Oy Lival Ab’s takeover bid for Nordic Aluminium Plc’s shares starts on 20 August 2012


Nordic Aluminium Oyj (“Nordic Aluminium ” or ”Company”) has today, on 17 August 2012 received information according to which the previously published public takeover bid made by Oy Lival Ab (“Lival”) regarding Nordic Aluminium Oyj’s shares (”Takeover Bid”) will commence on 20 August 2012. The independent board members of the Company unanimously recommend that the Takeover Bid shall be accepted by the shareholders. The statement of the board of directors is attached hereto as appendix 2.

 

The Finnish Financial Supervisory Authority has today, on 17 August 2012 accepted the offer document concerning the Takeover Bid (“Offer Document”). Information of the terms and conditions of the Takeover Bid are set forth in the notification published by Oy Lival Ab, attached as a whole as appendix 1 to this stock exchange release.

 

The Takeover Bid’s time allowed for acceptance shall commence on 20 August 2012 at 10 a.m. Finnish time and shall end on 14 September 2012 at 4 p.m. Finnish time (“Offer Period”). Lival retains a right to extend the time allowed for acceptance in accordance with the terms and conditions of the Takeover Bid.

 

The announced 30.00 Euro consideration per Share equals (i) 5.71 per cent’s premium compared to the Share’s 28.38 Euro closing price in the Helsinki Stock Exchange on the last day of trading prior to the publishing of the Takeover Bid, (ii) approximately 11 per cents’ premium compared to the Share’s 27.02 Euro medium rate of last three (3) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information approximately 1.62 per cent and 29.52 Euro taking into account the block trades carried out in the Helsinki Stock Exchange), and (iii) approximately 10 per cent premium compared to the Share’s 27.31 Euro medium rate of last six (6) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information approximately 5.56 per cent and 28.42 Euro taking into account the block trades carried out in the Helsinki Stock Exchange).

 

The last date of trading taken into consideration while calculating the medium rates weighted by transaction amounts is 9 August 2012.

 

The offer document shall be available starting on 20 August 2012 at 9.00 a.m. Finnish time at ELVI bank’s Helsinki offices at Aleksanterinkatu 19 A, 00100 Helsinki, at Nasdaq OMX Helsinki’s offices at Fabianinkatu 14, 00130 Helsinki and at Lival’s offices at Lukkarinmäentie 1, 04130 Sipoo. Offer Document shall be available also in internet at www.evli.com.  

 

The Bidder retains a right for itself and its circle of acquaintances to buy Shares during the Offer Period also through public trading at Helsinki Stock Exchange or by other means.

 

Most of the Finnish account custodians shall send their clients booked down to Company’s shareholder register an announcement of the Takeover Bid as well as proceeding instructions relating thereto and the acceptance form. If the shareholders do not receive proceeding instructions and acceptance form from their account custodian (such as Euroclear Finland Oy) the shareholders may contact Evli Pankki Oyj (“Evli”) by phone at +358 (0)9 4766 9573 or by e-mail to operations@evli.com to gain necessary information to render their acceptance.

 

Those shareholders whose Shares are under administrative registration and who wish to accept the Takeover Bid, shall render their acceptance in accordance with the instructions of the administrative registration’s administrator.

 

Relating to pledged shares the acceptance of the Takeover Bid shall require the pledgee’s consent. Acquiring of the consent is a responsibility of the said shareholder. The consent of the pledgee shall be delivered to the account custodian in writing.

 

The preliminary outcome of the Takeover Bid shall be declared by a stock exchange release approximately on the first banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the preliminary outcome it shall be announced whether the Offer Period be extended. The final outcome of the Takeover Bid shall be announced approximately on the third banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the final outcome the number of Shares on whose part the Takeover Bid has been duly accepted shall be announced as well as whether the Takeover Bid shall be executed.

 

 

Helsinki, 17 August 2012

 

Nordic Aluminium Oyj

 

For further information, please contact: Joakim Berndtsson, CEO, tel. +358 20 7660 206

 

 

Distribution: NASDAQ OMX Helsinki Oy, essential media

 

APPENDIX 1: Oy Lival Ab’s notification 17 August 2012

APPENDIX 2: Statement of the board of directors

 


 

 

APPENDIX 1

 

Oy Lival Ab’s cash takeover bid for Nordic Aluminium Plc’s all shares starts on 20 August 2012

 

Not to be published in Australia, South-Africa, Japan, Canada and the United States.

 

Notification 17 August 2012 at 09.30.

 

 

Oy Lival Ab’s cash takeover bid for Nordic Aluminium Plc’s all shares starts on 20 August 2012

 

Oy Lival Ab (”Lival” or ”Bidder”) announces that it will commence on 20 August 2012 a cash takeover bid (”Takeover Bid”) to acquire all of Nordic Aluminium Oyj (“Nordic Aluminium ” or ”Company”) shares (“Shares”) which are not possessed by Nordic Aluminium or its subsidiaries or are not in the possession of the Bidder.

 

Oy Lival Ab is fully owned by Stig Lival-Lindström. Lival owns 3 443 515 Shares constituting 71.19 percent of shares and votes issued by the Company.

 

In addition Stig Lival-Lindström owns 132 790 Shares constituting 2.75 per cent of shares and votes issued by the Company, Varma Mutual Pension Insurance Company owns 290 000 Shares constituting 6.00 per cent of shares and votes issued by the Company, Sijoitusrahasto Aktia Capital owns 217 000 Shares constituting 4.49 per cent of shares and votes issued by the Company, Fondita Nordic Micro Cap Placeringsfond owns 90 000 Shares constituting 1.86 percent of shares and votes issued by the Company, Mandatum Life Insurance Company Ltd owns 59 754 Shares constituting 1.24 per cent of shares and votes issued by the Company and Torolf Theman owns 20 064 Shares constituting 0.41 per cent of shares and votes issued by the Company. Other shareholders own 542 359 Shares constituting 11.21 per cent of shares and votes issued by the Company. Above mentioned ownership information reflects data on 8 August 2012.

 

Varma Mutual Pension Insurance Company, holding 6.00 per cent of the Company’s shares, has given its commitment to the Bidder to accept the Takeover Bid.

 

Stig Lival-Lindström who is the Chairman of Nordic Aluminium’s Board of Directors and Lival’s Managing Director and the sole Member of the Board of Directors, will not participate in Nordic Aluminium’s board or other work relating to the Takeover Bid.

 

The announced 30.00 Euro consideration per Share equals (i) 5.71 per cent’s premium compared to the Share’s 28.38 Euro closing price in the Helsinki Stock Exchange on the last day of trading prior to the publishing of the Takeover Bid, (ii) approximately 11 per cents’ premium compared to the Share’s 27.02 Euro medium rate of last three (3) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information 29.52 Euro and approximately 1.62 per cent taking into account the block trades carried out in the Helsinki Stock Exchange), and (iii) approximately 10 per cent premium compared to the Share’s 27.31 Euro medium rate of last six (6) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information 28.42 Euro and approximately 5.56 per cent taking into account the block trades carried out in the Helsinki Stock Exchange).

 

The last date of trading taken into consideration while calculating the medium rates weighted by transaction amounts is 9 August 2012.

 

Lival shall use its existing cash to finance the Takeover Bid.

 

The Takeover Bid’s time allowed for acceptance (“Offer Period”) shall commence on 20 August 2012 at 10 a.m. Finnish time and shall end on 14 September 2012 at 4 p.m. Finnish time.

 

The execution of the Takeover Bid requires amongst other things that the Takeover Bid has been accepted in relation to Shares representing (together with the shares owned by Lival and its Circle of Acquaintances (as defined below)) over 90 per cent of Nordic Aluminium’s Shares and votes. Circle of acquaintances shall mean Stig Lival Lindström and companies under his ruling, other than the Bidder (“Circle of Acquaintances”).

 

Lival shall retain a right to waive any terms and conditions for execution of the Takeover Bid. The material terms and conditions of the Takeover Bid, including the terms and conditions for the Takeover Bid’s execution are attached to this stock exchange release.

 

The Bidder retains a right for itself and its Circle of Acquaintances to buy Shares during the Offer Period also through public trading at Helsinki Stock Exchange or by other means.

 

Lival shall announce the preliminary outcome of the Takeover Bid by a stock exchange notification approximately on the next banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the preliminary outcome it shall be announced whether the Offer Period be extended. The final outcome of the Takeover Bid shall be announced by Lival approximately on the third banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the final outcome the number of Shares on whose part the Takeover Bid has been duly accepted shall be announced.

 

Most of the Finnish account custodians  shall send their clients booked down to Company’s shareholder register an announcement of the Takeover Bid as well as proceeding instructions relating thereto and the acceptance form. If the shareholders do not receive proceeding instructions and acceptance form from their account custodian (such as Euroclear Finland Oy) the shareholders may contact Evli Pankki Oyj (“Evli”) by phone at +358 (0)9 4766 9573 or by e-mail to operations@evli.com to gain necessary information to render their acceptance.

 

Those shareholders whose Shares are under administrative registration and who wish to accept the Takeover Bid, shall render their acceptance in accordance with the instructions of the administrative registration’s administrator. The Bidder shall not send the acceptance form nor other documents relating to the Takeover Bid to these shareholders.

 

Relating to pledged shares the acceptance of the Takeover Bid shall require the pledgee’s consent. Acquiring of the consent is a responsibility of the said shareholder. The consent of the pledgee shall be delivered to the account custodian in writing.   

 

The Finnish Financial Supervisory Authority has on 17 August 2012 accepted the offer document concerning the Takeover Bid (“Offer Document”). Offer Document shall be available starting on 20 August 2012 at 9 a.m. Finnish time at ELVI bank’s Helsinki offices at Aleksanterinkatu 19 A, 00100 Helsinki, at Nasdaq OMX Helsinki’s offices at Fabianinkatu 14, 00130 Helsinki and at Lival’s offices at Lukkarinmäentie 1, 04130 Sipoo. Offer Document shall be available also in internet at www.evli.com.  

 

Ernst & Young Oy shall act as the Bidder’s financial and legal advisor.

 

Further details:

For further information, please contact: Andri Vainio, Information Officer, telephone number: +358 40 1676717.

 

 

Terms and conditions of the Takeover Bid

 

Target of the Takeover Bid

 

The Bidder offers in accordance with the Takeover Bid to acquire all Shares issued by the Company which are not possessed by Nordic Aluminium or its subsidiaries or are not in the possession of the Bidder.  

 

Consideration

 

The consideration to be paid for each Share in accordance with the Takeover Bid shall be 30 Euros in cash subject to the valid acceptance of the Takeover Bid in accordance with its terms and conditions and that the acceptance has not been validly withdrawn (“Consideration”).

 

The Consideration has been defined based on the fact that the number of Shares on the Date of the Offer Document is 4,836,882 (including all issued Shares) and the Company has not issued any other securities entitling to shares. If the number of Shares is increased or the Company shall issue special rights entitling to Company’s shares in accordance with the chapter 10 of the Finnish Companies act prior to the execution date (as further defined below in section “Conditions for the execution of the Takeover Bid”), the Bidder shall have the right to revise the Consideration accordingly.

 

If the Company’s shareholder meeting decides prior to the Execution Date (as defined below) upon a distribution of dividend or distribution of other assets whereto the shareholder who has accepted the Takeover Bid is entitled, the Consideration shall be reduced by the amount corresponding to the amount of the dividend or the distribution of profits per Share.

 

Offer period

 

Offer period shall commence on 20 August 2012 at 10.00 a.m. Finnish time and shall end on 14 September 2012 at 4.00 p.m. Finnish time, unless the offer period is extended or the extended offer period is suspended as stated below (“Offer Period”). Acceptance of the Takeover Bid shall be delivered to the recipient prior the end of the Offer Period as stipulated below in section “Acceptance procedure of the Takeover Bid”. Bidder may at any time extend the Offer Period. The Bidder shall inform of the possible extension to the Offer Period by a stock exchange notification no later than on the next banking day as of the end of the Offer Period. In addition the Bidder shall inform of the possible re-extension to the extended Offer Period or the re-extension to the suspended extended Offer Period no later than on the next banking day as of the end of the extended Offer Period or the end of the suspended extended Offer Period.

 

The Offer Period as a whole may run for the maximum of ten (10) weeks. However, if the conditions for the Takeover Bid’s execution have not been met due to a special impediment referred to in the Finnish Financial Supervisory Authority’s standard 5.2c regarding public takeover bids, the Bidder may extend the Takeover Bid to run more than ten (10) weeks until the said impediment has been eliminated and the Bidder has had a reasonable time to take into consideration the said situation. In such case the Bidder shall inform the new end date at least two (2) weeks prior to the end of the Offer Period.

 

The Bidder has the right to suspend the extended Offer Period. The Bidder shall inform of its decision regarding the suspension of the extended Offer Period as soon as possible after the decision regarding the suspension has been made and in all cases no later than one (1) week prior to the end of the Offer Period to be suspended. If the Bidder suspends the extended Offer Period the Offer Period will end on the prior moment as informed by the Bidder, unless the Bidder will re-extend the Offer Period in accordance with what is stated above.

 

Conditions for the execution of the Takeover Bid

 

A condition for the execution of the Takeover Bid is that the below mentioned conditions for the execution of the Takeover Bid (“Conditions for Execution”) are met on the date or by the date when the sales of the Shares, on behalf of  which the Takeover Bid is validly accepted, shall be executed as further stipulated below in sections “Execution of the Takeover Bid” and “Payment terms, clarification and payment of the Consideration” (“Execution Date”) or that the Bidder shall waive the below conditions or some of them:

 

  • A competent court or regulating authority has not given legally enforceable decision which would prevent the execution of the Takeover Bid;

 

  1. The Takeover Bid has been bindingly accepted in relation to Shares representing (together with the Shares owned by the Bidder and its Circle of Acquaintances) over 90 percent of the Company’s Shares and votes attached to the Shares; and

 

  1. No issue, change or circumstance has occurred, from which the Bidder or its Circle of Acquaintances did not know at the time of publishing of the Takeover Bid, and which is likely to have a material adverse effect to Company’s or its subsidiaries’ business, funds, financial status or its business profit.

 

The Bidder retains a right to withdraw from the Takeover Bid if the any of the above conditions is not met or it has become evident that any of the conditions shall not or cannot be met. The Bidder may, to the extent permitted by law, waive any of the above mentioned conditions which have not been met. If all conditions are met or the Bidder has waived them or some of them no later than on the Execution Date, the Bidder shall execute the Takeover Bid in accordance with the terms and conditions of the Takeover Bid after the Offer Period has ended, by acquiring the Shares, relating to which the valid acceptance has been retained, to Bidder possession and by paying the Consideration to the shareholders who have validly accepted the Takeover Bid as further stipulated below in sections “Execution of the Takeover Bid” and “Payment terms, clarification and payment of the Consideration”.

 

 

Duty to increase the Consideration and duty to make a refund

 

The Bidder retains a right for itself and its Circle of Acquaintances to buy Shares during the Offer Period also through public trading at Helsinki Stock Exchange or by other means. If the Bidder or a person referred to in the section 10.2 of chapter 6 of the Finnish Securities Markets Act (459/1989 including amendments thereto, “Securities Markets Act”) acquires Shares prior to the end of the Offer Period by a higher price than the Consideration or otherwise with better terms and conditions, the Bidder shall, in accordance with the section 13 of chapter 6 of the Securities Markets Act, amend the conditions of the Takeover Bid to correspond the terms and conditions of the above mentioned sales which have been made with better terms and conditions (duty to increase the Consideration). In this case the Bidder shall publish information of the duty to increase the Consideration without undue delay and it shall pay, when the Takeover Bid is executed, the consideration in accordance with sales executed with better terms and conditions to the shareholders who have accepted the Takeover Bid.

 

If the Bidder or If the Bidder or a person referred to in the section 10.2 of chapter 6 of the Securities Markets Act acquires Shares within nine (9) months as of the end of the Offer Period by a higher price or by otherwise better terms and conditions than the Consideration or otherwise with better terms and conditions, the Bidder shall, in accordance with the section 13 of chapter 6 of the Securities Markets Act, refund the shareholders, who have accepted the Takeover Bid, the amount corresponding the difference between the price of the sales made by better terms and conditions and the Consideration (duty to make a refund). In this case the Bidder shall publish information of the duty to make a refund without undue delay and it shall pay the difference between the sales made by better terms and conditions and the Consideration within one (1) month as of the date when the duty to make a refund has been established to shareholders who have accepted the Takeover Bid.

 

In accordance with the section 13.5 of chapter 6 of the Securities Markets Act no duty to make a refund shall exist if the price for the Share higher than the Consideration is based on a decision rendered by arbitration court, necessitating that the Bidder or a person referred to in the section 10.2 of chapter 6 of the Securities Markets Act has not, prior or during to the arbitration proceedings, offered to acquire Shares by better terms and conditions than what is stated in the Takeover Bid.

 

Acceptance procedure of the Takeover Bid

 

A shareholder who is, during the Offer Period, registered into Company’s shareholder register may accept the Takeover Bid, excluding the Company and its subsidiaries.

 

The acceptance of the Takeover Bid shall be given per book-entry system. Shareholder may accept the Takeover Bid only unconditionally and on behalf of all Shares included in the book entry system mentioned in the acceptance form. Acceptance given during the Offer Period shall be valid also until the end of the extended Offer Period or the suspended extended Offer Period.

 

Most of the Finnish account custodians shall send their clients booked down to Company’s shareholder register an announcement of the Takeover Bid as well as proceeding instructions relating thereto and the acceptance form. If the shareholders do not receive proceeding instructions and acceptance form from their account custodian (such as Euroclear Finland Oy) the shareholders may contact Evli Pankki Oyj (“Evli”) by phone at +358 (0)9 4766 9573 or by e-mail to operations@evli.com to gain necessary information to render their acceptance.

 

Those shareholders whose Shares are under administrative registration and who wish to accept the Takeover Bid, shall render their acceptance in accordance with the instructions of the administrative registration’s administrator. The Bidder shall not send the acceptance form or other documents relating to the Takeover Bid to these shareholders.

 

Relating to pledged shares the acceptance of the Takeover Bid shall require the pledgee’s consent. Acquiring of the consent is the responsibility of the said shareholder. The consent of the pledgee shall be delivered to the account custodian in writing.   

 

The Company’s shareholders who accept the Takeover Bid, shall give their acceptance to the account custodian administrating their book-entry system in accordance with the account custodian’s instructions and within the time limit set by the same or, if the said account custodian does not receive the acceptance (e.g. the clients of Euroclear Finland Oy), the shareholders may contact Evli to accept the Takeover Bid on behalf of the Shares owned by such shareholder. The Bidder retains a right to reject the acceptances that are made defectively or inadequately.

 

The acceptance shall be delivered in such manner that it is received within the Offer Period (including the extended or the suspended extended Offer Period) taken into consideration the instructions given by the account custodian. The account custodian may request to receive the acceptance prior to the end of the Offer Period. The Company’s shareholders shall deliver the acceptance at their own responsibility. Acceptance is deemed to be delivered only when the account custodian or Evli has actually received it.

 

No shareholder of the Company, who has accepted the Takeover Bid validly in accordance with terms and conditions of the Takeover Bid, shall be entitled to sell or otherwise dispose of the Shares owned by the said shareholder.

 

By accepting the Takeover Bid the shareholders shall authorize Evli or person authorized by Evli or their account custodian  to book down a restriction on the right to dispose or restriction on sale to shareholder’s book-entry system as stipulated below in section “Technical execution of the Takeover Bid in the book-entry system”, after the shareholder has delivered its acceptance. In addition the shareholders who have accepted the Takeover Bid shall authorize Evli or person authorized by Evli or their account custodian to execute other entries needed and to commence other actions needed for the technical execution of the Takeover Bid as well as to sell all the Shares on behalf of which the acceptance has been given and which are possessed by the said shareholder on the time of execution of the sales to the Bidder in accordance with the terms and conditions of the Takeover Bid.

 

Cancellation of the acceptance of the Takeover Bid

 

The acceptance of the Takeover Bid is bonding and it cannot be cancelled, unless otherwise stated in the applicable law (section 8 of chapter 6 of the Securities Markets Act).

 

Technical execution of the Takeover Bid in the book-entry system

 

When the account custodian or Evli has received the acceptance relating to the Shares in accordance with the terms and conditions of the Takeover Bid, the account custodianor Evli shall book down a restriction on the right to dispose or restriction on sale to shareholder’s book-entry system. The a restriction on the right to dispose or restriction on sales shall be eliminated and the Consideration shall be paid to the Company’s shareholder in connection to the execution sale of the Takeover Bid or its’ clarification.

 

If the Takeover Bid is not executed, the a restriction on the right to dispose or restriction on sale shall be eliminated from the book-entry account as soon as possible and approximately within three (3) banking days as of the notification regarding the non-execution of the Takeover Bid. In this case the Bidder shall not compensate the shareholder payments which the account custodian or the administrative registration’s administrator may claim relating to the same.

 

Declaration of the preliminary and final outcome of the Takeover Bid

 

The preliminary outcome of the Takeover Bid shall be declared by a stock exchange notification approximately on the first (1.) banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the preliminary outcome it shall be announced whether the Offer Period be extended. The final outcome of the Takeover Bid shall be announced approximately on the third (3.) banking day following the date when the Offer Period has ended (including the extended or suspended extended Offer Period). In connection to the announcement of the final outcome the number of Shares on whose part the Takeover Bid has been duly accepted shall be announced as well as whether the Takeover Bid shall be executed.

 

Execution of the Takeover Bid

 

The Takeover Bid shall be executed in relation to those shareholders of the Company who have validly accepted the Takeover Bid and who have not validly cancelled their acceptance in situation referred to in section 8 of chapter 6 of the Securities Markets Act on the Execution Date of the Takeover Bid (including the extended and suspended extended Offer Period) at the latest, which shall be the fourth (4.) banking day as of the end of the Offer Period, i.e. the anticipated date is 20 September 2012. If possible the execution of sales of the Shares shall be made via Helsinki Stock Exchange necessitating that the regulations applied to security trading at Helsinki Stock Exchange  allow the same. Otherwise the execution sales shall be made outside the Helsinki Stock Exchange . The execution of sales  shall be clarified approximately on third (3.) banking day as of the Execution Date (“Clarification Date”), i.e. the anticipated date is 25 September 2012.

 

Payment terms, clarification and payment of the Consideration

 

Consideration shall be paid on the Clarification Date to the book-entry system’s administration account of the Company’s shareholder who has validly accepted the Takeover Bid. If the Company’s shareholders’ administration account is in another financial institution than the shareholder’s book-entry system, the Consideration shall be paid to the bank account in accordance with the payment traffic system between the financial institutions approximately two (2) banking days later.

 

The Bidder retains a right to suspend the payment of the Share’s Consideration if the payment is prevented or interrupted due to force majeure. However, the Bidder shall make the payment as soon as the force majeure preventing or interrupting the payment has been solved.

 

Transfer of title

 

Ownership to Shares relating to which a valid acceptance has been given and the acceptance has not been validly cancelled in situation referred to in section 8 of chapter 6 of the Securities Markets Act shall transfer to the Bidder on Clarification Date as return of the payment of the Consideration.

 

Transfer tax

 

The possible transfer tax arising out of the sale of the Shares in accordance with the Takeover Bid in Finland shall be borne by the Bidder.

 

Other payments

 

Each shareholder of the Company shall be liable for expenses which the account custodian may claim upon an agreement between the shareholder and the account custodian as well as costs and fees claimed by account custodian, asset managers, administrative registration’s administrator or other persons relating to the release of encumbrances or release of possible other restrictions preventing the sale of Shares.

 

Bidder shall be liable for other customary expenses which arise out of the book-entries necessitated by the Takeover Bid, execution of the sales of the Shares in accordance with the Takeover Bid as well as payment of the Consideration.

 

If the Company’s shareholder cancels the acceptance of the Takeover Bid due to a takeover bid made by a third party within the Offer Period certain account custodian  may claim a separate fee on the shareholder relating to book-entries of the acceptance of the Takeover Bid and the cancellation of the takeover bid (please see above ”Cancellation of the acceptance of the Takeover Bid”). Company’s shareholder who cancels its acceptance during the Offer Period due to a takeover bid made by a third party shall be liable to pay all fees which the account custodian administrating the book-entry system or the  administrative registration’s administrator may claim upon cancellation.

 

Miscellaneous

 

The Finnish law shall govern the Offer Document and the Takeover Bid and all disputes relating to the Offer Document and the Takeover Bid shall be solely settled by the courts of Finland.

 

The Bidder retains a right to amend the terms and conditions of the Takeover Bid in accordance with section 7 of chapter 6 of the Securities Markets Act. The Bidder retains a right to decide upon the waiving of the Takeover Bid in accordance with the section 5 of chapter 6 of the securities Markets Act if the Financial Supervisory Authority decides upon the extension of the Offer Period.

 

The Bidder shall be entitled to sell Shares during the Offer Period in public trading in Helsinki Stock Exchange or by other means if special grounds exist for such sale. Special grounds may be established for example in a situation where the conditions set for the execution of the Takeover bid shall not be met, the Takeover Bid is cancelled due to section 8 of chapter 6 of the Securities Markets Act or when the Bidder has special grounds to transfer shares to person parallel to the Bidder. The Bidder shall publish information of its’ intent to sell Shares so that no transactions relating to the sales shall be made or other actions pertaining to the sales shall be committed to prior at least one banking day has lapsed after the publication of the said information.

 

If a third party makes a competing offer during the Offer Period the Bidder shall, in accordance with the section 8 of chapter 6 of the Securities Markets Act, retain a right to (i) decide upon the extension to the Offer Period; (ii) decide upon an amendment to Takeover Bid’s terms and conditions; and (iii) decide upon the elapsing of the Takeover Bid during the Offer Period and prior to the end of the competing offer’s offer period.

 

The Bidder shall decide upon all other issues pertaining to the Takeover Bid.

 

The Takeover Bid shall not be made and the Shares shall not be accepted to be acquired by any person or on behalf of any person in any such country in which the making of the Takeover Bid or its acceptance would be in breach with such country’s legislation on securities or other laws or regulations, or would necessitate registration or approval of any other authority than the authorities specifically mentioned in the Offer Document. The Takeover Bid shall not be made directly or indirectly in Australia, South-Africa, Japan, Canada or the United States or to these countries, nor shall this Offer Document or documents relating thereto be sent to Australia, South-Africa, Japan, Canada or the United States.

 

 

 

 


 

 

APPENDIX 2

 

STATEMENT BY THE BOARD OF DIRECTORS OF NORDIC ALUMINIUM PLC ON THE TAKEOVER BID MADE BY OY LIVAL AB

 

The Board of Directors of Nordic Aluminium Plc (“Board”) issues this statement in accordance with Chapter 6, Section 6 of the Finnish Securities Market Act regarding Oy Lival Ab’s takeover bid published on 10 August 2012:

 

1. Background

Oy Lival Ab (”Lival” or “Bidder”) will make a voluntary takeover bid (”Takeover Bid”) to acquire all the Nordic Aluminium Plc (“Nordic Aluminium” or “Company”) shares (”Shares”) which are not possessed by Nordic Aluminium or its subsidiaries or are not in the possession of the Bidder. Lival is fully owned by Nordic Aluminium’s Chairman of the Board of Directors Stig Lival-Lindström.

On 20 August 2012, the Bidder shall publish an offer document (“Offer Document”) in which it sets out, inter alia, background for the Takeover Bid, strategic plans as well as the terms and conditions of the Takeover Bid.

The consideration to be paid for each Share in accordance with the Takeover Bid shall be 30 Euros in cash subject to the valid acceptance of the Takeover Bid (“Consideration”). The Takeover Bid’s time allowed for acceptance shall commence on 20 August 2012 and end on 14 September 2012. Lival retains a right to extend the time allowed for acceptance in accordance with the terms and conditions of the Takeover Bid.

 

The Bidder has announced that if the direct ownership of the Bidder or Stig Lival-Lindström’s, having the control over the Bidder, direct or indirect ownership exceeds nine tenth’s (9/10) of the Shares and votes attached to the Shares, it or him shall start the redemption process in accordance with the Finnish Companies Act (624/2006 including amendments thereto, “Companies Act”). Then the Shares that have not been offered to the Bidder according to the Takeover Bid shall be redeemed in accordance with the procedure of Companies Act’s Chapter 18.

 

According to the Bidder, if the prerequisites for delisting of the Shares in Helsinki Stock Exchange are met, the Bidder or Stig Lival-Lindström, having the control over the Bidder, shall use its or his control over the Company so that the Company shall seek delisting of the Shares in Helsinki Stock Exchange.

 

The Board of Directors has established a committee to evaluate the Takeover Bid to which the independent members of the Board of Directors Hans Jonasson and Nina Ehrnrooth have been elected. The committee members in question are independent in regards to the Takeover Bid. Stig Lival-Lindström who is the Chairman of Nordic Aluminium’s Board of Directors and Lival’s Managing Director and the sole member of the Board of Directors, will not participate in Nordic Aluminium’s board or other work relating to the Takeover Bid. A member of the Board, Viveka Iisaho, who is Stig Lival-Lindström’s sister and employed by Lival as an HR manager has participated in the formal decision-making of the Board but has not participated in the preparation of this statement.

 

Due to the Bidder and Stig Lival-Lindström having control over the Bidder currently holding altogether approximately 73.94 percent of Shares and votes issued by Nordic Aluminium, the Board has not actively sought alternative or competing offers. The Board has not received alternative or competing offers from third parties, and is not aware of the preparation of any such offers. In addition, Varma Mutual Pension Insurance Company, holding 6.00 per cent of the Company’s shares, has given its commitment to the Bidder to accept the Takeover Bid.

 

2. The Board’s evaluation of the Takeover Bid

For the purpose of evaluating the Takeover Bid the Board has engaged Alexander Corporate Finance Oy to provide an independent fairness opinion (“Fairness Opinion”) concerning the financial terms of the Takeover Bid. The Board states that according to Alexander Corporate Finance Oy’s Fairness Opinion, with the assumptions presented in the opinion, the Takeover Bid is, from a financial point of view, fair to Nordic Aluminium’s shareholders.

 

The announced 30.00 Euro consideration per Share equals (i) 5.71 per cent’s premium compared to the Share’s 28.38 Euro closing price in the Helsinki Stock Exchange on the last day of trading prior to the publishing of the Takeover Bid, (ii) approximately 11 per cents’ premium compared to the Share’s 27.02 Euro medium rate of last three (3) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information approximately 1.62 per cent and 29.52 Euro taking into account the block trades carried out in the Helsinki Stock Exchange), and (iii) approximately 10 per cent premium compared to the Share’s 27.31 Euro medium rate of last six (6) months’ average rate weighted with the transaction amounts of the Shares in the Helsinki Stock Exchange (comparable information approximately 5.56 per cent and 28.42 Euro taking into account the block trades carried out in the Helsinki Stock Exchange).

 

The large-scale ownership of the Bidder has likely resulted to the fact that the Share’s liquidity in the Helsinki Stock Exchange has not been on a satisfactory level and that the listing of the Shares does not render any substantial benefit to the Company or its shareholders. Many of the Company’s shareholders have not probably had a chance to realize their ownership in the Company due to the low liquidity. The Bidder on its part enables the realization of the said ownership via the Takeover Bid.

 

The Board has assessed the Takeover Bid and its terms on the basis of the Offer Document, the Fairness Opinion of Alexander Corporate Finance Oy and other available information. The Board has assessed that the Consideration is fair for the shareholders and recommends that the Company’s shareholders approve the Takeover Bid.

The Board notes, however, that the assessment of the Board does not constitute investment advice to the shareholders, nor can the Board be required to specifically evaluate the general price development or the risks associated with any investment activity in general. Acceptance or refusal of the Takeover Bid is always a matter to be decided by the shareholders themselves, for which the starting point should be the information presented by the Bidder in the Offer Document.

 

3. The Board’s evaluation of the strategic plans set out by the Bidder in the Offer Document and their probable impacts on the operations and employment of the Company

According to the Offer Document “Completion of the Takeover Bid does not have a direct impact on the business or assets of Nordic Aluminium or on the position of its management or employees.” Furthermore, the Offer Document states that ”The Bidder and its Circle of Acquaintances wish to increase their ownership in the Company. If the direct ownership of the Bidder or Stig Lival-Lindström’s, having the control over the Bidder, direct or indirect ownership exceeds nine tenth’s (9/10) of the Shares and votes attached to the Shares, it or him shall start the redemption process in accordance with the Companies Act and use its or his control over the Company so that the Company shall seek delisting of the Shares in Helsinki Stock Exchange.

In accordance with the Bidder’s view a clear industrial link exists between the businesses of the Company and Lival, which’s comprehensive utilization, would become materially easier should the Bidder hold 100 per cents’ ownership in the Company. The Bidder also believes that the Company as an unlisted company can develop its business and execute its strategy in the best possible way. Based on the current view of the Bidder its strategic plans regarding Nordic Aluminium do not affect the personnel of the Company or the location of the business.“

 

Based on the information set out in the Offer Document Nordic Aluminium's Board of Directors assesses that the Takeover Bid will not have a direct impact on the business activities or employment of Nordic Aluminium.

 

 

In Sipoo, 17 August 2012

 

NORDIC ALUMINIUM PLC

The Board of Directors

 

 

 

Kirkkonummi August 17, 2012

 

NORDIC ALUMINIUM PLC

 

Joakim Berndtsson

CEO

For further information please contact:

CEO Joakim Berndtsson, tel. +358 20 7660 200

 

Distribution:

OMX NASDAQ Helsinki

The Main Media

www.nordicaluminium.fi

 

NOAE1212

 


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