Salo, Finland, 2011-03-21 08:25 CET (GLOBE NEWSWIRE) -- Salcomp Plc Stock Exchange Release 21 March 2011 at 9:25 Finnish time
Salcomp Plc (“Salcomp”) has received the following information from Nordstjernan AB (“Nordstjernan”).
“Nordstjernan is currently the holder of more than nine tenths (90 per cent) of all shares in Salcomp. Nordstjernan has acquired, and will continue acquiring, additional Salcomp shares at a price not exceeding EUR 2.00 per share. As announced earlier, Nordstjernan will also initiate redemption proceedings with respect to the shares held by the minority shareholders of Salcomp, and through such proceedings acquire all remaining Salcomp shares and eventually delist the company.
According to the invitation to the Annual General Meeting of Salcomp (“AGM”) to be held on 24 March 2011, the Board proposes to the AGM that a dividend of EUR 0.07 would be paid for each outstanding share.
In light of the recent circumstances, Nordstjernan will not support the payment of any dividend and will thus vote against the Board’s proposal in the AGM.”
Nordstjernan has also informed that it has filed the application to the Redemption Board of the Finnish Central Chamber of Commerce in order to initiate the arbitration to redeem the minority shares. According to the application, the offered redemption price is EUR 2.00 per share and in case any dividend or other distribution is paid out by Salcomp to its shareholders before the redemption process is finalized, the price offered in the redemption proceedings shall be reduced by the amount of the dividend or other distribution.
SALCOMP PLC
Markku Hangasjärvi
President and CEO
Further information:
Markku Hangasjärvi, President and CEO, Salcomp Plc, p. +358 40 7310 114
Tomas Billing, President, Nordstjernan AB, +46 8 788 50 18
Distribution:
NASDAQ OMX, Helsinki
The main media
www.salcomp.com
Markku Hangasjärvi, President and CEO, Salcomp Plc, p. +358 40 7310 114
Tomas Billing, President, Nordstjernan AB, +46 8 788 50 18