Source: Powerflute
Admission to trading on First North
10 January, 2008 FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN
POWERFLUTE OYJ
Powerflute Oyj ("Powerflute" or the "Company"), (traded on AIM: POWR), which
operates a paper mill in Finland and manufactures high quality Nordic
semi-chemical fluting, is pleased to announce that it today applies for an
additional listing for the Company's shares of no par value (the “Shares”) on
the First North list, the alternative market of the OMX Nordic Exchange
Stockholm AB. The intended additional listing would take place in the Finnish
section of the First North list and the Shares would be traded in Euros.
First North is an alternative marketplace within OMX Nordic Exchange Stockholm
AB operated by Swedish OMX group. Companies on First North are not subject to
the same rules as companies on the regulated main market. Instead they are
subject to a less extensive set of rules and regulations adjusted to small
growth companies. All companies with shares traded on First North have a
Certified Adviser who monitors that the rules are followed.
E. Öhman J:or Fondkommission AB of Stockholm (“Öhman”) will act as Certified
Adviser in connection with the trading of the Shares on the First North list.
Trading on First North is subject to a number of conditions including sufficient
Shareholder base and publication of a company description. If all of the
conditions are satisfied, the Shares are expected to begin trading approximately
by the end of January 2008.
Don Coates, the CEO, commented, "We are very excited about the opportunity to
trade on First North. 12.5 per cent. of Powerflute's Shares were placed by Öhman
in the Nordic region at the time of the AIM IPO in May and we've seen growing
interest towards our Shares particularly from Finland. A listing on First North
will complement our existing trading facility on AIM and should add greater
liquidity and depth of distribution."
For additional information please contact:
Financial Dynamics:
Billy Clegg
+44 (0)20 7269 7157
Collins Stewart Europe Ltd:
Nick Ellis
Philip P. Roe
+44 (0)20 7523 8350
E.Öhman J:or Fondkommission AB
Vesa Heikkilä
+358 (0)9 8866 6021
A copy of this announcement has been placed on the Company's website
www.powerflute.com. Copies of the announcement will not be dispatched to
shareholders.
Note to Editors
Powerflute
Powerflute is a holding company which, through its wholly-owned subsidiary Savon
Sellu Oy (together the “Group”), operates a 300,000 tonne per annum rated
capacity paper mill near Kuopio, Finland, and manufactures a specialised high
quality grade of fluting called nordic semi-chem fluting. The Group is one of
only three producers of nordic semi-chem fluting (sold by the Group as
“Powerflute™”) in the world. In accordance with its strategy, the Company may in
the future also acquire and manage complementary companies or assets related to
paper and packaging or other forestry derivatives. Additional information on
Powerflute is available on the Company's website at www.powerflute.com .
First North
First North is an alternative marketplace within OMX Nordic Exchange Stockholm
AB operated by Swedish OMX group. Companies on First North are not subject to
the same rules as companies on the regulated main market. Instead they are
subject to a less extensive set of rules and regulations adjusted to small
growth companies. The risk in investing in a company on First North may
therefore be higher than investing in a company on the main market. All
companies with shares traded on First North have a Certified Adviser who
monitors that the rules are followed. The exchange approves the application for
admission to trading. Additional information on First North is available on the
website at
www.omxgroup.com/nordicexchange/firstnorth/
Trading on First North
Trading on First North is carried out in the electronic trading system SAXESS,
developed by OMX. SAXESS offers functionality to support both order driven
markets and price driven markets. For order driven markets, bids and offers are
entered in the relevant order book and automatically matched to trades when
price, volume and other order conditions are met. For price driven markets,
interests are entered into the relevant order book and transactions are
negotiated manually and reported into the system. SAXESS also offers
functionality to support issuing of new bonds via an electronic order book. The
trading is decentralized, which means that member firms are connected to the
system and trade from their respective home offices, inside and outside the
Nordic countries.
Trades in Powerflute's Shares between the AIM Market and the First North Market
The primary listing of Powerflute is on the AIM market. The actual shares are
traded in the AIM market but since non-UK issuers' shares are not CREST
(electronic settlement system operated by Euroclear UK & Ireland) eligible the
traded shares are settled in the form of depository interests (DI) issued by
Capital IRG Trustees Limited (Capita).
It is possible for the holders of Powerflute's DIs to sell their DI's to the
First North market. It is also possible for the Shareholders in Powerflute to
sell their Shares to the AIM market. The DIs sold to the First North market will
be converted to Shares. The Shares sold to the AIM market will not be converted
but will remain in Finland by virtue of Capita issuing depository DIs in the
UK's CREST system.
Should shareholders wish to transfer shares into depositary interests or vice
versa, they should contact the Company registrars, Capita IRG Trustees Limited,
on +44 (0)20 8639 2209 for further details.