Arbitral Tribunal rendered an arbitral award in the redemption proceedings concerning the shares held by minority shareholders in Finnlines
The Arbitral Tribunal appointed by the Redemption Committee of the Finland Chamber of Commerce has on 25 August 2016 rendered an arbitral award in the redemption proceedings concerning the shares held by minority shareholders in Finnlines Plc (“Finnlines”). According to the arbitral award, the redemption price of a Finnlines share was EUR 18.00 per share. As the arbitral award was not appealed by due date, it has gained legal force and the redemption price based on the arbitral award is final.
Grimaldi Group S.p.A. ("Grimaldi") has 17 November 2016 paid the redemption price and interest accrued thereon to the account operators maintaining the book-entry accounts. The payment is expected to be available on the minority shareholders' bank accounts in the next few days. Interest has been paid on the redemption price since 25 February 2016. It is a statutory reference interest rate standing until 30 June 2016 at 0.5 per cent and as of 1 July 2016 at 0.0 per cent.
Grimaldi has gained title to all the shares in Finnlines on 25 August 2016 when it placed the security approved by the Arbitral Tribunal for the payment of the redemption price and interest accruing thereon. On the same day, trading in Finnlines shares on Nasdaq Helsinki Ltd was terminated.
