ARBITRAL PROCEEDINGS REGARDING THE REDEMPTION OF SHARES IN FIM
FIM GROUP CORPORATION STOCK EXCHANGE RELEASE 29 MAY 2007
ARBITRAL PROCEEDINGS REGARDING THE REDEMPTION OF SHARES IN FIM
Not to be published or distributed in the United States of America, Canada, Japan or Australia.
FIM Group Corporation has today received the following information from Glitnir banki hf.
Arbitration
Glitnir banki hf. (Glitnir) has on 28 May 2007 filed an application in accordance with Chapter 18, Section 4, Subsection 1 of the Finnish Companies Act to the Redemption Board of the Finnish Central Chamber of Commerce to appoint an Arbitral Tribunal. Glitnir has thus initiated arbitral proceedings to redeem all shares in FIM in accordance with Chapter 18, Section 3 of the Finnish Companies Act.
Redemption Price
The claimed redemption price is EUR 8.00 per share which according to Glitnir shall be considered to be a fair price as set forth in the Finnish Companies Act.
The claimed redemption price corresponds to the price Glitnir paid for the shares in the trading on 16 March 2007, through the trading Glitnir acquired over 68 per cent of the shares in FIM from FIM’s eleven principal shareholders, and to the price Glitnir paid for the shares in FIM in the public tender offer pursuant to Chapter 6, Section 10 of the Finnish Securities Market Act, which ended on 16 May 2007. With the mentioned trading and tender offer Glitnir obtained over 98 per cent of the shares and votes in FIM.
Trustee
The Redemption Board of the Finnish Central Chamber of Commerce shall, when an application according to Chapter 18, Section 4, Subsection 1 of the Finnish Companies Act has arrived, apply for the appointment of a trustee by the District Court of Helsinki to look after the interests of the minority shareholders in the arbitral proceedings. The District Court’s appointment of the trustee shall be entered in the trade register information of FIM.
The contact information of the trustee are available to the shareholders from FIM and the Finnish Trade Register once the trustee has been nominated and the contact information of the trustee has been entered in the Finnish Trade Register.
FIM Group Corporation
For additional information, please contact
Risto Perttunen, CEO, tel. +358 9 6134 6303
Mari Tyster, Head of Group Legal and Compliance, tel. +358 9 6134 6416
Distribution:
Helsinki Stock Exchange
Main media
www.fim.com
FIM is a growing investment services group that offers asset management, brokerage and investment banking services for private individuals and organizations. Since March 2007 FIM is part of Icelandic financial group Glitnir (www.glitnirbank.com). In addition to the head office in Helsinki, FIM has regional offices in Espoo, Jyväskylä, Kuopio, Lahti, Oulu, Riihimäki, Tampere, Turku and Vaasa. FIM also operates in Stockholm and Moscow. The company had net sales in 2006 of EUR 82.0 million, and it posted operating profit of EUR 19.1 million. FIM had a payroll of 284 employees at the end of 2006. www.fim.com