OP-Pohjola Group Central Cooperative has paid minority shareholders the undisputed part of the redemption price deemed undisputed for Pohjola Bank plc shares
(Thomson Reuters ONE) -
OP-Pohjola Group Central Cooperative
Stock Exchange Release
29 October 2014
OP-Pohjola Group Central Cooperative has paid minority shareholders the
undisputed part of the redemption price deemed undisputed for Pohjola Bank plc
shares
OP-Pohjola Group Central Cooperative has received permission from the
arbitrators to pay minority shareholders 16.13 euros per Pohjola Bank plc share,
considered a fair price, plus statutory interest, prior to the completion of the
arbitration proceedings. The Central Cooperative paid the undisputed part of the
redemption price to Pohjola Bank plc's minority shareholders on 29 October
2014. Interest has been paid on the squeeze-out price since 6 May 2014. It is a
statutory reference interest rate currently standing at 0.5%.
OP-Pohjola Group Central Cooperative made an earlier statement that, according
to the Redemption Committee, squeeze-out procedures on average last
approximately six months. On this basis, the squeeze-out pertaining to Pohjola
Bank plc's minority shares is expected to last until the first half of 2015.
OP-Pohjola Group Central Cooperative has completed its public voluntary bid
announced in February 2014 and gained ownership of all Pohjola Bank plc shares
by decision of the Arbitral Tribunal in accordance with Chapter 18, Section 6 of
the Finnish Limited Liability Companies Act. Pohjola Bank plc's series A shares
were delisted from the Helsinki Stock Exchange on 30 September 2014, and OP-
Pohjola Group Central Cooperative was entered as the only shareholder in Pohjola
Bank plc's Shareholder Register on 7 October 2014.
OP-Pohjola Group Central Cooperative
Carina Geber-Teir
Chief Communications Officer
For more information:
OP-Pohjola Communications, media contacts, tel. +358 (0)50 523 9904
DISTRIBUTION
NASDAQ OMX Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
op.fi, pohjola.fi
OP-Pohjola is Finland's leading financial services group providing a unique
range of banking, wealth management and insurance services. OP-Pohjola's mission
is to promote the sustainable prosperity, security and wellbeing of its
customer-owners, customers and operating regions. Its objective is to offer the
best and most versatile package of loyal customer benefits on the market. OP-
Pohjola Group consists of about 180 member cooperative banks, its central
institution OP-Pohjola Group Central Cooperative, and the latter's subsidiaries
and affiliates. The Group has a staff of 12,000.
As laid down in the applicable law, OP-Pohjola Group Central Cooperative and its
member credit institutions are ultimately jointly and severally liable for each
other's debts and commitments. The joint liability in the OP-Pohjola Group is
prescribed by the Act on the Amalgamation of Deposit Banks Act. Pohjola Bank plc
and OP Mortgage Bank are responsible for OP-Pohjola's funding operations on
money and capital markets.
Financial services provider OP-Pohjola is continuing its revamp - this time the
focus is on its brand. The changes under way form part of the creation of a new
financial services group fully owned by its customers. OP-Pohjola's name is OP
Financial Group as of 1 January 2015.
www.op.fi
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pohjola Pankki Oyj via GlobeNewswire
[HUG#1866810]
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2014 - 15:46 Uhr
Sprache: Deutsch
News-ID 347971
Anzahl Zeichen: 4134
contact information:
Town:
POHJOLA
Kategorie:
Business News
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"OP-Pohjola Group Central Cooperative has paid minority shareholders the undisputed part of the redemption price deemed undisputed for Pohjola Bank plc shares"
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