Panostaja Oyj - Company Announcement

TAKOMA OYJ AND ITS SUBSIDIARIES FILE BUSINESS RESTRUCTURING PROCEEDINGS APPLICATIONS

Panostaja OyjStock Exchange Bulletin, December 9, 2013, 9:45am


As a result of the structural change taking place in the field's subcontracting
chain as well as the sharp decline in the demand for machining services, the
operations of the Takoma Group have been unprofitable, weakening Takoma's
liquidity. 

The Takoma Group has implemented significant structural and operational changes
aiming to restore the Group's profitability. Furthermore, as earlier informed
the Group has negotiated to reorganize its financial structure and change its
loan repayment periods. 

In the 2013 financial period, Takoma Oyj initiated a strategic reorientation of
the Group. This has involved the development of various functions, such as
investment in sales and product development. A key component has, however, been
the shutdown of loss-making units and the realization of the fixed assets of
these units. 

Takoma has negotiated with its main investors on the need to acquire financing
for the shutdown costs and development of operations. The negotiations with
investors have not reached a mutual understanding of such matters as extending
the loan periods and how to finance the costs arising from the reorganization
measures of the operating companies. With the protraction of negotiations,
Takoma's financial standing has become difficult. 

In order to complete the reorganization measures of the Group on which
decisions have been made, Takoma Oyj and its subsidiaries Takoma Gears Oy and
Tampereen Laatukoneistus Oy have on December 9, 2013 filed business
restructuring proceedings applications in accordance with the Restructuring of
Enterprises Act at the District Court of Pirkanmaa. 

The business restructuring proceedings have no impact on Panostaja´s result
management given on October 17, 2013. Panostaja Oyj owns 63.05% of Takoma Oyj. 



Panostaja OyjJuha Sarsama
CEO
Further information:
CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories. 

After the divestments made, Panostaja Oyj operates in eight business areas, and
Panostaja Group employs some 1,300 staff. Without adjustment for the sales of
Matti-Ovi and Suomen Kiinnikekeskus Oy, Panostaja Group's net sales in the 2012
financial period were MEUR 156.8. Panostaja's shares (PNA1V) are quoted on the
NASDAQ OMX Helsinki Stock Exchange. 

www.panostaja.fi