TALVIVAARA MINING COMPANY PLC'S MANAGEMENT INVESTS IN THE COMPANY'S SHARES
(Thomson Reuters ONE) -
STOCK EXCHANGE RELEASE
Talvivaara Mining Company Plc
14 December 2010
TALVIVAARA MINING COMPANY PLC'S MANAGEMENT INVESTS IN THE COMPANY'S SHARES
The Board of Directors of Talvivaara Mining Company Plc (Talvivaara) has today
decided on a new shareholding plan directed to members of the Talvivaara
Executive Committee and the key personnel of Talvivaara Mining Company Plc
(Participants). The plan enables the Participants to acquire a considerable
long-term shareholding in Talvivaara. Through this plan, the Participants
personally invest a considerable amount of their own funds in Talvivaara's
shares. The Participants finance their investments partly themselves and partly
by a loan provided by Talvivaara. The actual owner risk will be carried out
personally by the Participants for the part of their personal investment in the
plan.
For the purpose of the share ownership, the Participants have acquired a limited
liability company named Talvivaara Management Oy (Talvivaara Management), whose
entire share capital they own. The intention of Talvivaara Management is to
acquire an approximate total of 1,100,000 Talvivaara shares. The acquisitions
will be financed by equity investments in Talvivaara Management by the
Participants, in the maximum total amount of EUR 1,500,000, as well as by a loan
provided by Talvivaara to Talvivaara Management, in the maximum amount of EUR
6,000,000. Some of the Participants will finance their equity investments in
Talvivaara Management by transferring part or all of the Talvivaara shares that
they already own to Talvivaara Management. After the plan has been implemented
in full, the Participants will hold approximately 0.4% of the Talvivaara shares
through Talvivaara Management.
As part of the plan, the Board of Directors of Talvivaara has today decided to
grant to Talvivaara Management an interest-bearing loan in the maximum amount of
EUR 6,000,000 to finance the acquisition of the Talvivaara shares. The loan will
be repaid in full by 31 March 2014, at the latest. Should the plan under the
terms of the plan be continued by one year at a time in 2013 or 2014, the term
of the loan will be extended correspondingly. Talvivaara Management has the
right to repay the loan prematurely at any time, and it has the obligation to
repay the loan prematurely by selling Talvivaara shares it holds, in a situation
where the quoted price of the Talvivaara share exceeds the average price of the
Talvivaara shares acquired for the plan, multiplied by two (2), during a
predetermined number of consecutive trading days.
The plan will be valid until the publication of Talvivaara's financial
statements 2013 after which the plan is intended to be dissolved in a manner to
be determined later. The plan may be dissolved, e.g., by merging Talvivaara
Management with Talvivaara, or by selling the Talvivaara shares held by
Talvivaara Management in another manner. The plan will be continued by one year
at a time, in case the Talvivaara share price after the publication of
Talvivaara's financial statements 2013 is lower than the average share price
which Talvivaara Management paid for its Talvivaara shares.
During the validity of the plan, the transfer of the Talvivaara shares held by
Talvivaara Management has been restricted.
Sotkamo 14 November 2010
TALVIVAARA MINING COMPANY PLC
The Board of Directors
ENQUIRIES
Talvivaara Mining Company Plc Tel: +358 20 7129 800
Pekka Perä, CEO
Talvivaara Mining Company Plc
Talvivaara Mining Company is an internationally significant base metals producer
with its primary focus on nickel and zinc using a technology known as
bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction
of metals from low grade ore economically viable. The Talvivaara deposits
comprise one of the largest known sulphide nickel resources in Europe. The ore
body is sufficient to support anticipated production for at least 46 years.
Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main
output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc
streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock
Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE 250
Index. Further information can be found at www.talvivaara.com.
TALVIVAARA MINING COMPANY PLC?S MANAGEMENT INVESTS IN THE COMPANY?S SHARES:
http://hugin.info/136227/R/1472415/409049.pdf
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Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE
[HUG#1472415]
Unternehmensinformation / Kurzprofil:
Datum: 14.12.2010 - 16:13 Uhr
Sprache: Deutsch
News-ID 49695
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contact information:
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Kategorie:
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