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2012-03-01 09:00:00 CET 2012-03-01 09:00:01 CET REGULATED INFORMATION Sievi Capital Oyj - Company AnnouncementCOURT OF ARBITRATION ORDERED OJALA-YHTYMÄ LTD AND ITS SHAREHOLDERS TO PAY EUR 2 MILLION IN DAMAGES TO SIEVI CAPITAL PLC AND SCANFIL EMS LTDSIEVI CAPITAL PLC STOCK EXCHANGE RELEASE 1 MARCH 2012 10:00 A.M. COURT OF ARBITRATION ORDERED OJALA-YHTYMÄ LTD AND ITS SHAREHOLDERS TO PAY EUR 2 MILLION IN DAMAGES TO SIEVI CAPITAL PLC AND SCANFIL EMS LTD With the judgment issued on 29 February 2012, the court of arbitration has ordered Ojala-Yhtymä Ltd and its shareholders (“Ojala”) to pay a total of EUR 2 million and interest to Sievi Capital plc and Scanfil plc's subsidiary Scanfil EMS Ltd and to pay the companies' legal expenses in the matter in full. Furthermore, Ojala was obligated to pay the court of arbitration's expenses and fees in full. The compensation less legal expenses will be divided equally between Sievi Capital plc and Scanfil EMS Ltd. In its award, the court of arbitration confirmed all of Sievi Capital plc's and Scanfil EMS Ltd's claims and the opinion that Ojala was not entitled not to execute the agreed merger. The judgement of the court of arbitration is final. The court of arbitration has dismissed Ojala´s counterclaim against Sievi Capital plc and Scanfil EMS Ltd in its entirety. Sievi Capital Plc will recognise the damages in first quarter through profit and loss account. Earlier on 25 March 2011, Sievi Capital plc announced that the General Meeting of Ojala had decided not to execute the merger of Ojala and Scanfil EMS Ltd, a subsidiary of Sievi Capital plc at the time and currently of Scanfil plc. Sievi Capital plc and Scanfil EMS Ltd considered the merger agreement signed on 1 November 2010 was definitive and that it obligates the parties to execute the merger with the terms agreed on in the merger agreement. Ojala unilaterally announced that its General Meeting had decided not to execute the merger. Scanfil EMS Ltd implemented all of the measures required of it by the merger agreement. Sievi Capital plc and Scanfil EMS Ltd decided, as announced on 27 April 2011, to initiate arbitration proceedings against Ojala and its shareholders and claim two million (2,000,000) euro as contractual penalty on the basis of the merger agreement as well as legal and the court of arbitration's expenses and fees. Sievi Capital plc announced on 16 November 2011 that Ojala and its shareholders have brought the counterclaim for a compensation of two million (2,000,000) euro and claim for both legal and the court of arbitration's expenses and fees. SIEVI CAPITAL PLC Jorma J. Takanen President & CEO Additional information: President Jorma J. Takanen Tel +358 8 4882 502 / +358 44 7882 200 Distribution NASDAQ OMX, Helsinki Major Media www.sievicapital.com Sievi Capital Group is an investment company which objective is to make the management of the company's funds more effective and productive by diversifying the risks and finding new growth potential. The associated companies of Sievi Capital Group: Kitron ASA (KIT) (Sievi Capital plc's share of ownership 32,96%) is a listed Norwegian subcontractor, which operates in five different customer segments: the marine and oil industry, basic industry, defence equipment industry, hospital and healthcare equipment industry and data and telecommunications industry. In addition to Norway, Kitron ASA has plants and production in Sweden, Lithuania, Germany, China and the United States. Kitron ASA's turnover in 2011 was NOK 1,656.1 million (about EUR 213.6 million). www.kitron.com iLOQ Ltd (Sievi Capital plc's share of ownership 23%) develops, manufactures and markets innovative, high security, electronic and battery-free locking solutions that combine modern mechatronics with communications and software technology. The functionality of the iLOQ S10 product concept developed by iLOQ Ltd and the added customer value it generates has been shown to be good by achieving significant growth and customer accounts in the Finnish lock market. The company has built a Finnish distributor network that covers growth centres and major cities. www.iloq.fi IonPhasE Ltd (Sievi Capital plc's share of ownership 39,15%) develops and manufactures high performance dissipative polymers that help to control static electricity. IonPhasE products are utilized in wide range of industries like chemical, automotive, telecommunication and consumer electronics. Based on own-patented technology, IonPhasE manufactures polymers called IonPhasE IPE. www.ionphase.fi Panphonics Ltd (Sievi Capital plc's share of ownership 40%) is the world's leading provider of directional audio solutions. Panphonics manufactures directional audio solutions for acoustically demanding applications based on its own patented technology. Panphonics Sound Shower directional audio speakers can be found in banks, retail stores, digital signage projects, information kiosks, theatres, and offices throughout the world. Panphonics is also component manufacturer and licensor of plane wave technology for industrial audio manufacturers and audio solution providers. www.panphonics.com In addition Sievi Capital plc's share of ownership in Lännen Tehtaat plc is 8,6 %. Lännen Tehtaat plc is a food production company whose shares are quoted on NASDAQ OMX Helsinki Ltd. The business operations of the group consist of the Frozen Food business, the Seafood business and the Grains and Oilseeds business. Lännen Tehtaat operates in the northern Baltic Sea region. www.lannen.fi |
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