RESOLUTIONS OF THE EXTRAORDINARY GENERAL MEETING OF SOLIDIUM OY AND EVENTS DURING THE EAR-LY PART OF THE YEAR
(Thomson Reuters ONE) -
Resolutions of the Extraordinary General Meeting: extra profit distribution of
EUR 440 million to the State
The Extraordinary General Meeting of Solidium Oy was held in Helsinki on 4 March
2015. The Extraordinary General Meeting resolved, in accordance with the
proposal of the Board, that a profit distribution of EUR 440 million as
repayment of capital will be paid to the State of Finland.
Decrease of holding in TeliaSonera and Outokumpu, increase of holding in Metso
and Outotec
As announced on 11 February 2015, Solidium sold 200 million shares in
TeliaSonera AB in an accelerated bookbuilt offering. The sales proceeds totalled
EUR 1,069 million and the pre-tax gain was EUR 363 million. Following the
offering, Solidium's holding in TeliaSonera decreased from 7.8 per cent to 3.2
per cent of the outstanding shares.
Solidium's holding in Outokumpu Oyj decreased from 29.8 per cent to 27.3 per
cent in February, as Solidium sold 10.7 million shares to the market for a total
consideration of EUR 62 million. The pre-tax gain was EUR 11 million, as the
shares were valued at market price (EUR 4.77 per share) in Solidium's interim
financial statements as of 31 December 2014 according to Solidium's accounting
principles.
Solidium has increased its holding in Metso from 11.7 per cent to 12.1 per cent
during the early part of the year by acquiring shares with a total consideration
of EUR 18.5 million from the market. In addition, Solidium has increased its
holding in Outotec from 11.0 per cent to 12.4 per cent during the early part of
the year by acquiring shares with a total consideration of EUR 13.4 million from
the market.
Kari Järvinen, Managing Director of Solidium Oy, comments the profit
distribution and the events in the portfolio:
"We have now released substantial amount of capital for the needs of our owner.
Solidium has in the recent years paid profit distribution significantly in
excess of the dividend income from our portfolio companies. This has been
enabled by disposals of holdings, which has resulted in a clear and permanent
decline of the annual dividend income.
The strong development of the stock market has, however, maintained Solidium's
ability to operate and we continue to execute our mission: strengthening and
stabilising Finnish ownership in nationally important companies with the goal of
increasing the value of our holdings in the long run. During the early part of
this year we have strengthened our holdings in two important technology
companies, Metso and Outotec.
In late 2013 we took part in executing the structural and financial arrangements
of Outokumpu and, as a result, our holding in Outokumpu increased from 21.8 per
cent to 29.9 per cent. Increasing the holding and the share subscription
corresponding to the incremental shares in the company's share issue meant an
additional investment of EUR 62 million for Solidium. Along with the improved
performance and valuation level of Outokumpu the incremental stake has tripled
in value, and by selling one third of these shares, we could realise an amount
equalling to the additional investment made. In addition, we continue to hold
most part of the incremental shares, currently worth some EUR 135 million. Our
current holding in Outokumpu totals 27.3 per cent of the company's shares, equal
to some EUR 670 million in value."
Further information: Kari Järvinen, Managing Director, tel. +358 (0)10 830 8905
Solidium is a limited company wholly owned by the State of Finland. Its mission
is to strengthen and stabilise Finnish ownership in nationally important
companies and increase the value of its holdings in the long term. Its
investment activities are based on financial analysis. The basis and core
objective of Solidium's investment strategy is proper, value-enhancing asset
management of its current holdings. Through its stakes, Solidium is a minority
owner in twelve listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec,
Sampo, SSAB, Stora Enso, Talvivaara Mining Compa-ny, TeliaSonera, Tieto and
Valmet. The market value of Solidium's investments is approximately EUR 7.4
billion as of the date of this press release. More information: www.solidium.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: Solidium Oy via GlobeNewswire
[HUG#1899346]
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 376171
Anzahl Zeichen: 5207
contact information:
Town:
Helsinki
Kategorie:
Business News
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