Helsinki, Finland, 2011-11-29 08:57 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release 29 November 2011 at 10:00 am
THE HELSINKI COURT OF APPEAL DISMISSED MINIMUM DIVIDEND ACTION INITIATED AGAINST FINNLINES BY ILMARINEN
The Helsinki Court Of Appeal has today overruled the judgment rendered by the Helsinki District Court on 3 March 2010 and dismissed all claims presented against Finnlines Plc by Mutual Pension Insurance Company Ilmarinen.
In its action Ilmarinen had objected to the decision of Finnlines’ Annual General Meeting held on 20 May 2008 concerning minimum dividend and demanded that the resolution be amended so that the minimum dividend paid should have been 17,181,000 euros instead of 180,216.39 euros.
The Court of Appeal finds the decision by Finnlines’ Annual General Meeting not to have been in breach of the provisions of the Finnish Companies Act relating to minimum dividend.
The Court of Appeal has ordered Ilmarinen to compensate Finnlines’ legal costs in the District Court and in the Court of Appeal by an amount of 538,303.79 euros.
It is possible to file an application for a leave to appeal against the judgment of the Court of Appeal to the Supreme Court. The judgment will be final and non-appealable, unless Ilmarinen files an application for a leave to appeal within 60 days from the day following the date of the judgment, or if the Supreme Court does not grant a leave to appeal against the judgment.
In Helsinki on 29 November 2011
Finnlines Plc
Seija Turunen / Tapani Voionmaa
CFO / Group Legal Counsel
Distribution OMX Helsinki Stock Exchange
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