1.1% of the issued share capital
.
In addition, they will each have remaining options over the Company's shares as follows:
· Marco Casiraghi - 2,136,800 shares, representing 0.7% of the issued share capital
· David Walton - 1,529,300 shares, representing 0.5% of the issued share capital
- Ends-
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 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.