Panostaja Oyj
THE ASSET PURCHASE AGREEMENT BETWEEN PANOSTAJA OYJ AND CORDES & GRAEFE KG NOT TO BE CLOSED
Panostaja Oyj 03.10.2011 12:15 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Panostaja Oyj Stock Exchange Bulletin October 3, 2011 13.15 p.m. THE ASSET PURCHASE AGREEMENT BETWEEN PANOSTAJA OYJ AND CORDES & GRAEFE KG NOT TO BE CLOSED The Asset Purchase Agreement entered into on 19 September 2011 between Panostaja Oyj and Cordes & Graefe KG regarding the entire business operations of Lämpö-Tukku Oy, a subsidiary in which Panostaja Oyj has a 63.3% holding, shall not be closed due to discrepancies in the inventory taken prior to closing. Due to cancellation of the transaction Lämpö-Tukku Oy shall continue in Panostaja Group's result from continuing business operations for the current financial period and the reference period. Thus the previous result management issued on September 7, 2011 shall be valid. The effect of the inventory discrepancies on Panostaja Group's result is under examination. The previous result management on September 7, 2011: In 2011, the Group's net sales are expected to grow approx. 15-20% over the previous year. The profitability of the business areas is estimated to improve significantly yielding a result of approx. MEUR 2.2-3.0 for the financial year. Panostaja Oyj Juha Sarsama CEO More information: CEO Juha Sarsama, Panostaja Oyj, +358 (0)40 774 2099 Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of our operations is based on Finnish entrepreneurship and persevering the development of entrepreneurial activity. Together with our entrepreneur partners, we are cultivating companies to become the best in the field and are thereby creating Finnish success stories. Panostaja Oyj currently operates in twelve business areas. Panostaja Group's net sales for the 2010 financial period stood at MEUR 140.5 without the effect of the divestment realized over the financial period. News Source: NASDAQ OMX 03.10.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Panostaja Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0009800379 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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