Pohjola Pankki Oyj
Redemption Price of Pohjola Group plc Shares Held by Minority Shareholders Unchanged by the Court of Appeal
Pohjola Pankki Oyj / 27.05.2010 08:30 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Pohjola Bank plc COMPANY RELEASE 27 May 2010, 9.30 am Finnish time (GMT+3) Redemption Price of Pohjola Group plc Shares Held by Minority Shareholders Unchanged by the Court of Appeal The Court of Appeal of Helsinki today issued its ruling in the redemption dispute between Pohjola Bank plc (hereinafter the Bank) and Pohjola Group plc's former minority shareholders. The Court of Appeal did not amend the ruling issued by the Helsinki District Court in August 2008, whereby the redemption price of one Pohjola Group plc share is EUR 13.35. The Court of Appeal confirmed the annual interest payable on the redemption price as from 13 June 2006 at 5.5% The legal process began in 2006 when the dispute was submitted to an Arbitral Tribunal after the Bank had acquired over 90% of Pohjola Group plc shares. Subsequently, the dispute was submitted to the district court and the court of appeal. The redemption price confirmed by the Court of Appeal is the same as that initially bid by the Bank for Pohjola Group plc shares held by minority shareholders. At this point, the Court of Appeal's ruling applies to around 2% of Pohjola Group plc shares (about 3.05 million shares). On 29 June 2006, the Bank paid the former minority shareholders of Pohjola Group plc entitled to redemption EUR 13.35 per share in redemption price and interest of 2.50% on this amount as of 13 June 2006. The remainder of the interest will be paid to those entitled to it no later than within a month from the effective date of the Court of Appeal's ruling. The judgement will gain legal force unless any of those concerned files a petition for leave to appeal with the Supreme Court. The Court of Appeal ruling will have no major effect on Pohjola Group's 2010 earnings or shareholders' equity. Previous releases on the dispute are dated 4 November 2008, 22 August 2008, 16 August 2007, 29 June 2007 and 2 May 2007. Pohjola Bank plc Carina Geber-Teir Senior Vice President, Corporate Communications FOR FURTHER INFORMATION, PLEASE CONTACT Carina Geber-Teir, Senior Vice President, Corporate Communications, tel. +358 (0)10 252 8394 Jouko Pölönen, CFO, tel. +358 (0)10 252 3405 DISTRIBUTION NASDAQ OMX Helsinki London Stock Exchange Major media pohjola.fi, op.fi News Source: NASDAQ OMX 27.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Pohjola Pankki Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0003012088 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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