Powerflute Oyj Modification of Proposals to the AGM (5313Y)
18 Mayo 2016 - 1:00AM
UK Regulatory
TIDMPOWR
RNS Number : 5313Y
Powerflute Oyj
18 May 2016
18 May 2016
POWERFLUTE OYJ
MODIFICATION OF PROPOSALS TO THE AGM
Powerflute Oyj ("Powerflute" or the "Company") today announces
that the Board of Directors has decided to modify its proposal to
the Annual General Meeting to be held in Kuopio on 26 May 2016 (the
"AGM") in respect of the distribution of profits for the year ended
31 December 2015.
The amount of the distribution will remain unchanged at 3.00
cents per share and the record date for the proposed distribution
will continue to be 3 June 2016, with payment made on or about 21
June 2016 as originally proposed. However, instead of payment of a
dividend from retained earnings, the Board now proposes a return of
capital from the invested non-restricted equity reserve of the
Company which at 31 December 2015 was EUR 30,228,000.
Details of the modifications to the Board's proposals to the AGM
will be available for download in English and Finnish from the
Company's website (www.powerflute.com) from 18 May 2016.
Ends
For further information, please contact:
Powerflute
Dermot Smurfit (Chairman) c/o Oliver Winters,
Marco Casiraghi (CEO) FTI Consulting
David Walton (CFO) +44 20 3727 1535
Numis Securities
Mark Lander (Corporate Broking)
Andrew Holloway / Jamie
Lillywhite (Nominated Advisor) +44 20 7260 1000
FTI Consulting
Oliver Winters
Tom Hufton +44 20 3727 1535
About Powerflute
Powerflute is a paper and packaging group quoted on the AIM
market of the London Stock Exchange (Ticker: POWR) which seeks to
acquire businesses with strong fundamentals whose performance can
be improved through a combination of management focus and targeted
investment.
The Group currently has two main activities; Packaging Papers
which trades under the name Powerflute and operates a paper mill in
Kuopio, Finland producing a specialised form of Nordic
semi-chemical fluting used in the manufacture of high-performance
corrugated board; and Coreboard and Cores, which trades under the
name Corenso and is a leading international manufacturer of high
performance coreboard and cores, with coreboard mills in the United
States and Europe and a network of core producing facilities in
Europe, North America and China.
Nordic semi-chemical fluting is made from locally sourced birch
and boxes manufactured using it demonstrate superior strength and
moisture resistance and are used for transportation of fruit and
vegetables, high-value industrial goods such as electrical
appliances and automotive components. The Kuopio mill is one of
only three suppliers of Nordic semi-chemical fluting in Europe.
Cores and coreboard are manufactured from recycled paper and are
used for applications in paper, packaging, textiles, steel,
aluminium and many other industries. Coreboard and cores produced
by Corenso demonstrate superior strength and rigidity and are
suitable for use in the most demanding applications.
For further information, please visit www.powerflute.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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