TALV LN)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR IN
ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW
Proposed Placing of up to 22,280,000 new Ordinary Shares of Talvivaara Mining
Company Plc
Details of the Placing
Talvivaara Mining Company Plc ("Talvivaara" or the "Company") announces today
its intention to issue up to 22,280,000 new Ordinary Shares representing
approximately 10 per cent of the number of the existing shares of the Company
(the "Placing") to both new and existing institutional shareholders (the
"Placees").
The Placing is being conducted, subject to the satisfaction of certain
conditions, through an accelerated book-building process to be carried out by
Merrill Lynch International ("Merrill Lynch") and Liberum Capital Limited
("Liberum") who are acting as joint bookrunners in relation to the Placing. The
identity of Placees and the basis of the allocations are at the discretion of
Talvivaara, Merrill Lynch and Liberum. The number of Placing Shares and the
price at which the Placing Shares are to be placed (the "Placing Price") will
be agreed by Talvivaara with the joint bookrunners at the close of the
book-building process. Details of the number of Placing Shares and the Placing
Price will be announced as soon as practicable after the close of the
book-building process.
The Placing Shares will be issued credited as fully paid and will rank pari
passu with the existing Ordinary Shares, including the right to receive all
dividends and other distributions declared in respect of such shares after the
date of issue of the Placing Shares. The Placing will be made on a
non-preemptive basis and as such will be subject to shareholder approval at an
EGM scheduled for 6 July 2009.
The Company will apply for admission of the Placing Shares to trading on the
main market of the London Stock Exchange and the Helsinki Stock Exchange
("Admission"). It is expected that Admission will take place and that trading
will commence on 8 July 2009.
The Placing is conditional upon, inter alia, Admission becoming effective and
upon the passing of the resolutions (without amendment) at the EGM scheduled
for 6 July 2009. The Placing is also conditional on the placing agreement made
between the Company, Merrill Lynch and Liberum not being terminated. It is
anticipated that the settlement date will be 8 July 2009.
The Appendix to this announcement (which forms part of this announcement) sets
out the terms and conditions of the Placing.
Use of Proceeds
The net proceeds of the Placing will be used to realise Talvivaara's strategic
goals, in particular to expand and increase the capacity of Talvivaara's metals
processing facility. With the additional financing, the Company will plan and
design a production expansion of 40-50 per cent of the presently planned level
of 33,000 tonnes of nickel per annum to up to 50,000 tonnes in 2012. The
Company is on track to deliver this expansion of capacity at a cost of c.€50-55
million as initially planned with approximately €15 million (an amount that has
already been funded) needed for additional crushing capacity and €35-40 million
used for de-bottlenecking of the metals plant and for additional mining fleet.
In addition, some of the proceeds will be used for general corporate purposes,
providing additional financial flexibility.
Background and Reasons for the Placing
Talvivaara has decided to pursue this capital raising as soon as possible
because orders for certain long lead-time items for the expanded production
must be placed during the summer of 2009 in order to make possible the planned
timetable for the production ramp-up. In order to be able to commit to the
necessary investments, the Company needs additional funding.
Talvivaara's total resource base of more than one billion tonnes of ore
corresponds to over 40 years' mine-life at the expanded capacity, which
contributes to the Company's intention to pursue expansion. Talvivaara also
targets at being in a good position to benefit from potential supply/demand
imbalance in nickel production in 2011-2012 that may result from recent
cut-backs and a recovery in demand.
Trading update
Following the release of the Company's Interim Management Statement on 28 April
2009 (the “IMS”), the Company is pleased to update the market on current
trading.
In the last month, the Company has made good progress with resolving the
existing crushing problems through redesigning the crushing circuit. Whilst the
performance of the existing circuit continues to be erratic, there has been
improved performance of the secondary and tertiary crushing circuits, and new
equipment has been ordered (including new secondary crushers and additional
screens). In order to achieve a corresponding capacity increase also in the
other parts of the materials handling function, a new agglomeration drum has
been ordered and modifications to the stacking system are being implemented.
Following an approximately two week stoppage for installation planned in
August, the redesign and additional crushing capacity is expected to increase
the materials handling capacity from the current 15 million tonnes per annum to
approximately 22 million tonnes per annum after a slow ramp to full capacity
between September 2009 and January 2010. This should allow the Company to catch
up on the crushing volumes by summer of 2010 as previously announced.
Although these short term crushing problems have affected the 2009 production
targets as previously referred to in the IMS, the Company's nickel production
target for 2010 of 30,000 tonnes remains unchanged. The production target for
2012 reflects a ramp-up to an overall capacity of up to 50,000 tonnes of nickel
per annum (capacity increase of 40-50 per cent), whilst production in 2011 is
expected to be in excess of 40,000 tonnes.
Bioheapleaching is proceeding according to expectations with the amounts of
leach solution available for metals recovery corresponding well to the present
size and average age of the heap. Metals recovery has had promising results
with quality of products already good and further improving through the most
recent production campaign that was run in May 2009.
To accommodate the metals recovery process to the planned capacity increase,
the Company will be making a few amendments in the metallurgical plant in the
first half of 2010 as well as ordering a new hydrogen plant for commissioning
in Q4 of 2010. In bioheapleaching, the Company intends to change the primary
heap pad from dynamic to semi-dynamic by stacking a second layer on the heap
starting during the summer of 2010 with first reclaiming in late 2011. It is
expected that a further 45 or so employees will be taken on to meet the full
expansion plans.
The Company anticipates its operating expenditure in 2009 to amount to
approximately €90 million (excluding lease payments). The capital expenditure
for the year is estimated at €85-95 million providing the expansion project is
pursued.
By the date of this announcement, €30 million of the €50 million investment and
working capital facility from Finnvera has been drawn down.
The Company is still expecting to ship nickel to Norilsk Nickel from August
2009 after the first 100 tonnes were shipped in February 2009. Nickel sulphide
produced in the May production campaign will be invoiced in early June,
although the products will only be delivered in August.
Pekka Pera, Chief Executive of Talvivaara, said: “This offering gives
Talvivaara the financial resources to prudently invest in a significant
expansion at Sotkamo. The new facility will allow us to efficiently increase
our low cost processing capacity and to grow production to up to 50,000 tonnes
of nickel per year.”
Conference Call
A conference call and Q&A with senior management on the Placing and Trading
Update will be held on 2 June at 09:00 BST/11:00 EET.
UK Participants : 0800 694 0257
International Participants: +44 (0) 1452 55 55 66
Conference ID: 12986812#
Further details on the event and the associated presentation can be found on
the Talvivaara website, www.talvivaara.com.
A replay facility will be available until 15 June on the following numbers:
UK Participants: 0800 953 1533
International Participants: +44 (0) 1452 55 00 00
Conference ID: 12986812#
Contacts
Talvivaara Mining Company Plc +358 20 712 9800
Pekka Pera
Saila Miettinen-Lahde
Merrill Lynch International +44 20 7996 1000
Harri Sundvik
Craig Coben
Andrew Osborne
Liberum Capital Limited +44 20 3100 2000
Clayton Bush
Ellen Francis
Merlin +44 20 7653 6620
Tom Randell
Anca Spiridon
IMPORTANT INFORMATION
This Announcement contains (or may contain) certain forward-looking statements
with respect to certain of the Company's plans and its current goals and
expectations relating to its future financial condition and performance and
which involve a number of risks and uncertainties. The Company cautions
readers that no forward-looking statement is a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking statements. These forward-looking statements can be identified
by the fact that they do not relate only to historical or current facts.
Forward-looking statements sometimes use words such as "aim", "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal", "believe", or other
words of similar meaning. Examples of forward-looking statements include,
amongst others, statements regarding or which make assumptions in respect of
the future continued operation of the Group's producing assets, the timing of
the commencement of future production and the sustainability of that
production, the ability of the Group to discover new resources, the prices
achievable by the Group in respect of its production, the costs of exploration,
development or production, future foreign exchange rates, interest rates and
currency controls, the future political and fiscal regimes in the overseas
markets in which the Group operates, the Group's future financial position,
plans and objectives for future operations and any other statements that are
not historical fact. By their nature, forward-looking statements involve risk
and uncertainty because they relate to future events and circumstances,
including, but not limited to, economic and business conditions, the effects of
continued volatility in credit markets, market-related risks such as changes in
the price of commodities or changes in interest rates and foreign exchange
rates, the policies and actions of governmental and regulatory authorities,
changes in legislation, the further development of standards and
interpretations under International Financial Reporting Standards ("IFRS")
applicable to past, current and future periods, evolving practices with regard
to the interpretation and application of standards under IFRS, the outcome of
pending and future litigation or regulatory investigations, the success of
future explorations, acquisitions and other strategic transactions and the
impact of competition. A number of these factors are beyond the Company's
control. As a result, the Company's actual future results may differ materially
from the plans, goals, and expectations set forth in the Company's
forward-looking statements. Any forward-looking statements made in this
Announcement by or on behalf of the Company speak only as of the date they are
made. Except as required by the Financial Services Authority (the "FSA"), the
FFSA, the London Stock Exchange, the Helsinki Stock Exchange or applicable law,
the Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained
in this Announcement to reflect any changes in the Company's expectations with
regard thereto or any changes in events, conditions or circumstances on which
any such statement is based.
This Announcement is for information purposes only and shall not constitute an
offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to
buy, sell, issue, or subscribe for any securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
This Announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by Merrill Lynch, Liberum or by any of their respective affiliates or
agents as to, or in relation to, the accuracy or completeness of this
Announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability
therefore is expressly disclaimed.
Merrill Lynch and Liberum, each of which is authorised and regulated in the
United Kingdom by the FSA, are acting for the Company and for no-one else in
connection with the Placing, and will not be responsible to anyone other than
the Company for providing the protections afforded to their respective
customers or for providing advice to any other person in relation to the
Placing or any other matter referred to herein.
The distribution of this Announcement and the offering of the Placing Shares in
certain jurisdictions may be restricted by law. No action has been taken by the
Company or the Joint Bookrunners that would permit an offering of such shares
or possession or distribution of this Announcement or any other offering or
publicity material relating to such shares in any jurisdiction where action for
that purpose is required. Persons into whose possession this Announcement comes
are required by the Company and the Joint Bookrunners to inform themselves
about, and to observe such restrictions.
The price of shares and the income from them may go down as well as up and the
Placees may not get back the full amount invested on disposal of the Placing
Shares. Any indication in this Announcement of the price at which Ordinary
Shares have been bought or sold in the past cannot be relied upon as a guide to
future performance. No statement in this Announcement is intended to be a
profit forecast and no statement in this Announcement should be interpreted to
mean that earnings per share of the Company for the current or future financial
years would necessarily match or exceed the historical published earnings per
share of the Company.
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS
ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT IN
THIS ANNOUNCEMENT ARE FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT
PERSONS WHO ARE: (A) (I) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5)
OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005
(THE "ORDER"), OR (II) PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) ("HIGH
NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC") OF THE ORDER, OR (III)
PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED; AND (B) (I) PERSONS
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE QUALIFIED INVESTORS (AS
DEFINED IN ARTICLE 2(1)(E) OF EU DIRECTIVE 2003/71/EC (THE "PROSPECTUS
DIRECTIVE")), AND/OR (II) PERSONS IN THE UNITED KINGDOM WHO ARE QUALIFIED
INVESTORS (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT
IN THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT
RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT IN
THIS ANNOUNCEMENT RELATE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT (INCLUDING THE
APPENDIX) DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY.
Persons (including individuals, funds or otherwise) by whom or on whose behalf
a commitment to acquire Placing Shares has been given will be deemed to have
read and understood this Announcement, including the Appendix, in its entirety
and to be making such offer on the terms and conditions, and to be providing
the representations, warranties, acknowledgements, and undertakings contained
in the Appendix. In particular, each such Placee represents, warrants and
acknowledges that it is: (i) a Relevant Person (as defined above) and
undertakes that it will acquire, hold, manage or dispose of any Placing Shares
that are allocated to it for the purposes of its business; and (ii) unless
otherwise agreed, outside the United States and is subscribing for the Placing
Shares in an "offshore transaction" (within the meaning of Regulation S under
the United States Securities Act of 1933, as amended (the "Securities Act").
This Announcement, including the Appendix, is not for distribution directly or
indirectly in or into the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Canada, Australia or Japan or any jurisdiction into which the same would be
unlawful. This Announcement does not constitute or form part of an offer or
solicitation to purchase or subscribe for shares in the capital of the Company
in the United States, Canada, Australia or Japan or any jurisdiction in which
such an offer or solicitation is unlawful. In particular, the Placing Shares
referred to in this Announcement have not been, and will not be, registered
under the Securities Act or under the securities legislation of any state of
the United States, and may not be offered or sold in the United States absent
registration or pursuant to an exemption from, or in a transaction not subject
to, the registration requirements under the Securities Act. Subject to
exceptions, the Placing Shares referred to in this Announcement are being
offered and sold only outside the United States in accordance with Regulation S
under the Securities Act. No public offering of securities of the Company will
be made in connection with the Placing in the United Kingdom, Finland, the
United States or elsewhere.
The relevant clearances have not been, and nor will they be, obtained from the
securities commission of any province or territory of Canada; no prospectus has
been lodged with, or registered by, the Australian Securities and Investments
Commission or the Japanese Ministry of Finance; and the Placing Shares have not
been, and nor will they be, registered under or offered in compliance with the
securities laws of any state, province or territory of Canada, Australia or
Japan. Accordingly, the Placing Shares may not (unless an exemption under the
relevant securities laws is applicable) be offered, sold, resold or delivered,
directly or indirectly, in or into the United States, Canada, Australia or
Japan or any other jurisdiction in which offers or sales would be prohibited by
applicable law.
The Placing Shares have not been approved or disapproved by the US Securities
and Exchange Commission, any State securities commission or any other
regulatory authority in the United States, nor have any of the foregoing
authorities passed upon or endorsed the merits of the Placing or the accuracy
or adequacy of this Announcement. Any representation to the contrary is
unlawful.
Persons (including, without limitation, nominees and trustees) who have a
contractual or other legal obligation to forward a copy of the Appendix or this
Announcement should seek appropriate advice before taking any action.
This Announcement relates to an "Exempt Offer" in accordance with the Offered
Securities Rules of the Dubai Financial Services Authority ("DFSA"). This
Announcement is intended for distribution only to persons of a type specified
in the Offered Securities Rules of the DFSA. It must not be delivered to, or
relied on by, any other person. The DFSA has no responsibility for reviewing or
verifying any documents in connection with Exempt Offers. The DFSA has not
approved this Announcement nor taken steps to verify the information set forth
herein and has no responsibility for this Announcement. The Placing Shares to
which this Announcement relates may be illiquid and / or subject to
restrictions on their resale. Prospective purchasers of the Placing Shares
offered should conduct their own due diligence on the Placing Shares. If you do
not understand the contents of this Announcement you should consult an
authorised financial advisor.
The Placing Shares to be issued pursuant to the Placing will not be admitted to
trading on any stock exchange other than the London Stock Exchange and the
Helsinki Stock Exchange. Neither the content of the Company's website nor any
website accessible by hyperlinks on the Company's website is incorporated in,
or forms part of, this Announcement.
APPENDIX: TERMS AND CONDITIONS OF THE PLACING
IMPORTANT INFORMATION FOR PLACEES ONLY REGARDING THE PLACING.
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION CONTAINED HEREIN
IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISORS AS TO LEGAL, TAX, BUSINESS AND
RELATED ASPECTS OF A PURCHASE OF THE PLACING SHARES.
Details of the Placing
The Joint Bookrunners have entered into a placing agreement with the Company
(the "Placing Agreement") under which, subject to the conditions set out in the
Placing Agreement, the Joint Bookrunners have agreed to use reasonable
endeavours to procure subscribers for Placing Shares at a price determined
following completion of the bookbuilding process in respect of the Placing (the
"Bookbuild"), described in this Announcement and set out in the Placing
Agreement.
The Placing Shares will, when issued, be credited as fully paid and will rank
pari passu in all respects with the existing Ordinary Shares including the
right to receive all dividends and other distributions declared in respect of
such Ordinary Shares after the date of issue of the Placing Shares.
As part of the Placing, the Company has agreed that it will not issue or sell
any Ordinary Shares for a period of 180 days after Admission, without the prior
consent of Merrill Lynch and Liberum. This agreement does not, however, prevent
the Company from granting or satisfying exercises of options granted pursuant
to existing employee share schemes of the Company as disclosed in publicly
available information.
Application for listing and admission to trading
Application will be made to the FSA (subject to the passing of the proposed
Resolution at the EGM) for admission of the Placing Shares to the Official List
of the FSA (the "Official List") and to the London Stock Exchange for admission
to trading of the Placing Shares on its main market for listed securities.
Application will be made to the Helsinki Stock Exchange for admission (subject
to the passing of proposed
Resolution at the EGM) of the Placing Shares on the Helsinki Stock Exchange. It
is expected that Admission on the London Stock Exchange and the Helsinki Stock
Exchange will become effective on or around 8 July 2009 and that dealings in
the Placing Shares will commence at that time.
Bookbuild
The Joint Bookrunners will today commence the Bookbuild to determine demand for
participation in the Placing by Placees. This Appendix gives details of the
terms and conditions of, and the mechanics of participation in, the Placing. No
commissions will be paid to Placees or by Placees in respect of any Placing
Shares.
The Joint Bookrunners and the Company shall be entitled to effect the Placing
by such alternative method to the Bookbuild as they may, in their sole
discretion, determine.
Participation in, and principal terms of, the Placing
1. Merrill Lynch and Liberum are acting as joint bookrunners and agents of
the Company.
2. Participation in the Placing will only be available to persons who may
lawfully be, and are, invited to participate by the Joint Bookrunners. The
Joint Bookrunners and their affiliates are each entitled to enter bids in the
Bookbuild as principal.
3. The Bookbuild will establish a single price payable to the Joint
Bookrunners by all Placees whose bids are successful (the "Placing Price"). The
Placing Price and the number of Placing Shares to be issued will be agreed
between the Joint Bookrunners and the Company following completion of the
Bookbuild. Any discount to the market price of the Ordinary shares will be
determined in accordance with the Listing Rules. The Placing Price and the
number of Placing Shares will be announced on a Regulatory Information Service
and as a stock exchange release pursuant to Finnish Securities Law following
the completion of the Bookbuild.
4. To bid in the Bookbuild, Placees should communicate their bid by
telephone to their usual sales contact at either of the Joint Bookrunners. Each
bid should state the number of Placing Shares which the prospective Placee
wishes to subscribe for at either the Placing Price, which is ultimately
established by the Company and the Joint Bookrunners, or at prices up to a
price limit specified in its bid. Bids may be scaled down by the Joint
Bookrunners on the basis referred to in paragraph 9 below.
5. The Bookbuild is expected to close no later than 4.30 p.m. (London time)
on 2 June 2009 but may be closed earlier or later at the discretion of the
Joint Bookrunners. The Joint Bookrunners may, in agreement with the Company,
accept bids that are received after the Bookbuild has closed. The Company
reserves the right (upon the agreement of the Joint Bookrunners) to reduce or
seek to increase the amount to be raised pursuant to the Placing, in its
absolute discretion.
6. Each prospective Placee's allocation will be agreed between the Joint
Bookrunners and the Company and will be confirmed orally by one of the Joint
Bookrunners as agent of the Company following the close of the Bookbuild. That
oral confirmation will constitute an irrevocable legally binding commitment
upon that person (who will at that point become a Placee) to subscribe for the
number of Placing Shares allocated to it at the Placing Price on the terms and
conditions set out in this Appendix and in accordance with the Company's
articles of association.
7. Each prospective Placee's allocation and commitment will be evidenced by
a contract note issued to such Placee by one of the Joint Bookrunners. The
terms of this Appendix will be deemed incorporated in that contract note.
8. Each Placee will also have an immediate, separate, irrevocable and
binding obligation, owed to the relevant Joint Bookrunner as agent of the
Company to pay in cleared funds, an amount equal to the product of the Placing
Price and the number of Placing Shares such Placee has agreed to subscribe and
the Company has agreed to allot and issue to that Placee.
9. The Joint Bookrunners may choose to accept bids, either in whole or in
part, on the basis of allocations determined in agreement with the Company and
may scale down any bids for this purpose on such basis as they may determine.
The Joint Bookrunners may also, notwithstanding paragraphs 4 and 5 above,
subject to the prior consent of the Company (i) allocate Placing Shares after
the time of any initial allocation to any person submitting a bid after that
time and (ii) allocate Placing Shares after the Bookbuild has closed to any
person submitting a bid after that time.
10. A bid in the Bookbuild will be made on the terms and subject to the
conditions in this Announcement and will be legally binding on the Placee on
behalf of which it is made and except with the consent of either of the Joint
Bookrunners will not be capable of variation or revocation after the time at
which it is submitted.
11. Irrespective of the time at which a Placee's allocation pursuant to the
Placing is confirmed, settlement for all Placing Shares to be acquired pursuant
to the Placing will be required to be made at the same time, on the basis
explained below under "Registration and Settlement".
12. All obligations under the Bookbuild and Placing will be subject to
fulfilment of the conditions referred to below under "Conditions of the
Placing" and to the Placing not being terminated on the basis referred to below
under "Termination of the Placing Agreement".
13. By participating in the Bookbuild, each Placee will agree that its
rights and obligations in respect of the Placing will terminate only in the
circumstances described below and will not be capable of rescission or
termination by the Placee.
14. To the fullest extent permissible by law, neither of the Joint
Bookrunners nor any of their affiliates shall have any liability to Placees (or
to any other person whether acting on behalf of a Placee or otherwise). In
particular, neither of the Joint Bookrunners nor any of their affiliates shall
have any liability (including to the fullest extent permissible by law, any
fiduciary duties) in respect of the Joint Bookrunner's conduct of the Bookbuild
or of such alternative method of effecting the Placing as the Joint Bookrunners
and the Company may agree.
Conditions of the Placing
The obligations of the Joint Bookrunners under the Placing Agreement are
conditional on, amongst other things:
(a) agreement being reached between the Company and the Joint Bookrunners
on the Placing Price and the number of Placing Shares;
(b) the Representations and Warranties contained in the Placing Agreement
being true, accurate and complete on the date of the Placing Agreement and
remaining so at all times down to and including Admission (by reference to the
facts and circumstances then existing);
(c) the Company complying with its obligations under the Placing Agreement
to the extent the same fall to be performed or satisfied prior to Admission;
(d) the Company allotting, subject only to Admission, the Placing Shares in
accordance with the Placing Agreement;
(e) Admission taking place by 8.00 a.m. (London time) on 8 July 2009 (or
such later date as the Joint Bookrunners may otherwise determine);
(f) in the opinion of the Joint Bookrunners, acting in good faith, there not
having been and the Joint Bookrunners not having become aware of a material
adverse change in, or any development involving a prospective material adverse
change in the condition, financial, operational or otherwise, or in the
management, prospects, results of operations or business of the Company and its
subsidiaries taken as a whole; and
(g) the passing of the Resolution (without amendment) at the EGM (and not,
save with the written consent of Merrill Lynch and Liberum, at any adjournment
thereof).
If any of the conditions contained in the Placing Agreement in relation to the
Placing Shares are not fulfilled or waived by the Joint Bookrunners, by the
respective time or date where specified (or such later time and/or date as the
Company and the Joint Bookrunners may agree), the Placing will not proceed and
the Placee's rights and obligations hereunder in relation to the Placing Shares
shall cease and terminate at such time and each Placee agrees that no claim can
be made by the Placee in respect thereof.
The Joint Bookrunners may, at their discretion and upon such terms as they
think fit, waive compliance by the Company with the whole or any part of any of
the Company's obligations in relation to the conditions in the Placing
Agreement save that the condition in the Placing Agreement relating to
Admission taking place may not be waived. Any such extension or waiver will not
affect Placees' commitments as set out in this Announcement.
None of the Joint Bookrunners, the Company or any other person shall have any
liability to any Placee (or to any other person whether acting on behalf of a
Placee or otherwise) in respect of any decision they may make as to whether or
not to waive or to extend the time and /or the date for the satisfaction of any
condition to the Placing nor for any decision they may make as to the
satisfaction of any condition or in respect of the Placing generally, and by
participating in the Placing each Placee agrees that any such decision is
within the absolute discretion of the Joint Bookrunners.
Termination of the Placing Agreement
The Joint Bookrunners are entitled, at any time before the Placing Shares are
delivered to Placees (expected to be the day before Admission or the day of
Admission), to terminate the Placing Agreement in relation to their obligations
in respect of the Placing Shares by giving notice to the Company if, amongst
other things:
(a) any of the conditions to the Joint Bookrunners' obligations under the
Placing Agreement have not been satisfied by the Company or waived by the Joint
Bookrunners; or
(b) there has been a breach of any of the warranties and representations
contained in the Placing Agreement or any material failure to perform any of
the undertakings or agreements in the Placing Agreement; or
(c) it shall come to the notice of either of the Joint Bookrunners that any
statement contained in this Announcement, or any other document or announcement
issued or published by or on behalf of the Company in connection with the
Placing (together the "Placing Documents"), is or has become untrue, incorrect
or misleading in any material respect, or any matter has arisen, which would,
if the Placing were made at that time, constitute a material omission from the
Placing Documents, or any of them, and which either of the Joint Bookrunners,
acting in good faith, consider to be material in the context of the Placing or
the underwriting of the Placing Shares, Admission or any of the transactions
contemplated by the Placing Agreement; or
(d) there has occurred (i) any material adverse change in the financial
markets in the United States, the United Kingdom, Finland, member states of the
European Union or in the international financial markets, (ii) any outbreak or
escalation of hostilities, act of terrorism or other calamity or crisis or
(iii) any change or development involving a prospective change in national or
international political, financial or economic conditions, or currency exchange
rates, in each case the effect of which is such as to make it, in the judgement
of either of the Joint Bookrunners acting in good faith, impracticable or
inadvisable to market the Placing Shares or to enforce contracts for the sale
of the Placing Shares; or
(e) if trading in the Ordinary Shares is suspended or limited or there are
certain other disruptions, limitations or suspensions in respect of the
operations of certain stock exchanges or a banking moratorium is declared by
certain authorities.
Upon such termination, the parties to the Placing Agreement shall be released
and discharged (except for any liability arising before or in relation to such
termination) from their respective obligations under or pursuant to the Placing
Agreement subject to certain exceptions.
By participating in the Placing, Placees agree that the exercise by the Joint
Bookrunners of any right of termination or other discretion under the Placing
Agreement shall be within the absolute discretion of the Joint Bookrunners and
that they need not make any reference to Placees and that they shall have no
liability to Placees whatsoever in connection with any such exercise or failure
so to exercise.
No prospectus
No offering document or prospectus has been or will be submitted to be approved
by the FSA or the FFSA in relation to the Placing and Placees' commitments will
be made solely on the basis of the information contained in this Announcement
(including this Appendix) released by the Company today, and subject to the
further terms set forth in the contract note to be provided to individual
prospective Placees.
Each Placee, by accepting a participation in the Placing, agrees that the
content of this Announcement (including this Appendix) is exclusively the
responsibility of the Company and confirms that it has neither received nor
relied on any other information, representation, warranty, or statement made by
or on behalf of the Company or the Joint Bookrunners or any other person and
none of the Joint Bookrunners or the Company nor any other person will be
liable for any Placee's decision to participate in the Placing based on any
other information, representation, warranty or statement which the Placees may
have obtained or received. Each Placee acknowledges and agrees that it has
relied on its own investigation of the business, financial or other position of
the Company in accepting a participation in the Placing. Nothing in this
paragraph shall exclude the liability of any person for fraudulent
misrepresentation.
Registration and settlement
Settlement of transactions in the Placing Shares will take place within the
Book-entry System (or CREST) prior to Admission.
Placees outside of the Republic of Finland who wish to hold their Placing
Shares in uncertificated form in CREST will not be issued with Ordinary Shares
but will receive their interest in the Company by means of the CREST
International Settlement Links Service and, in particular, the link with
Euroclear Finland and SIX SIS AG. The Placing Shares will be issued by the
Company and incorporated within the Book-entry System and then transferred to
CREST International Nominees Limited (“CINL”), a subsidiary of CRESTCo, which
will hold them on trust and will be subject to the existing depositary
arrangements between the Company and the depositary.
The Company reserves the right to require settlement for and delivery of the
Placing Shares (or a portion thereof) to Placees who are outside of the
Republic of Finland in certificated form if, in the Joint Bookrunners' opinion,
delivery or settlement is not possible or practicable within the CREST system
or would not be consistent with the regulatory requirements in the Placee's
jurisdiction.
Following the close of the Bookbuild for the Placing, each Placee allocated
Placing Shares in the Placing will be sent a contract note stating the number
of Placing Shares to be allocated to it at the Placing Price and settlement
instructions.
Each Placee agrees that it will do all things necessary to ensure that
settlement is completed within the Book-entry System maintained by Euroclear
Finland and in respect of CREST.
It is expected that settlement will be on 8 July 2009 in accordance with the
instructions given to the Joint Bookrunners.
Interest is chargeable daily on payments not received from Placees on the due
date in accordance with the arrangements set out above at the rate of two
percentage points above LIBOR as determined by the Joint Bookrunners.
Each Placee is deemed to agree that, if it does not comply with these
obligations, any or all of the Placing Shares allocated to that Placee may be
sold on such Placee's behalf and an amount equal to the aggregate amount owed
by the Placee plus any interest due will be retained from the proceeds for the
Company's account and benefit. The relevant Placee will, however, remain liable
for any shortfall below the aggregate amount owed by it and may be required to
bear any stamp duty or stamp duty reserve tax (together with any interest or
penalties) which may arise upon the sale of such Placing Shares on such
Placee's behalf.
If Placing Shares are to be delivered to a custodian or settlement agent,
Placees should ensure that the trade confirmation is copied and delivered
immediately to the relevant person within that organisation. Insofar as Placing
Shares are registered in a Placee's name or that of its nominee or in the name
of any person for whom a Placee is contracting as agent or that of a nominee
for such person, such Placing Shares should, subject as provided below, be so
registered free from any liability to UK stamp duty or stamp duty reserve tax.
Placees will not be entitled to receive any fee or commission in connection
with the Placing.
Representations and Warranties
By participating in the Placing each Placee (and any person acting on such
Placee's behalf) acknowledges, undertakes, represents, warrants and agrees (as
the case may be) the following. It:
1. represents and warrants that it has read this Announcement, including
the Appendix, in its entirety;
2. acknowledges and agrees that no offering document, listing particulars
or prospectus has been or will be prepared in connection with the Placing and
represents and warrants that it has not received a prospectus or other offering
document in connection with the Bookbuild, the Placing or the Placing Shares;
3. acknowledges that the Ordinary Shares are listed on the Official List of
the FSA and the Helsinki Stock Exchange, and the Company is therefore required
to publish certain business and financial information in accordance with the
rules and practices of the FSA and Finnish Securities Law, which includes a
description of the nature of the Company's business and its most recent balance
sheet and profit and loss account and that it is able to obtain or access such
information without undue difficulty, and is able to obtain access to such
information or comparable information concerning any other publicly traded
company, without undue difficulty;
4. acknowledges that none of the Joint Bookrunners or the Company nor any
of their affiliates nor any person acting on behalf of any of them has
provided, and will not provide, it with any material regarding the Placing
Shares or the Company or any other person other than this Announcement; nor has
it requested any of the Joint Bookrunners, the Company, any of their affiliates
or any person acting on behalf of any of them to provide it with any such
information;
5. acknowledges that (i) it and, if different, the beneficial owner of the
Placing Shares is not, and at the time the Placing Shares are acquired will not
be residents of Australia, Canada or Japan, and (ii) the Placing Shares have
not been and will not be registered under the securities legislation of the
United States, Australia, Canada or Japan and, subject to certain exceptions,
may not be offered, sold, taken up, renounced or delivered or transferred,
directly or indirectly, in or into those jurisdictions;
6. acknowledges that the content of this Announcement is exclusively the
responsibility of the Company and that neither of the Joint Bookrunners nor any
person acting on their behalf has or shall have any liability for any
information, representation or statement contained in this Announcement or any
information previously published by or on behalf of the Company and will not be
liable for any Placee's decision to participate in the Placing based on any
information, representation or statement contained in this Announcement or
otherwise. Each Placee further represents, warrants and agrees that the only
information on which it is entitled to rely and on which such Placee has relied
in committing itself to subscribe for the Placing Shares is contained in this
Announcement and any information previously published by the Company by
notification to a Regulatory Information Service or as a stock exchange release
pursuant to the rules of Finnish Securities Law, such information being all
that it deems necessary to make an investment decision in respect of the
Placing Shares and that it has neither received nor relied on any other
information given or representations, warranties or statements made by any of
the Joint Bookrunners or the Company and none of the Joint Bookrunners or the
Company will be liable for any Placee's decision to accept an invitation to
participate in the Placing based on any other information, representation,
warranty or statement. Each Placee further acknowledges and agrees that it has
relied on its own investigation of the business, financial or other position of
the Company in deciding to participate in the Placing;
7. acknowledges that neither of the Joint Bookrunners nor any person acting
on behalf of them nor any of their affiliates has or shall have any liability
for any publicly available or filed information, or any representation relating
to the Company, provided that nothing in this paragraph excludes the liability
of any person for fraudulent misrepresentation made by that person;
8. represents and warrants that neither it, nor the person specified by it
for registration as a holder of Placing Shares is, or is acting as nominee or
agent for, and that the Placing Shares will not be allotted to, a person who is
or may be liable to stamp duty or stamp duty reserve tax under any of sections
67, 70, 93 and 96 of the Finance Act 1986 (depositary receipts and clearance
services);
9. represents and warrants that it has complied with its obligations in
connection with money laundering and terrorist financing under the Proceeds of
Crime Act 2002, the Terrorism Act 2000, the Terrorism Act 2006 and the Money
Laundering Regulations 2007 (the "Regulations") and, if making payment on
behalf of a third party, that satisfactory evidence has been obtained and
recorded by it to verify the identity of the third party as required by the
Regulations;
10. if a financial intermediary, as that term is used in Article 3(2) of EU
Directive 2003/71/EC (the "Prospectus Directive") (including any relevant
implementing measure in any member state), represents and warrants that the
Placing Shares purchased by it in the Placing will not be acquired on a
non-discretionary basis on behalf of, nor will they be acquired with a view to
their offer or resale to, persons in a member state of the European Economic
Area which has implemented the Prospectus Directive other than to qualified
investors, or in circumstances in which the prior consent of the Joint
Bookrunners has been given to the proposed offer or resale;
11. represents and warrants that it has not offered or sold and, prior to
the expiry of a period of six months from Admission, will not offer or sell any
Placing Shares to persons in the United Kingdom, except to persons whose
ordinary activities involve them in acquiring, holding, managing or disposing
of investments (as principal or agent) for the purposes of their business or
otherwise in circumstances which have not resulted and which will not result in
an offer to the public in the United Kingdom within the meaning of section
85(1) of the Financial Services and Markets Act 2000 ("FSMA");
12. represents and warrants that it has not offered or sold and will not
offer or sell any Placing Shares to persons in the European Economic Area prior
to Admission except to persons whose ordinary activities involve them in
acquiring, holding, managing or disposing of investments (as principal or
agent) for the purposes of their business or otherwise in circumstances which
have not resulted in and which will not result in an offer to the public in any
member state of the European Economic Area within the meaning of the Prospectus
Directive (including any relevant implementing measure in any member state);
13. represents and warrants that it has only communicated or caused to be
communicated and will only communicate or cause to be communicated any
invitation or inducement to engage in investment activity (within the meaning
of section 21 of FSMA) relating to the Placing Shares in circumstances in which
section 21(1) of FSMA does not require approval of the communication by an
authorised person;
14. represents and warrants that it has complied and will comply with all
applicable provisions of FSMA with respect to anything done by it in relation
to the Placing Shares in, from or otherwise involving, the United Kingdom;
15. (A) represents and warrants that it is a person falling within Article
19(5) and/ or Article 49(2)(a) to (d) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 or is a person to whom this Announcement
may otherwise be lawfully communicated; and
(B) acknowledges that any offer of Placing Shares may only be directed at
persons to the extent in member states of the European Economic Area who are
"qualified investors" within the meaning of Article 2(1)(e) of the Prospectus
Directive (Directive 2003/71/EC) and represents and agrees that it is such a
qualified investor;
16. represents and warrants that it is entitled to purchase the Placing
Shares under the laws of all relevant jurisdictions which apply to it, and that
its subscription/purchase of the Placing Shares will be in compliance with
applicable laws and regulations in the jurisdiction of its residence, the
residence of the Company, or otherwise;
17. undertakes that it (and any person acting on its behalf) will make
payment for the Placing Shares allocated to it in accordance with this
Announcement on the due time and date set out herein, failing which the
relevant Placing Shares may be placed with other subscribers or sold as the
Joint Bookrunners may in their discretion determine and without liability to
such Placee;
18. acknowledges that its allocation (if any) of Placing Shares will
represent a maximum number of Placing Shares which it will be entitled, and
required, to subscribe for, and that the Company may call upon it to subscribe
for a lower number of Placing Shares (if any), but in no event in aggregate
more than the aforementioned maximum;
19. acknowledges that neither of the Joint Bookrunners, nor any of their
respective affiliates, nor any person acting on behalf of either of them, is
making any recommendations to it, advising it regarding the suitability of any
transactions it may enter into in connection with the Placing and that
participation in the Placing is on the basis that it is not and will not be a
client of either Joint Bookrunners and that the Joint Bookrunners have no
duties or responsibilities to it for providing the protections afforded to
their clients or customers or for providing advice in relation to the Placing
nor in respect of any representations, warranties, undertakings or indemnities
contained in the Placing Agreement nor for the exercise or performance of any
of its rights and obligations thereunder including any rights to waive or vary
any conditions or exercise any termination right;
20. undertakes that the person whom it specifies for registration as holder
of the Placing Shares will be (i) itself or (ii) its nominee, as the case may
be. Neither of the Joint Bookrunners or the Company will be responsible for any
liability to stamp duty or stamp duty reserve tax resulting from a failure to
observe this requirement. Each Placee and any person acting on behalf of such
Placee agrees to participate in the Placing and it agrees to indemnify the
Company and the Joint Bookrunners in respect of the same on the basis that the
Placing Shares will be transferred to the stock account of Merrill Lynch with
CREST who will hold them as nominee on behalf of such Placee until settlement;
21. acknowledges that these terms and conditions and any agreements entered
into by it pursuant to these terms and conditions and any non-contractual
obligations arising out of or in connection with such agreements shall be
governed by and construed in accordance with the laws of England and Wales and
it submits (on behalf of itself and on behalf of any person on whose behalf it
is acting) to the exclusive jurisdiction of the English courts as regards any
claim, dispute or matter arising out of any such contract, except that
enforcement proceedings in respect of the obligation to make payment for the
Placing Shares (together with any interest chargeable thereon) may be taken by
the Company or the Joint Bookrunners in any jurisdiction in which the relevant
Placee is incorporated or in which any of its securities have a quotation on a
recognised stock exchange;
22. acknowledges that Merrill Lynch and Liberum will rely upon the truth
and accuracy of the representations, warranties and acknowledgements set forth
herein and which are irrevocable and it irrevocably authorises Merrill Lynch
and Liberum to produce this Announcement, pursuant to, in connection with, or
as may be required by any applicable law or regulation, administrative or legal
proceeding or official inquiry with respect to the matters set forth herein;
23. agrees to indemnify and hold the Company, the Joint Bookrunners and
their respective affiliates harmless from any and all costs, claims,
liabilities and expenses (including legal fees and expenses) arising out of or
in connection with any breach of the representations, warranties,
acknowledgements, agreements and undertakings in this Appendix and further
agrees that the provisions of this Appendix shall survive after completion of
the Placing;
24. represents and warrants that it will acquire any Placing Shares
purchased by it for its account or for one or more accounts as to each of which
it exercises sole investment discretion and it has full power to make the
acknowledgements, representations and agreements herein on behalf of each such
account;
25. acknowledges that its commitment to subscribe for Placing Shares on the
terms set out herein and in the contract note will continue notwithstanding any
amendment that may in future be made to the terms of the Placing and that
Placees will have no right to be consulted or require that their consent be
obtained with respect to the Company's conduct of the Placing. The foregoing
representations, warranties and confirmations are given for the benefit of the
Company as well as the Joint Bookrunners. The agreement to settle a Placee's
subscription (and/or the subscription of a person for whom such Placee is
contracting as agent) free of stamp duty and stamp duty reserve tax depends on
the settlement relating only to the subscription by it and/or such person
direct from the Company for the Placing Shares in question. Such agreement
assumes, and is based on a warranty from each Placee, that neither it, nor the
person specified by it for registration as holder, of Placing Shares is, or is
acting as nominee or agent for, and that the Placing Shares will not be
allotted to, a person who is or may be liable to stamp duty or stamp duty
reserve tax under any of sections 67, 70, 93 and 96 of the Finance Act 1986
(depositary receipts and clearance services). If there are any such
arrangements, or the settlement relates to any other dealing in the Placing
Shares, stamp duty or stamp duty reserve tax may be payable. In that event the
Placee agrees that it shall be responsible for such stamp duty or stamp duty
reserve tax, and neither the Company nor the Joint Bookrunners shall be
responsible for such stamp duty or stamp duty reserve tax. If this is the case,
each Placee should seek its own advice and notify the Joint Bookrunners
accordingly;
26. understands that no action has been or will be taken by any of the
Company, the Joint Bookrunners or any person acting on behalf of the Company or
the Joint Bookrunners that would, or is intended to, permit a public offer of
the Placing Shares in any country or jurisdiction where any such action for
that purpose is required;
27. in making any decision to subscribe for the Placing Shares, confirms
that it has knowledge and experience in financial, business and international
investment matters as is required to evaluate the merits and risks of
subscribing for or purchasing the Placing Shares. It further confirms that it
is experienced in investing in securities of this nature in this sector and is
aware that it may be required to bear, and is able to bear, the economic risk
of, and is able to sustain a complete loss in connection with the Placing. It
further confirms that it relied on its own examination and due diligence of the
Company and its associates taken as a whole, and the terms of the Placing,
including the merits and risks involved;
28. warrants and represents that it has (a) made its own assessment and
satisfied itself concerning legal, regulatory, tax, business and financial
considerations in connection herewith to the extent it deems necessary; (b) had
access to review publicly available information concerning the Group that it
considers necessary or appropriate and sufficient in making an investment
decision; (c) reviewed such information as it believes is necessary or
appropriate in connection with its subscription or purchase of the Placing
Shares; and (d) made its investment decision based upon its own judgement, due
diligence and analysis and not upon any view expressed or information provided
by or on behalf of Merrill Lynch and Liberum;
29. understands and agrees that it may not rely on any investigation that
Merrill Lynch and Liberum or any person acting on their behalf may or may not
have conducted with respect to the Company, its group, or the Placing and
Merrill Lynch and Liberum have not made any representation to it, express or
implied, with respect to the merits of the Placing, the subscription or
purchase of the Placing Shares, or as to the condition, financial or otherwise,
of the Company, its group, or as to any other matter relating thereto, and
nothing herein shall be construed as a recommendation to it to purchase the
Placing Shares. It acknowledges and agrees that no information has been
prepared by Merrill Lynch, Liberum or the Company for the purposes of this
Placing; and
30. accordingly it acknowledges and agrees that it will not hold Merrill
Lynch or Liberum, any of their respective associates or any person acting on
their behalf responsible or liable for any misstatements in or omission from
any publicly available information relating to the Company's group or
information made available (whether in written or oral form) in presentations
or as part of roadshow discussions with investors relating to the Company's
group (the "Information") and that none of Merrill Lynch, Liberum or any person
acting on behalf of Merrill Lynch or Liberum, makes any representation or
warranty, express or implied, as to the truth, accuracy or completeness of such
Information or accepts any responsibility for any of such Information.
By participating in the Placing, each Placee (and any person acting on Placee's
behalf) subscribing for Placing Shares acknowledges that: (i) subject to
exceptions, the Placing Shares are being offered and sold only pursuant to
Regulation S under the Securities Act in a transaction not involving a public
offering of securities in the United States and the Placing Shares have not
been and will not be registered under the Securities Act; and (ii) unless
otherwise agreed, the offer and sale of the Placing Shares to it has been made
outside of the United States in an "offshore transaction" (as such term is
defined in Regulation S under the Securities Act) and it is outside of the
United States during any offer or sale of Placing Shares to it.
In addition, Placees should note that they will be liable for any stamp duty
and all other stamp, issue, securities, transfer, registration, documentary or
other duties or taxes (including any interest, fines or penalties relating
thereto) payable outside the United Kingdom by them or any other person on the
subscription by them of any Placing Shares or the agreement by them to
subscribe for any Placing Shares.
Under Listing Rule 9.5.10 (3) the Placing Price cannot be set at a discount of
more than ten per cent. to the middle market price of the Ordinary Shares at
the time of agreeing the Placing unless such Placing Price is approved by the
Shareholders. In such a situation, the Resolution will be amended and
Shareholders will be asked to consider and, if thought fit, approve the Placing
Price.
Each Placee and any person acting on behalf of each Placee acknowledges and
agrees that the Joint Bookrunners or any of their affiliates may, at their
absolute discretion, agree to become a Placee in respect of some or all of the
Placing Shares.
When a Placee or person acting on behalf of the Placee is dealing with the
Joint Bookrunners, any money held in an account with any of the Joint
Bookrunners on behalf of the Placee and/or any person acting on behalf of the
Placee will not be treated as client money within the meaning of the rules and
regulations of the FSA made under FSMA. The Placee acknowledges that the money
will not be subject to the protections conferred by the client money rules; as
a consequence, this money will not be segregated from the relevant Joint
Bookrunners' money in accordance with the client money rules and will be used
by the relevant Joint Bookrunners in the course of their own business; and the
Placee will rank only as a general creditor of the Joint Bookrunners.
All times and dates in this Announcement may be subject to amendment. The Joint
Bookrunners shall notify the Placees and any person acting on behalf of the
Placees of any changes.
Past performance is no guide to future performance and persons needing advice
should consult an independent financial adviser.
DEFINITIONS
In this Announcement:
"Admission" means (i) the admission of the Placing Shares to listing on the
Official List of the Financial Services Authority and to trading on the main
market of the London Stock Exchange and (ii) the admission of the Placing
Shares to listing on the Helsinki Stock Exchange;
"Announcement" means this announcement (including the appendix to this
announcement);
"Book-entry System" means the book-entry system maintained by Euroclear Finland
in accordance with the Finnish Act on Book-entry Systems (17.5.1991/826);
"Company" or "Talvivaara" means Talvivaara Mining Company PLC;
"CREST" means the relevant system, as defined in the Uncertificated Securities
Regulations 2001 (SI 2001/3755) (in respect of which Euroclear UK & Ireland
Limited is the operator);
"CRESTCo" means CRESTCo Limited, the operator of CREST;
"DFSA" means the Dubai Financial Services Authority;
"EGM" means the general meeting of the Company to be held on or around 6 July
2009;
"Euroclear Finland" means Euroclear Finland Limited;
"FFSA" means the Finnish Financial Supervision Authority (Finanssivalvonta);
"Finnish Securities Law" means the laws, regulations, decrees, guidelines and
decisions taken by relevant authorities applicable to the Placing, including
but not limited to the Finnish Securities Market Act (26.5.1989/495) and the
administrative decrees and guidelines issued thereunder by the Ministry of
Finance and the Finnish Financial Supervision Authority, respectively, and the
rules of the Helsinki Stock Exchange;
"FSA" means the Financial Services Authority;
"FSMA" means Financial Services and Markets Act 2000, as amended;
"Group" means the Company and its subsidiaries;
"Helsinki Stock Exchange" means NASDAQ OMX Helsinki Ltd;
"Joint Bookrunners" means Merrill Lynch International Limited and Liberum
Capital Limited;
"Listing Rules" means the listing rules made by the FSA under section 73A of
the FSMA and each a "Listing Rule";
"London Stock Exchange" means the London Stock Exchange plc;
"Official List" means the official list of the FSA;
"Ordinary Share" means an ordinary share of the Company;
"Placee" means any person (including individuals, funds or otherwise) by whom
or on whose behalf a commitment to acquire Placing Shares has been given;
"Placing" means the placing of the Placing Shares by the Joint Bookrunners, on
behalf of the Company, with both new and existing institutional investors;
"Placing Agreement" means the placing agreement dated 2 June 2009 among the
Company and the Joint Bookrunners in respect of the Placing;
"Placing Price" means the price per Ordinary Share at which the Placing Shares
are placed;
"Placing Shares" means up to 22,280,000 Ordinary Shares to be issued pursuant
to the Placing;
"Prospectus Directive" means the Directive of the European Parliament and of
the Council of the European Union 2003/71/EC;
"Resolution" means the resolution(s) to be approved in the EGM, in a form and
substance acceptable to Merrill Lynch and Liberum;
"Securities Act" means the US Securities Act of 1933, as amended;
"Shareholder" means a holder of Ordinary Shares;
"United Kingdom" or "UK" means the United Kingdom of Great Britain and Northern
Ireland; and
"United States" or "US" means the United States of America, its territories and
possessions, any state of the United States and the District of Columbia.
Proposed Placing of up to 22,280,000 new Ordinary Shares of Talvivaara Mining Company Plc
| Source: Talvivaaran Kaivososakeyhtiö Oyj