Apetit Oyj - Company Announcement

The Arbitral Tribunal has dismissed the claims filed by Apetit Plc against Nordic Sugar and Nordic Sugar's counter-claim in the shareholder agreement dispute between the two companies

APETIT PLC,Stock Exchange Release 19 August 2014 at 1:20 p.m.

The Arbitral Tribunal dismissed Apetit Plc's claims concerning Nordic Sugar's
alleged breaches of the shareholder agreement. Furthermore, the Arbitral
Tribunal dismissed Nordic Sugar's counter-claim against Apetit Plc over
Apetit's alleged actions in breach of the shareholder agreement in connection
with the dismissal of Sucros Ltd's managing director. 

In accordance with the Arbitral Tribunal's decision, neither party is obligated
to pay a contractual penalty to the other party. The Arbitral Tribunal ordered
Apetit Plc to pay part of the fees of the Arbitral Tribunal and to compensate
part of the Nordic Sugar's legal costs. In total, the cost impact to Apetit Plc
is approximately EUR 2.4 million. Apetit Plc will enter the expenses and
allowances as negative non-recurring item under the Other Operations segment's
other operating expenses in the third quarter 2014. During the process, Apetit
Plc has already entered its own legal costs as non-recurring items under the
Other Operations segment's other operating expenses in 2012-2014. 

Apetit Plc and Nordic Sugar Oy are joint owners of Sucros Ltd, a company
engaged in the processing and marketing of sugar in Finland. Nordic Sugar Oy,
the majority shareholder, owns 80 per cent of the company's shares, while
Apetit Plc owns 20 per cent. Under the shareholder agreement, Apetit Plc has
special protection as the minority owner. 

The now completed arbitral process was initiated in October 2011, when Apetit
Plc decided to submit the dispute concerning the shareholder agreement to the
Arbitral Tribunal. In Apetit's view, the majority owner, Nordic Sugar, had
repeatedly violated Apetit's minority rights in Sucros Ltd with its
decision-making and actions. Since, despite the objections made, the majority
owner did not rectify its practices, Apetit Plc filed three claims in the
Arbitral Tribunal against Nordic Sugar. During the arbitral process Nordic
Sugar filed a counter-claim concerning alleged breach of the shareholder
agreement in connection with the dismissal of Sucros Ltd's managing director. 



APETIT PLC


Veijo Meriläinen
CEO


FURTHER INFORMATION

Veijo Meriläinen, CEO, +358 10 402 00



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