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:
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| Powerflute OYJ | | c/o Billy Clegg, Financial |
| Dermot Smurfit (Chairman) | | Dynamics |
| Marco Casiraghi (Chief | | +44 (0)20 7269 7157 |
| Executive) | | |
| David Walton (Chief Financial | | |
| Officer) | | |
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| Collins Stewart Europe Ltd: | | +44 (0)20 7523 8350 |
| Piers Coombs | | |
| Mark Dickenson | | |
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| E.Öhman J:or Fondkommission AB: | | +358 9 8866 6029 |
| Ms Arja Väyrynen | | |
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| Financial Dynamics: | | +44 (0)20 7831 3113 |
| Billy Clegg | | |
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| K Capital Source | | +353 (1) 663 3686 |
| Mark Kenny | | |
| Jonathan Neilan | | |
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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.
Appointment of Director
| Quelle: Powerflute Oyj