Espoo, 2015-06-10 15:30 CEST (GLOBE NEWSWIRE) --
TRAINERS' HOUSE PLC, STOCK EXCHANGE RELEASE, 10 JUNE 2015 AT 16:30
Trainers’ House Plc (”Company”) announced on 3 June 2015 that a draft restructuring programme has been submitted to the District Court of Espoo. One of the conditions for the adoption of the restructuring programme is that the Finnish Financial Supervisory Authority grants to Jari Sarasvuo and Causa Prima Oy an exemption from an obligation to launch a mandatory bid under the Finnish Securities Markets Act, which would have otherwise been triggered as a consequence of the debt conversion required by the draft restructuring programme.
The Finnish Financial Supervisory Authority has on 10 June 2015 granted the exemption to Jari Sarasvuo and Causa Prima Oy referred to in the draft restructuring programme. The exemption concerns exceeding the 30 % threshold that triggers the obligation to launch a bid. The exemption is granted on the condition that Jari Sarasvuo and Causa Prima Oy, or any parties acting in concert with them, will not, after exceeding the legal limit for launching a mandatory bid, acquire or subscribe more shares or otherwise increase their share of the total votes in Trainers’ House Plc.
The exemption will only take effect if the arrangement is supported in the Company’s general meeting by shareholders independent of the arrangement that represent a minimum of two thirds of the total votes given. The Company will convene the general meeting with a separate stock exchange release and will publish further advance information required in the exemption in that connection on the draft restructuring programme and its impact on the Company.
Further information:
CEO Arto Heimonen, phone +358 40 412 3456