DETERMINATION OF THE COST OF ACQUISITION OF SCANFIL PLC AND SIEVI CAPITAL PLC SHARES IN FINNISH TAXATION

Sievi, FINLAND


SCANFIL PLC    STOCK EXCHANGE RELEASE  28 February 2012 3:00 pm

 

DETERMINATION OF THE COST OF ACQUISITION OF SCANFIL PLC AND SIEVI CAPITAL PLC SHARES IN FINNISH TAXATION

Shares in the new company Scanfil plc established as the result of the partial demerger of Sievi Capital plc on 1 January 2012 have been publicly traded on the Main List of NASDAQ OMX Helsinki Ltd since 2 January 2012. The shareholders of Sievi Capital plc received shares in Scanfil plc in proportion to their holdings as consideration for the demerger so that one (1) share in Scanfil plc was conveyed for each share in Sievi Capital plc.

In accordance with section 52c (5) of the Act on the Taxation of Business Income, the cost of acquisition of shares in the recipient company is considered to be the proportion of the cost of acquisition of shares in the demerged company corresponding to the proportion of the net assets of the demerged company transferred to the recipient company. The cost of acquisition of shares in a company demerged in a partial demerger is deemed to be the proportion of the cost of acquisition of shares in the demerged company that corresponds to its remaining proportion of the net assets of the demerged company.

In accordance with section 52c (4) of the Act on the Taxation of Business Income, net assets refer to the net assets referred to in Chapter 2 of the act on the valuation of assets in taxation (1142/2005) at the time of the demerger.

Based on the above, the cost of acquisition of a share in Sievi Capital plc is 69.1% of the original cost of acquisition of the demerged company Sievi Capital plc. Correspondingly, the cost of acquisition of a share in Scanfil plc is 30.9% of the original cost of acquisition of Sievi Capital plc.

The cost of acquisition is applied in calculating the capital gain and/or loss from the conveyance of shares as the basis of taxation in Finland.

 

SCANFIL PLC

Harri Takanen
CEO

 

Additional information:
CEO Harri Takanen

Tel +358 8 4882 111

 

Distribution         NASDAQ OMX, Helsinki
                     Major Media
                     www.scanfil.com

 

Scanfil Group is engaged in contract manufacturing for international telecommunications technology and professional electronics manufacturers.

Scanfil has 35 years of experience in demanding contract manufacturing. Scanfil is a systems supplier that offers its products and services to international telecommunications systems manufacturers and professional electronics customers. Typical products are equipment systems for mobile and public switched telephone networks, automation systems, frequency converters, lift control systems, equipment and systems for electricity production and transmission, analysers, slot machines and different meteorological instruments. The company has production facilities in China, Estonia, Hungary and Finland.

The associated company of Scanfil Group:

Greenpoint Oy (Scanfil EMS Oy’s share of ownership 40%) focuses on development and supply of solutions and equipment, which improve placements, visibility and sales of customer products in the Point-Of-Sale. The Greenpoint product portfolio includes a large variety of refrigerated merchandisers, displays and integrated check-out zone concepts. The company serves both brand owners and retail chains internationally.  Along with the European markets Greenpoint Oy has entered North and Latin American markets through partnerships. www.greenpoint.fi