Powerflute Oyj takeover goes unconditional

Nordic Packaging and Container Finland Holdings declared its recommended cash offer for Powerflute Oyj wholly unconditional on Monday, having received acceptances to the offer representing more than 90% of the issued and to be issued shares in Powerflute.

As a result, Powerflute announced on Monday morning that - in accordance with the requirements of Rule 41 of the AIM Rules for Companies, and as set out in the offer document relating to the offer dated 26 September - that at the request of Nordic it has applied for cancellation of admission to trading on AIM of its shares and depositary interests.

“Cancellation of admission to trading on AIM is likely to reduce significantly the marketability and transferability of any Powerflute shares or depositary interests in respect of which the offer has not been accepted,” Powerflute’s board warned in a statement.

“Holders of securities in Powerflute wishing to effect transfers of their securities should be aware that the procedure for acceptance of the offer is set out in the offer document.”

The cancellation is expected to take effect from 0700 GMT on or shortly after 13 December.