Insider dealing charges brought against the CEO and the Deputy CEO of Ahtium in a matter concerning Talvivaara Management Ltd...
January 30 2018 - 6:27AM
Stock Exhange
Release
Ahtium Plc
30 January 2018
Insider dealing
charges brought against the CEO and the Deputy CEO of Ahtium in a
matter concerning Talvivaara Management Ltd - no personal benefit
claimed to have been gained by the defendants
Ahtium
Plc (the "Company") has been notified that charges have been
brought against the CEO and a member of its Executive Committee
acting as the Deputy CEO on a case concerning alleged misuse of
insider information. The charges concern the sale of subscription
rights by the former key employees' holding company Talvivaara
Management Ltd in March 2013, which sales proceeds were used to
subscribe for the shares in the Rights Issue organized by
Talvivaara Mining Company Plc ("Talvivaara"). Talvivaara Management
Ltd was a holding company whose shareholders included, in addition
to the CEO and the Deputy CEO of the Company, 14 employees among
Talvivaara's management and key employees. The sole purpose of the
company was to hold shares in Talvivaara. Talvivaara Management Ltd
was dissolved in the spring 2015.
Talvivaara Management Ltd participated in Talvivaara's Rights Issue
in March 2013. The company financed its subscriptions by selling
through public trading a part of its subscription rights relating
to the Rights Issue and by using the entire sales proceeds, net of
income taxes, to subscribe for new shares in Talvivaara. Talvivaara
lowered its annual production guidance in July 2013, four months
after the Rights Issue and the cessation of trading in the
subscription rights, at which time Talvivaara Management Ltd still
held all the shares in Talvivaara subscribed for in the Rights
Issue or acquired prior to that. During its existence Talvivaara
Management Ltd never sold any of the Talvivaara shares it held.
The
charges of which the Company has now been notified concern
aggravated misuse of insider information, but according to the
charges the defendants have not gained any personal benefit, which
would be required to be forfeited through the court process. The
Company is not a party to the case, and the Company's view is that
the brought charges have no impact on the Company or its financial
position nor do they give any reason to reassess the position of
the CEO or the composition of the Company's Executive
Committee.
Enquiries
Ahtium Plc Tel +358 20 7129 800
Tapani Järvinen, Chairman of the Board of Directors
Charges in a matter concerning
Talvivaara Management Ltd
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ahtium Oyj via Globenewswire
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