POWR.L Regulatory News (POWR)

10 Jan 2008 07:01

Powerflute Oyj10 January 2008 10 January, 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN POWERFLUTE OYJ Powerflute Oyj ("Powerflute" or the "Company"), (traded on AIM: POWR), whichoperates a paper mill in Finland and manufactures high quality Nordicsemi-chemical fluting, is pleased to announce that it today applies for anadditional listing for the Company's shares of no par value (the "Shares") onthe First North list, the alternative market of the OMX Nordic ExchangeStockholm AB. The intended additional listing would take place in the Finnishsection of the First North list and the Shares would be traded in Euros. First North is an alternative marketplace within OMX Nordic Exchange StockholmAB operated by Swedish OMX group. Companies on First North are not subject tothe same rules as companies on the regulated main market. Instead they aresubject to a less extensive set of rules and regulations adjusted to smallgrowth companies. All companies with shares traded on First North have aCertified Adviser who monitors that the rules are followed. E. Ohman J:or Fondkommission AB of Stockholm ("Ohman") will act as CertifiedAdviser in connection with the trading of the Shares on the First North list. Trading on First North is subject to a number of conditions including sufficientShareholder base and publication of a company description. If all of theconditions are satisfied, the Shares are expected to begin trading approximatelyby the end of January 2008. Don Coates, the CEO, commented, "We are very excited about the opportunity totrade on First North. 12.5 per cent. of Powerflute's Shares were placed by Ohmanin the Nordic region at the time of the AIM IPO in May and we've seen growinginterest towards our Shares particularly from Finland. A listing on First Northwill complement our existing trading facility on AIM and should add greaterliquidity and depth of distribution." For additional information please contact: Financial Dynamics:Billy Clegg+44 (0)20 7269 7157 Collins Stewart Europe Ltd:Nick EllisPhilip P. Roe+44 (0)20 7523 8350 E.Ohman J:or Fondkommission ABVesa Heikkila+358 (0)9 8866 6021 A copy of this announcement has been placed on the Company's websitewww.powerflute.com. Copies of the announcement will not be dispatched toshareholders. Note to Editors Powerflute Powerflute is a holding company which, through its wholly-owned subsidiary SavonSellu Oy (together the "Group"), operates a 300,000 tonne per annum ratedcapacity paper mill near Kuopio, Finland, and manufactures a specialised highquality grade of fluting called nordic semi-chem fluting. The Group is one ofonly three producers of nordic semi-chem fluting (sold by the Group as"PowerfluteTM") in the world. In accordance with its strategy, the Company mayin the future also acquire and manage complementary companies or assets relatedto paper and packaging or other forestry derivatives. Additional information onPowerflute is available on the Company's website at www.powerflute.com . First North First North is an alternative marketplace within OMX Nordic Exchange StockholmAB operated by Swedish OMX group. Companies on First North are not subject tothe same rules as companies on the regulated main market. Instead they aresubject to a less extensive set of rules and regulations adjusted to smallgrowth companies. The risk in investing in a company on First North maytherefore be higher than investing in a company on the main market. Allcompanies with shares traded on First North have a Certified Adviser whomonitors that the rules are followed. The exchange approves the application foradmission to trading. Additional information on First North is available on thewebsite at www.omxgroup.com/nordicexchange/firstnorth/ Trading on First North Trading on First North is carried out in the electronic trading system SAXESS,developed by OMX. SAXESS offers functionality to support both order drivenmarkets and price driven markets. For order driven markets, bids and offers areentered in the relevant order book and automatically matched to trades whenprice, volume and other order conditions are met. For price driven markets,interests are entered into the relevant order book and transactions arenegotiated manually and reported into the system. SAXESS also offersfunctionality to support issuing of new bonds via an electronic order book. Thetrading is decentralized, which means that member firms are connected to thesystem and trade from their respective home offices, inside and outside theNordic countries. Trades in Powerflute's Shares between the AIM Market and the First North Market The primary listing of Powerflute is on the AIM market. The actual shares aretraded in the AIM market but since non-UK issuers' shares are not CREST(electronic settlement system operated by Euroclear UK & Ireland) eligible thetraded shares are settled in the form of depository interests (DI) issued byCapital IRG Trustees Limited (Capita). It is possible for the holders of Powerflute's DIs to sell their DI's to theFirst North market. It is also possible for the Shareholders in Powerflute tosell their Shares to the AIM market. The DIs sold to the First North market willbe converted to Shares. The Shares sold to the AIM market will not be convertedbut will remain in Finland by virtue of Capita issuing depository DIs in theUK's CREST system. Should shareholders wish to transfer shares into depositary interests or viceversa, they should contact the Company registrars, Capita IRG Trustees Limited,on +44 (0)20 8639 2209 for further details. This information is provided by RNS The company news service from the London Stock Exchange