Talvivaara Mining Company Plc: an Exemption from the Publication of its January - September 2014 Interim Report
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Stock Exchange Release
Talvivaara Mining Company Plc
24 November 2014
Talvivaara has received an exemption from the publication of its
January - September 2014 interim report
Talvivaara Mining Company Plc ("Talvivaara" or the "Company") applied for an exemption from the publication of its January - September 2014 interim report following the filing for bankruptcy by its operating subsidiary Talvivaara Sotkamo Ltd ("Talvivaara Sotkamo") on 6 November 2014. As a result of the bankruptcy, the Company lost control over Talvivaara Sotkamo, which therefore can no longer be presented as part of the Talvivaara Group on going concern basis.
Talvivaara has today received from the Finnish Financial Supervisory Authority ("FFSA") an exemption from the publication of its January - September 2014 interim report on the basis of Chapter 7, Section 18, Subsection 2 of the Finnish Securities Markets Act. When making its decision, the FFSA has also considered the directive (2013/50/EU) amending the directive 2004/109/EY, which is in force since 27 November 2013 and does no longer require publication of an interim management statement or an interim report for the first and third quarters of a year. Further, the FFSA has noted that trading in the Company's share on the Helsinki stock exchange has been suspended since 6 November 2014 and that, in its view, reliable pricing of the share, which is a pre-requisite for the trading to resume, cannot occur until the uncertainties relating to Talvivaara's ability to continue its operations have been solved and sufficient information on going concern and the Company's financial status has been announced.
The FFSA has granted the exemption on the condition that Talvivaara will no later than on 30 November 2014 publish a general description of the results of its operations and financial position and the development of these during the period from 1 January 2014 until the publication of said description, as required by Chapter 7, Section 14, Subsection 3 of the Finnish Securities Markets Act. The report shall also include a description of the material events and transactions occurred during the reporting period and the effect of these on the financial position of the Company. In addition to said contents required by the Securities Market Act, the FFSA has requested that the announcement also contain information on the factors impacting the Company's ability to continue its operations (going concern), significant near term risks and uncertainties, an estimate of significant off-balance sheet liabilities, a description of how the bankruptcy of Talvivaara Sotkamo has influenced the relationship between Talvivaara and Talvivaara Sotkamo and the Company's financial status, and a description of the business relationship between Talvivaara and the bankruptcy estate of Talvivaara Sotkamo.
On the basis of the rules of the stock exchange, a similar exemption has been granted by NASDAQ OMX Helsinki Ltd.
Talvivaara has previously announced that it would publish its January - September 2014 interim report on 26 November 2014. Following the exemption, the Company will instead publish a report in accordance with the requirements of Chapter 7, Section 14, Subsection 3 of the Finnish Securities Markets Act and the specific requirements of the FFSA on 28 November 2014.
Enquiries
Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Saila Miettinen-Lähde, CFO
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Globenewswire