4 Nov 2014 09:40
4 November 2014
POWERFLUTE
EXTRAORDINARY GENERAL MEETING
On 30 September 2014, Powerflute Oyj ("Powerflute" or the "Company") announced that it had entered into a conditional agreement with Stora Enso Oyj ("Stora Enso") for the acquisition of Corenso, an international producer of cores and coreboard (the "Acquisition").
Powerflute today announces that the Extraordinary General Meeting of shareholders ("EGM") held today in Helsinki, Finland to consider the Acquisition resolved in favour of all matters in accordance with the proposals of the Board of Directors as presented in the Notice of the EGM.
The Board of Directors has been authorised to proceed with the necessary process for completion of the proposed acquisition of Corenso on the terms set out and in accordance with the agreements presented in the Admission Document published by Powerflute on 30 September 2014.
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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 7831 3113 |
Numis Securities Mark Lander (Corporate Broking) Andrew Holloway / Jamie Lillywhite (Nominated Advisor)
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+44 20 7260 1000 |
FTI Consulting Oliver Winters Georgina Goodhew
| +44 20 7831 3113 |
About Powerflute
Powerflute is a paper and packaging group quoted on the AIM market of the London Stock Exchange (Ticker: POWR). The Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from locally sourced birch. Corrugated boxes manufactured using Nordic semi-chemical fluting 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.