Pohjola Bank plc
Stock Exchange Release
29 October 2014
OP-Pohjola Group Central Cooperative has paid minority shareholders the redemption price deemed undisputed for Pohjola shares
Pohjola Bank plc (hereinafter 'Pohjola') has today received the following information from OP-Pohjola Group Central Cooperative.
OP-Pohjola Group Central Cooperative has received permission from the arbitrators to pay minority shareholders 16.13 euros per Pohjola Bank plc share, considered a fair price, plus statutory interest, prior to the completion of the arbitration proceedings. The Central Cooperative paid the undisputed part of the redemption price to Pohjola Bank plc's minority shareholders on 29 October 2014. Interest has been paid on the squeeze-out price since 6 May 2014. It is a statutory reference interest rate currently standing at 0.5%.
OP-Pohjola Group Central Cooperative made an earlier statement that, according to the Redemption Committee, squeeze-out procedures on average last approximately six months. On this basis, the squeeze-out pertaining to Pohjola Bank plc's minority shares is expected to last until the first half of 2015.
OP-Pohjola Group Central Cooperative has completed its public voluntary bid announced in February 2014 and gained ownership of all Pohjola Bank plc shares by decision of the Arbitral Tribunal in accordance with Chapter 18, Section 6 of the Finnish Limited Liability Companies Act. Pohjola Bank plc's series A shares were delisted from the Helsinki Stock Exchange on 30 September 2014, and OP-Pohjola Group Central Cooperative was entered as the only shareholder in Pohjola Bank plc's Shareholder Register on 7 October 2014.
Pohjola Bank plc
Carina Geber-Teir
Chief Communications Officer
For more information:
OP-Pohjola Communications, media contacts, tel. +358 (0)50 523 9904
DISTRIBUTION
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op.fi, pohjola.fi
Pohjola is part of Finland's leading customer-owned financial services group OP-Pohjola Group. Pohjola provides its customers with banking, non-life insurance and asset management services. Pohjola acts as OP-Pohjola Group's central bank and is responsible, together with OP Mortgage Bank, for the Group's funding in the money and capital markets. As laid down in the applicable law, Pohjola, its parent company OP-Pohjola Group Central Cooperative and other OP-Pohjola Group member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. Joint liability within OP-Pohjola Group is based on the Laki talletuspankkien yhteenliittymästä Act (Act on the amalgamation of deposit banks). Financial services provider OP-Pohjola Group is continuing its revamp - this time the focus is on its brand. The changes under way form part of the creation of a new financial services group fully owned by its customers. As of 1 January 2015, OP-Pohjola Group will be called OP Financial Group. www.pohjola.com