VACON OYJ NOT TO BE RELEASED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA, HONG KONG OR IN ANY OTHER STATE IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.
Vacon Plc, Stock Exchange Release, 31 December 2014 at 9.30 a.m. (EET)
Vacon Plc ('Vacon') has received the following information from Oy Danfoss Ab ('Danfoss').
As announced by Vacon on 2 December 2014, Danfoss announced to Vacon that it will use its redemption right and will, in accordance with the Finnish Companies Act, file an application with the Redemption Committee of the Finland Chamber of Commerce regarding the appointment of an arbitration tribunal to settle the redemption matter. Based on an application filed by Danfoss for the redemption of minority shares, the Redemption Committee of the Finland Chamber of Commerce has petitioned the Pohjanmaa District Court for the appointment of a special representative to look after the rights of Vacon's minority shareholders in the arbitration proceedings pertaining to the squeeze-out procedure.
In its decision the Pohjanmaa District Court has appointed Attorney Vesa Niinikangas to act as the special representative pursuant to Chapter 18 Section 5 of the Finnish Companies Act.
Further information:
- Sebastian Linko, Director, Corporate Communications and Investor Relations, +358 (0)40 8371 634, sebastian.linko(at)vacon.com
Vacon in brief
Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and provide customers with efficient product lifecycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources. Vacon has production and R&D facilities in Europe, Asia and North America, and sales offices in 31 countries. Further, Vacon has sales representatives and service partners in nearly 90 countries. In 2013, Vacon's revenues amounted to EUR 403.0 million, and the company employed globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki). Vacon is part of Danfoss Group.
Driven by Drives, www.vacon.com
Distribution:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main media
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vacon Oyj via Globenewswire
