Talvivaara Mining Co Insider Dealing Charges Brought Against The Ceo And The Deputy Ceo Of Ahtium In A Matter Concerning Talv...
January 30 2018 - 7:27AM
UK Regulatory
TIDMAHT
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:
http://hugin.info/136227/R/2164703/832811.pdf
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
http://www.talvivaara.com
(END) Dow Jones Newswires
January 30, 2018 07:27 ET (12:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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