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2013-12-09 08:45:02 CET 2013-12-09 08:45:03 CET REGULATED INFORMATION Panostaja Oyj - Company AnnouncementTAKOMA OYJ AND ITS SUBSIDIARIES FILE BUSINESS RESTRUCTURING PROCEEDINGS APPLICATIONSPanostaja 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 |
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