latest news releases from the newsroom
Appointment at Proha plc
HELSINKI, Finland, Nov. 21, 2002 (PRIMEZONE) -- Ms. Sirpa Haavisto, M.Sc.(Econ.), APA, has been appointed the Chief Financial Officer of Proha Plc beginning December 2, 2002. Prior to joining Proha Ms. Haavisto worked as Authorized Public Accountant and head of international accounting standards (IAS and U.S. GAAP) group at Ernst & Young Oy, Finland.
Frontline Ltd. Agreement
HAMILTON, Bermuda, Nov. 21, 2002 (PRIMEZONE) -- Frontline Ltd. (NYSE:FRO) signed an agreement today, which includes the sale of one of the Company's VLCCs to a German K/G promoted by Dr. Peters GmbH. The vessel is expected to be delivered to the new owners before year end. The vessel will be chartered back on a 13 year charter arrangement, including an option for the Company to buy back the vessel at the end of the charter period. The sale is expected to generate cash to the Company in excess of USD 25 million.
Internal Changes in TietoEnator Group Management
ESPOO, Finland, Nov. 21, 2002 (PRIMEZONE) -- The Senior Vice Presidents in charge of two of TietoEnator's (Other OTC:TTNTF) (Stockholm:TIEN) business areas, Lars Gahnstrom, Public & Healthcare, and Carl-Johan Lindfors, Resource Management, are to exchange their responsibilities. Mr. Gahnstrom has been appointed Senior Vice President, Resource Management, and Mr. Lindfors Senior Vice President, Public & Healthcare, effective from January 1, 2003. Both will continue as members of TietoEnator Group Management.
Shareholders Representing More than 90% of the Shares in Sonera Have Accepted Telia's Public Offer
STOCKHOLM, Sweden, Nov. 21, 2002 (PRIMEZONE) -- Telias (Stockholm:TLIA) (Other OTC:TLAAF) public offer to holders of shares and warrants in Sonera (Helsinki:SRA) (Nasdaq:SNRA) has been accepted by owners representing more than 90% of the total number of shares and votes in Sonera. According to the calculations, 1 060 062 362 Sonera shares (including shares represented by Sonera ADS:s) and 26 750 072 Sonera warrants, in aggregate representing 95.0% of the shares and votes (fully diluted) in Sonera, have been tenderd. An important condition for the merger between Telia and Sonera has thereby been fulfilled.
Green Welling LLP
Asia Global Bankruptcy Could Wipe Out Existing Stock Says Green & Jigarjian LLP
SAN FRANCISCO, Nov. 20, 2002 (PRIMEZONE) -- On November 18, 2002, Asia Global announced that some of its units had filed for protection in the U.S. Bankruptcy Court for the Southern District of New York. The bankruptcy filing was little more than a footnote in a press release announcing that a group led by China Netcom is poised to purchase Asia Global. The company's announcement said nothing about what existing common stockholders can expect to receive in the transaction. In most Chapter 11 bankruptcies, the common stock is simply extinguished by operation of law. The shareholders receive nothing.