11 May 2007
The London Stock Exchange is delighted to welcome Powerflute Oyj to AIM.
Powerflute operates a paper mill in Finland, and manufactures high quality nordic semi-chem fluting. The fluting is made primarily from birch wood sourced from Finland and Russia and is used mainly to manufacture boxes for fresh and frozen produce. Other applications include the packaging of electrical goods and agricultural products and heavy duty packaging for automotive products.
A placing has been completed of 44,000,000 of Powerflute’s existing shares representing 50 per cent of the company’s issued share capital. Dealings in the shares commenced today at 08.00 a.m. under the ticker symbol POWR. In total, 88,000,000 shares in the Company of no par value have been admitted to AIM. The placing price was set at 110 pence per share which implies a market capitalisation of £96.8 million.
Collins Stewart Europe Limited is acting as Nominated Adviser and Broker to the Company. E Öhman J:or Securities Finland Ltd also acted as a placing agent in Finland and Scandinavia on behalf of the company and the selling shareholders in relation to the Placing.