Neles Corporation has received a request from Valmet Corporation to convene an Extraordinary General Meeting; Change in the composition of the Shareholders' Nomination Board
Neles Corporation, stock exchange release, July 2, 2020 at 19:00 EEST
In accordance with a stock exchange release published by Neles Corporation ("Neles" or the "Company") on July 1, 2020 Valmet Corporation ("Valmet") has on July 1, 2020 executed a share purchase on the basis of a share purchase agreement published on June 17, 2020. As a result of the share purchase, Valmet’s ownership in Neles is 22,374,869 shares, which represents 14.88% of Neles’ total shares. In accordance with a stock exchange release published by Valmet on June 17, 2020, Valmet has purchased the shares from Solidium Oy ("Solidium").
The Board of Directors of Neles has today, on July 2, 2020, received a request from Valmet in accordance with Chapter 5 Section 4 of the Finnish Companies Act to convene an Extraordinary General Meeting. In connection with its request, Valmet has proposed that the Extraordinary General Meeting resolve that the Board of Directors of Neles shall have eight (8) members. Further, Valmet has proposed that, for a term of office expiring at the end of the next Annual General Meeting of the Company, in addition to incumbent members of the Board of Directors, Jukka Tiitinen, currently Valmet's Area President, Asia Pacific, be elected as a member of the Board of Directors of Neles.
The company will address the request by Valmet and convene an Extraordinary General Meeting within the statutory schedule.
In addition, Solidium's representative Petter Söderström has notified Neles that he has resigned from Neles' Shareholders’ Nomination Board, as Solidium is no longer among the four largest shareholders of Neles.
For further information, please contact:
Elisa Erkkilä, General Counsel, Neles Corporation, tel. +358 40 754 4411
Rita Uotila, Vice President, Investor Relations, Neles Corporation, tel. +358 400 954141
Neles is one of the leading providers of mission-critical flow control solutions and services for process industries. With our global team of experts and innovative solutions, we help our customers to improve their process performance and ensure the safe flow of materials. Neles is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 660 million in 2019. Neles employs about 2,900 people in approximately 40 countries. Neles was created in the partial demerger of Metso Corporation, and trading in Neles stock started on July 1, 2020.