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Visit One News Page for Europe news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Europe news headlines.

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    Banks continue to fall as investors brace for Fed rate rise Reported by FT.com 8 minutes ago.

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    By Carmen Elena Dorobăț*

    After over three years of following the disastrous effects of socialism unfolding in Venezuela I can confidently say that 99% of the articles I’ve read on the issue will sooner or later point out that Venezuela’s crisis is not only surprisingly dire, but rather counterintuitive given that it is one of the most oil rich countries in the world, with probably the largest proven reserves. As a result, most analyses will conclude that it is the current president’s incompetence on the one hand, and the fall in oil prices in the last 5 years on the other, that have brought about the collapse of the once-prosperous South American economy. The latest example is the short video posted by The Economist, which, in summarizing Venezuela’s recent history, explains that “after Mr Chavez—who had spent generously when oil prices were booming—died in 2013, oil prices crashed and… Maduro inherited an economic crisis which he made worse with his ineptness. The country plunged into chaos.”

    That the gravity of the situation is still surprising to most commentators when it should have been expected long ago is something I’ve discussed before. I would like now to focus on the implicit economic fallacy that underlines the assumption that a country is bound to be inherently prosperous if it owns significant natural resources, particularly oil.

    First of all, it is merely an impression that Venezuela was indeed prosperous in a healthy way at some point in the past. The large-scale exploitation of its rich oil reserves, first discovered before the Spanish conquest, began only in 1910. Before, Simon Bolivar’s 1811 decree stated national ownership of all domestic mines and production was minimal at first. The beginning of the Venezuelan oil industry was also still plagued by government intervention, as drilling and refining were still only permitted via governmental concessions—usually offered to close friends of the 1920s Gómez administration. Later in 1975-76, a monopoly of oil production was handed to the state-owned enterprise Petroleos de Venezuela (PDVSA), then the world’s third largest refiner after Royal Dutch Shell and Exxon, as the Venezuelan oil industry was fully nationalized.1 Although foreign companies were allowed minority partnerships, the taxes they had to pay were significantly increased during the Chavez administration.

    During this turbulent history, oil production waxed and waned, following state directives rather than market incentives, yet booming oil prices in the early 2000s allowed for large cash windfalls. But eventually after 2005 all revenues from it began to be rerouted by the government into Chavez’s lavish social missions, which covered everything from free health clinics to neighborhood basketball courts.

    It is this period that most commentators see as one of great Venezuelan prosperity. But this prosperity was illusory, a mere veneer for the consumption of capital that was occurring. Capital goods—especially those in the oil industry—were being misused and depleted through central planning. For a while, this created an apparent wave of prosperity and development that Joseph Stiglitz called “impressive” at the time and that Mises had long before likened to burning one’s own furniture to heat up the room. But as soon as capital wore out, the façade collapsed and the centrally planned mismanagement of the resources was revealed. No matter how rich in resources the country still is, those resources were and still are used inefficiently and wastefully. Alternatively, Switzerland is very poor in mineral resources—or any natural resources, mind—and has not been plunged into an inflationary crisis. 

    Chavez not only failed to eradicate poverty, as he claimed, but he laid the country squarely down the path of socialism and all its disastrous effects were merely magnified by Maduro. The latter is, contrary to its Western critics, not inept, but rather a committed and consistent socialist dictator, who only escalated and tightened, in good socialist fashion, government control over everything from currency and prices to political dissent and free speech. This, and falling world oil prices, certainly sped up the disintegration of the Venezuelan economy, but did not cause it.

    What originally caused the Venezuelan crisis was not oil, nor can oil now be inherently its cure. The cause of Venezuela’s collapse is the stunting of domestic capital accumulation that began with monetary and social policies of the preceding century and whose effects are now fully felt. And it is the same brand of poor economic policies and government spending (albeit not in the same degree) that is sought after and implemented in the U.S. or Europe, where it is touted either as innovative, stimulating, or anti-cyclical.

    In 1952, in The Plight of Underdeveloped Nations, Mises was discussing Iran’s plans to nationalize their oil industry and was pointing out the precise—and since unchanged—hypocrisy of the West in criticizing socialist policies they were themselves implementing at home:



    If it is right for the British to nationalize the British coal mines, it cannot be wrong for the Iranians to nationalize the Iranian oil industry. If Mr. Attlee [Labour Party leader and prime minister of England from 1945–1951] were consistent, he would have congratulated the Iranians on their great socialist achievement. But no socialist can be or ever was consistent.



    Mises’s further analysis in that essay—quoted below at length—can be used not only to cut through to the heart of the current Venezuelan problems, but to lay out the only solution for overcoming the crisis and allow for true prosperity. And as you might have guessed, it does not involve mentioning the large oil reserves at all:



    What the underdeveloped nations must do if they sincerely want to eradicate penury and to improve the economic conditions of their destitute masses is to adopt those policies of “rugged individualism” which have created the welfare of Western Europe and the United States. They must resort to laissez faire; they must remove all obstacles fettering the spirit of enterprise and stunting domestic capital accumulation and the inflow of capital from abroad.

    But what the governments of these countries are really doing today is just the contrary. Instead of emulating the polices that created the comparative wealth and welfare of the capitalistic nations, they are choosing those contemporary policies of the West which slow down the further accumulation of capital and lay stress on what they consider to be a fairer distribution of wealth and income. Leaving aside the problem whether or not these policies are beneficial to the economically advanced nations, it must be emphasized that they are patently nonsensical when resorted to in the economically backward countries. Where there is very little to be distributed, a policy of an allegedly “fairer” redistribution is of no use at all. […]

    The problem of rendering the underdeveloped nations more prosperous cannot be solved by material aid. It is a spiritual and intellectual problem. Prosperity is not simply a matter of capital investment. It is an ideological issue. What the underdeveloped countries need first is the ideology of economic freedom and private enterprise and initiative that makes for the accumulation and maintenance of capital as well as for the employment of the available capital for the best possible and cheapest satisfaction of the most urgent wants of the consumers.



    **About the author:* Dr. Carmen Elena Dorobăț is a Fellow of the Mises Institute and assistant professor of business and economics at Leeds Trinity University in the United Kingdom. She has a PhD in economics from the University of Angers, and is the recipient of the 2015 O.P. Alford III Prize in Political Economy and the 2017 Gary G. Schlarbaum Prize for Excellence in Research and Teaching. Her research interests include international trade, monetary theory and policy, and the history of economic thought. Contact Carmen Elena Dorobăț

    *Source:* This article was published by the MISES Institute*Notes:*

    1. See Alvarez, J. and J. Fiorito (2005) Venezuelan Oil Unifying Latin-America, Stanford University, available at https://web.stanford.edu/class/e297a/Venezuelan%20Oil%20Unifying%20Latin%20America.doc Reported by Eurasia Review 2 hours ago.

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    The regulation on the use of organic and waste-based fertilisers was the subject of a tripartite agreement on 13 December. Its aim is to reduce the use of chemical fertilisers in Europe. EURACTIV France’s media partner the Journal de l’environnement reports. Reported by EurActiv 2 hours ago.

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    Breast implants made by drugmaker Allergan, which have been linked to a rare form of cancer, are being taken off the market in Europe, said a French regulatory body. Reported by Reuters 2 hours ago.

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    The development of short food supply chains, where intermediaries between farmers and consumers are removed, provides consumers with healthier food and especially in the case of Europe’s south, major opportunities to enhance agrotourism, Green MEPs told EURACTIV.com. Reported by EurActiv 2 hours ago.

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    The concept of short food supply chains (SFSC), where intermediaries between farmers and consumers are removed, was introduced in the 2014-2020 CAP and has risen in recent years. According to a study carried out by the European Parliamentary Research Service... Reported by EurActiv 2 hours ago.

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    Reported by FT.com 2 hours ago.

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    A fast-food outlet in South Africa has been ordered to withdraw a commercial showing an African explorer conquering Europe in the 17th Century. Reported by Myjoyonline 1 hour ago.

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    Hackers accessed the European Union's diplomatic communications network for years, downloading cables that reveal concerns about the Trump administration, struggles to deal with Russia and China and the risk of Iran reviving its nuclear program, the New York Times reported late on Tuesday. Reported by Reuters India 1 hour ago.

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    Uponor Corporation     Managers’ transactions     19 December 2018     09.30 EET

    *Notification of transactions by managers and their closely associated persons*

    Notification under the EU Market Abuse Regulation, article 19

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    *Initial Notification   *
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    (140): Volume: 190 Unit price: 9.15 EUR
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    (146): Volume: 372 Unit price: 9.115 EUR
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    (149): Volume: 246 Unit price: 9.095 EUR
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    (154): Volume: 246 Unit price: 9.095 EUR
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    (156): Volume: 246 Unit price: 9.095 EUR
    (157): Volume: 143 Unit price: 9.1 EUR
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    (160): Volume: 205 Unit price: 9.105 EUR
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    (163): Volume: 25 Unit price: 9.105 EUR
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    (172): Volume: 208 Unit price: 9.105 EUR
    (173): Volume: 113 Unit price: 9.095 EUR
    (174): Volume: 231 Unit price: 9.095 EUR
    (175): Volume: 117 Unit price: 9.095 EUR
    (176): Volume: 204 Unit price: 9.1 EUR
    (177): Volume: 400 Unit price: 9.1 EUR
    (178): Volume: 224 Unit price: 9.1 EUR
    (179): Volume: 44 Unit price: 9.1 EUR
    (180): Volume: 477 Unit price: 9.1 EUR
    (181): Volume: 477 Unit price: 9.1 EUR
    (182): Volume: 400 Unit price: 9.1 EUR
    (183): Volume: 253 Unit price: 9.1 EUR
    (184): Volume: 351 Unit price: 9.1 EUR
    (185): Volume: 309 Unit price: 9.115 EUR
    (186): Volume: 119 Unit price: 9.115 EUR
    (187): Volume: 112 Unit price: 9.1 EUR
    (188): Volume: 207 Unit price: 9.1 EUR
    (189): Volume: 143 Unit price: 9.1 EUR
    (190): Volume: 387 Unit price: 9.12 EUR
    (191): Volume: 239 Unit price: 9.125 EUR
    (192): Volume: 103 Unit price: 9.12 EUR
    (193): Volume: 213 Unit price: 9.125 EUR
    (194): Volume: 241 Unit price: 9.125 EUR
    (195): Volume: 870 Unit price: 9.135 EUR
    (196): Volume: 254 Unit price: 9.145 EUR
    (197): Volume: 263 Unit price: 9.14 EUR
    (198): Volume: 269 Unit price: 9.145 EUR
    (199): Volume: 68 Unit price: 9.15 EUR
    (200): Volume: 600 Unit price: 9.15 EUR
    (201): Volume: 200 Unit price: 9.15 EUR
    (202): Volume: 116 Unit price: 9.15 EUR
    (203): Volume: 91 Unit price: 9.15 EUR
    (204): Volume: 246 Unit price: 9.155 EUR
    (205): Volume: 257 Unit price: 9.165 EUR
    (206): Volume: 254 Unit price: 9.165 EUR
    (207): Volume: 267 Unit price: 9.17 EUR
    (208): Volume: 198 Unit price: 9.155 EUR
    (209): Volume: 80 Unit price: 9.155 EUR
    (210): Volume: 266 Unit price: 9.165 EUR
    (211): Volume: 85 Unit price: 9.14 EUR
    (212): Volume: 392 Unit price: 9.14 EUR
    (213): Volume: 104 Unit price: 9.14 EUR
    (214): Volume: 4 Unit price: 9.14 EUR
    (215): Volume: 104 Unit price: 9.14 EUR
    (216): Volume: 4 Unit price: 9.14 EUR
    (217): Volume: 281 Unit price: 9.14 EUR
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    (219): Volume: 325 Unit price: 9.14 EUR
    (220): Volume: 243 Unit price: 9.14 EUR
    (221): Volume: 19 Unit price: 9.15 EUR
    (222): Volume: 208 Unit price: 9.15 EUR
    (223): Volume: 268 Unit price: 9.16 EUR
    (224): Volume: 271 Unit price: 9.175 EUR
    (225): Volume: 295 Unit price: 9.155 EUR
    (226): Volume: 430 Unit price: 9.17 EUR
    (227): Volume: 199 Unit price: 9.18 EUR
    (228): Volume: 279 Unit price: 9.185 EUR
    (229): Volume: 11 Unit price: 9.2 EUR
    (230): Volume: 100 Unit price: 9.2 EUR
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    (232): Volume: 342 Unit price: 9.22 EUR
    (233): Volume: 226 Unit price: 9.225 EUR
    (234): Volume: 23 Unit price: 9.225 EUR
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    (237): Volume: 112 Unit price: 9.245 EUR
    (238): Volume: 170 Unit price: 9.245 EUR
    (239): Volume: 195 Unit price: 9.235 EUR
    (240): Volume: 15 Unit price: 9.23 EUR
    (241): Volume: 133 Unit price: 9.23 EUR
    (242): Volume: 41 Unit price: 9.23 EUR
    (243): Volume: 372 Unit price: 9.21 EUR
    (244): Volume: 131 Unit price: 9.21 EUR
    (245): Volume: 246 Unit price: 9.21 EUR
    (246): Volume: 166 Unit price: 9.21 EUR
    (247): Volume: 450 Unit price: 9.25 EUR
    (248): Volume: 47 Unit price: 9.25 EUR
    (249): Volume: 998 Unit price: 9.25 EUR
    (250): Volume: 50 Unit price: 9.25 EUR
    (251): Volume: 364 Unit price: 9.25 EUR
    (252): Volume: 500 Unit price: 9.25 EUR
    (253): Volume: 234 Unit price: 9.175 EUR
    (254): Volume: 528 Unit price: 9.18 EUR
    (255): Volume: 184 Unit price: 9.185 EUR
    (256): Volume: 2 Unit price: 9.185 EUR
    (257): Volume: 307 Unit price: 9.16 EUR
    (258): Volume: 248 Unit price: 9.145 EUR
    (259): Volume: 191 Unit price: 9.16 EUR
    (260): Volume: 237 Unit price: 9.155 EUR
    (261): Volume: 598 Unit price: 9.15 EUR
    (262): Volume: 400 Unit price: 9.15 EUR
    (263): Volume: 429 Unit price: 9.14 EUR
    (264): Volume: 199 Unit price: 9.105 EUR
    (265): Volume: 203 Unit price: 9.12 EUR
    (266): Volume: 203 Unit price: 9.125 EUR
    (267): Volume: 453 Unit price: 9.135 EUR
    (268): Volume: 472 Unit price: 9.11 EUR
    (269): Volume: 354 Unit price: 9.1 EUR
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    (275): Volume: 199 Unit price: 9.1 EUR
    (276): Volume: 187 Unit price: 9.11 EUR
    (277): Volume: 249 Unit price: 9.135 EUR
    (278): Volume: 194 Unit price: 9.12 EUR
    (279): Volume: 40 Unit price: 9.135 EUR
    (280): Volume: 201 Unit price: 9.135 EUR
    (281): Volume: 392 Unit price: 9.13 EUR
    (282): Volume: 244 Unit price: 9.1 EUR
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    (289): Volume: 329 Unit price: 9.11 EUR
    (290): Volume: 279 Unit price: 9.115 EUR
    (291): Volume: 306 Unit price: 9.1 EUR
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    (298): Volume: 203 Unit price: 9.115 EUR
    (299): Volume: 305 Unit price: 9.12 EUR
    (300): Volume: 211 Unit price: 9.13 EUR
    (301): Volume: 245 Unit price: 9.135 EUR
    (302): Volume: 202 Unit price: 9.145 EUR
    (303): Volume: 259 Unit price: 9.125 EUR
    (304): Volume: 245 Unit price: 9.13 EUR
    (305): Volume: 400 Unit price: 9.13 EUR
    (306): Volume: 267 Unit price: 9.12 EUR
    (307): Volume: 130 Unit price: 9.09 EUR
    (308): Volume: 45 Unit price: 9.09 EUR
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    (315): Volume: 347 Unit price: 9.095 EUR
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    (318): Volume: 400 Unit price: 9.095 EUR
    (319): Volume: 225 Unit price: 9.095 EUR
    (320): Volume: 124 Unit price: 9.085 EUR
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    (324): Volume: 259 Unit price: 9.085 EUR
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    (329): Volume: 324 Unit price: 9.085 EUR
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    (331): Volume: 250 Unit price: 9.085 EUR
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    (333): Volume: 25 Unit price: 9.08 EUR
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    (335): Volume: 254 Unit price: 9.08 EUR
    (336): Volume: 240 Unit price: 9.065 EUR
    (337): Volume: 240 Unit price: 9.065 EUR
    (338): Volume: 239 Unit price: 9.065 EUR
    (339): Volume: 240 Unit price: 9.065 EUR
    (340): Volume: 156 Unit price: 9.075 EUR
    (341): Volume: 400 Unit price: 9.075 EUR
    (342): Volume: 424 Unit price: 9.06 EUR
    (343): Volume: 963 Unit price: 9.05 EUR
    (344): Volume: 377 Unit price: 9.05 EUR
    (345): Volume: 562 Unit price: 9.05 EUR
    (346): Volume: 661 Unit price: 9.05 EUR
    (347): Volume: 388 Unit price: 9.045 EUR
    (348): Volume: 242 Unit price: 9.03 EUR
    (349): Volume: 136 Unit price: 9.03 EUR
    (350): Volume: 455 Unit price: 9.02 EUR
    (351): Volume: 275 Unit price: 9.02 EUR
    (352): Volume: 23 Unit price: 9.015 EUR
    (353): Volume: 134 Unit price: 9.01 EUR
    (354): Volume: 210 Unit price: 9.01 EUR
    (355): Volume: 154 Unit price: 9.03 EUR
    (356): Volume: 80 Unit price: 9.045 EUR
    (357): Volume: 182 Unit price: 9 EUR
    (358): Volume: 389 Unit price: 9.01 EUR
    (359): Volume: 251 Unit price: 9.09 EUR
    (360): Volume: 16 Unit price: 9.11 EUR
    (361): Volume: 15 Unit price: 9.12 EUR
    (362): Volume: 34 Unit price: 9.12 EUR
    (363): Volume: 115 Unit price: 9.12 EUR
    (364): Volume: 2,200 Unit price: 9 EUR

    Aggregated transactions
    Volume: 86,197 Volume weighted average price: 9.14375 EUR
    ____________________________________________

    *Transaction details*

    Transaction date: 17.12.2018
    Venue: XPAC
    Instrument type: SHARE
    ISIN: FI0009002158
    Nature of the transaction: ACQUISITION

    (1): Volume: 1,300 Unit price: 9.16 EUR
    (2): Volume: 2,493 Unit price: 9.1375 EUR
    (3): Volume: 546 Unit price: 9.0975 EUR
    (4): Volume: 460 Unit price: 9.11 EUR

    Aggregated transactions
    Volume: 4,799 Volume weighted average price: 9.13641 EUR
    ____________________________________________

    *Transaction details*

    Transaction date: 17.12.2018
    Venue: POSIT (XPOS)
    Instrument type: SHARE
    ISIN: FI0009002158
    Nature of the transaction: ACQUISITION

    (1): Volume: 1,100 Unit price: 9.2 EUR
    (2): Volume: 4,750 Unit price: 9.18 EUR
    (3): Volume: 4,000 Unit price: 9.18 EUR
    (4): Volume: 4,000 Unit price: 9.17 EUR
    (5): Volume: 3,000 Unit price: 9.195 EUR
    (6): Volume: 1,000 Unit price: 9.1725 EUR
    (7): Volume: 7,000 Unit price: 9.1125 EUR
    (8): Volume: 1,000 Unit price: 9.12 EUR

    Aggregated transactions
    Volume: 25,850 Volume weighted average price: 9.16015 EUR
    ____________________________________________

    *Transaction details*

    Transaction date: 17.12.2018
    Venue: UBS MTF (XUBS)
    Instrument type: SHARE
    ISIN: FI0009002158
    Nature of the transaction: ACQUISITION

    (1): Volume: 392 Unit price: 9.015 EUR

    Aggregated transactions
    Volume: 392 Volume weighted average price: 9.015 EUR
    ____________________________________________

    *Transaction details*

    Transaction date: 17.12.2018
    Venue: DHEL
    Instrument type: SHARE
    ISIN: FI0009002158
    Nature of the transaction: ACQUISITION

    (1): Volume: 1,000 Unit price: 9.205 EUR
    (2): Volume: 2,601 Unit price: 9.155 EUR
    (3): Volume: 1,000 Unit price: 9.155 EUR
    (4): Volume: 1,340 Unit price: 9.23 EUR

    Aggregated transactions
    Volume: 5,941 Volume weighted average price: 9.18033 EUR

    Uponor Corporation

    Reetta Härkki
    General Counsel
    Tel. +358 20 129 2835

    DISTRIBUTION:
    Nasdaq Helsinki
    Media
    www.uponor.com
    www.investors.uponor.com   

    *
    *

    *Uponor in brief*
    The year 2018 marks Uponor's 100-year anniversary. Our success is built on strong partnerships with our customers and stakeholders in the past, present and future.

    Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 4,000 employees in 30 countries, mainly in Europe and North America. In 2017, Uponor's net sales totalled nearly €1.2 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. Uponor builds on you - www.uponor.com Reported by GlobeNewswire 1 hour ago.

    0 0

    *THE BOARD OF SSH COMMUNICATIONS SECURITY CORPORATION HAS DECIDED ON A NEW STOCK OPTION PLAN

    *

    Based on the authorization granted by the Annual General Meeting of Shareholders held on March 28, 2018, the Board of Directors of SSH Communications Security Corporation has decided to issue stock options to selected key personnel of the company and to a wholly-owned subsidiary if so separately decided by the Board of Directors, on the enclosed terms and conditions.

    The stock options shall be offered in deviation from the shareholders' pre-emptive rights. The stock options shall be issued free of charge. 

    There is an especially weighty financial ground for the Company, also observing the interests of all the Company’s shareholders, to deviate from the shareholders’ pre-emptive subscription right in the issuance of the stock options (directed share issuance without payment) since the stock options are intended to form part of the incentive and commitment program of the key personnel of SSH Communications Group and to motivate the key personnel to work on a long-term basis to increase shareholder value of the company.

    The maximum total number of stock options shall be 980,000, which entitle to subscribe for a total maximum of 980.000 shares of SSH Communications Security Corporation. Each stock option entitles to subscribe for one (1) new share. 

    The maximum number of shares which may be subscribed with the stock options is approximately 2.5 per cent of the company’s shares on a fully diluted basis.

    All stock options shall be marked with the symbol 2019A.

    The share subscription price for the shares shall be, the trade volume weighted average quotation of the company's share on Nasdaq Helsinki Ltd. during a one month period following the publication of the company’s annual results for the year 2018 (with said publication date not included in said period).

    From the share subscription price shall be deducted the amount of the dividend and funds distributed through a distribution of funds from the distributable equity fund decided after the end of the period for determination of the share subscription price but before share subscription.

    The share subscription price shall, however, always be at least the nominal value of the share.

    Out of the share subscription price the amount equalling the nominal value of the share shall be transferred to the share capital and the exceeding amount to the fund for invested non-restricted equity.

    The share subscription period will be from December 1, 2021 to March 31, 2023.

    The complete terms and conditions of the Stock Option Plan are attached to this release.

    SSH COMMUNICATIONS SECURITY CORPORATION

    Board of DirectorsFor further information, please contact:
    Kaisa Olkkonen, CEO, telephone +358 40 579 5216

    Distribution:
    Nasdaq Helsinki Ltd.
    Major Media
    www.ssh.com*SSH Communications Security*
    SSH Communications Security is a leading provider of enterprise cybersecurity solutions that monitor, control, and automate trusted access to critical data. The company’s long track record of innovation includes Secure Shell (SSH) – one of the world’s most widely used network security protocols. Customers worldwide trust our flagship Universal SSH Key Manager® and other solutions to manage access, while greatly reducing costs and compliance risks. The Company sells direct through offices in North America, Europe and Asia and through a global network of certified partners. The company’s shares (SSH1V) are quoted on the NASDAQ Helsinki. For more information, visit www.ssh.com.

    *Attachment*

    · SSH Stock Options 2019 TCs ENG Reported by GlobeNewswire 1 hour ago.

    0 0

    Mascot Bidco Oy
    Stock Exchange Release
    December 19, 2018 at 9:30 a.m. (EET)NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.Mascot Bidco Oy commences the voluntary recommended public cash tender offer for all the issued and outstanding shares in Amer Sports Corporation on December 20, 2018Mascot Bidco Oy ("the "Offeror") and Amer Sports Corporation ("Amer Sports") announced on December 7, 2018 that they had, together with Mascot JVCo (Cayman) Limited and members of an Investor Consortium (as defined below) including ANTA Sports Products Limited ("ANTA Sports"), FV Mascot JV, L.P. (an investment vehicle managed by FountainVest Partners) ("FV Fund") and Anamered Investments Inc (an investment vehicle owned by Mr. Chip Wilson) ("Anamered Investments"), on December 7, 2018 entered into a combination agreement (the "Combination Agreement") under which the Offeror undertook to make a voluntary recommended public cash tender offer (the "Tender Offer") to purchase all of the issued and outstanding shares in Amer Sports, but excluding any shares of Amer Sports which are held by Amer Sports or its subsidiaries. ANTA Sports, FV Fund, Anamered Investments and Tencent Holdings Limited ("Tencent") (which will invest through Mount Jiuhua Investment Limited as a limited partner in FV Fund) together form the investor consortium (the "Investor Consortium").
    The Finnish Financial Supervisory Authority has today approved the tender offer document relating to the Tender Offer (the "Tender Offer Document"). The acceptance period for the Tender Offer (the “Offer Period”) will commence on December 20, 2018 at 9:30 am (Finnish time) and expire on February 28, 2019 at 4:00 pm (Finnish time). The Offeror reserves the right to extend the Offer Period in accordance with the terms and conditions of the Tender Offer.
    The Tender Offer Document will be available in Finnish from December 20, 2018 onwards at Nasdaq Helsinki, Fabianinkatu 14, FI-00130 Helsinki, Finland. An electronic version of the Tender Offer Document will be available in Finnish from December 20, 2018 onwards online at http://ir.anta.com/en/news_amer.php, www.amersports.com/sijoittajat/ostotarjous and www.nordea.fi/osakkeet, and in English from December 20, 2018 onwards online at http://ir.anta.com/en/news_amer.php, www.amersports.com/investors/tender-offer and www.nordea.fi/equities.
    The price offered for each share validly tendered in the Tender Offer is EUR 40.00 in cash (the “Offer Price”).
    The Board of Directors of Amer Sports has decided to unanimously recommend that Amer Sports’ shareholders accept the Tender Offer. The following major shareholders of Amer Sports have, subject to certain customary conditions, irrevocably undertaken to accept the Tender Offer: Kaleva Mutual Insurance Company, Ilmarinen Mutual Pension Insurance Company, Mandatum Life Insurance Company Limited and Varma Mutual Pension Insurance Company, representing in aggregate approximately 7.91 percent of the issued shares and votes in Amer Sports. In addition, Maa- ja vesitekniikan tuki r.y., who hold approximately 4.29 percent of the issued shares and votes in Amer Sports, have expressed that they view the Tender Offer positively.
    Most of the Finnish book-entry account operators are expected to send a notification of the Tender Offer, including instructions and the relevant acceptance form to their customers who are registered as shareholders in the shareholders’ register of Amer Sports maintained by Euroclear Finland Ltd. Shareholders who do not receive such notification from their account operator or asset manager can contact any branch office of Nordea Bank Abp (“Nordea Bank”) where such shareholders can receive the necessary information and submit their acceptance of the Tender Offer or, if such shareholders are U.S. residents or located within the United States, they may contact their brokers for the necessary information. Nordea Bank will not be engaging in communications relating to the Tender Offer with shareholders located within the United States.
    A shareholder of Amer Sports whose shareholdings are registered in the name of a nominee and who wishes to accept the Tender Offer shall effect such acceptance in accordance with the nominee’s instructions. The Offeror will not send acceptance forms or other documents related to the Tender Offer to such shareholders of Amer Sports.
    The completion of the Tender Offer is, in accordance with the terms and conditions of the Tender Offer, subject to certain conditions to be fulfilled (unless waived by the Offeror) on or prior to the date of the Offeror’s announcement of the final result of the Tender Offer.
    The Offeror will announce the preliminary result of the Tender Offer on or about the first (1st) Helsinki business day following the expiry of the Offer Period or, if applicable, the extended or discontinued Offer Period, and will announce the final result on or about the third (3rd) Helsinki business day following the expiry of the Offer Period or, if applicable, the extended or discontinued Offer Period. The announcement of the final result will confirm (i) the percentage of the shares that have been validly tendered and not properly withdrawn and (ii) whether the Tender Offer will be completed.
    The Offeror may also acquire shares in Amer Sports in public trading on Nasdaq Helsinki or otherwise before, during and/or after the Offer Period (including any extension thereof) and any subsequent Offer Period or otherwise outside the Tender Offer to the extent permitted by Finnish, U.S. and other applicable law, as the case may be, at a price not exceeding the Offer Price of EUR 40.00 per share.
    The terms and conditions of the Tender Offer are enclosed in their entirety to this stock exchange release (Appendix 1).
    ADVISORS
    Citigroup is acting as the exclusive financial advisor and Freshfields Bruckhaus Deringer LLP as the international legal advisor, Roschier, Attorneys Ltd. as the Finnish legal advisor and Fangda Partners as the Chinese legal advisor to ANTA Sports, FountainVest Partners and the Offeror in connection with the Tender Offer. Morgan, Lewis & Bockius LLP acts as the Hong Kong legal advisor to ANTA Sports, Kirkland Ellis acts as the international legal advisor to FountainVest Partners and Paul, Weiss, Rifkind, Wharton & Garrison LLP acts as the international legal advisor to Tencent. Nordea Bank Abp acts as the Lead Manager of the Tender Offer outside the United States.
    Goldman Sachs International is acting as the exclusive financial advisor and White & Case LLP as the legal advisor to Amer Sports in connection with the Tender Offer.
    MEDIA AND INVESTOR ENQUIRIES:
    ANTA Sports:
    Cora Wan
    Tel. +852 98774860
    consortium@hkstrategies.com
    FountainVest Partners:
    Cora Wan
    Tel. +852 98774860
    consortium@hkstrategies.com
    Amer Sports:
    Samppa Seppälä, Head of Corporate Communications and IR
    Tel. +358 50 568 0533
    samppa.seppala@amersports.com
    ABOUT ANTA SPORTS
    The ANTA brand was established in 1991, and ANTA Sports Products Limited (Stock code: 2020.HK), a leading sportswear company in China measured by revenue in 2017, was listed on the Main Board of Hong Kong Stock Exchange in 2007. For many years, ANTA Sports has been principally engaged in the design, development, manufacturing and marketing of ANTA sportswear series to provide the mass market in China with professional sporting products including footwear, apparel and accessories. In recent years, ANTA Sports has accelerated its strategy of "Single-Focus, Multi-Brand, and Omni-Channel" to deepen its footprint in the sportswear market in China. ANTA Sports aims to unlock the potential of both the mass and high-end sportswear markets in China by embracing an all-round brand portfolio including ANTA, FILA, DESCENTE, SPRANDI, KINGKOW and KOLON SPORT, and by seizing new opportunities arising in various important retail channels.
    ABOUT FOUNTAINVEST PARTNERS
    FV Fund is a limited partnership established under the laws of Cayman Islands offering limited partnership interests for the purposes of the Tender Offer and whose principal business is investment holding. The general partner of FV Fund is FV Babylon Partners GP Ltd which is ultimately controlled by FountainVest Partners.
    Founded in 2007, FountainVest Partners is one of the most established independent private equity firms in Asia. FountainVest Partners focuses on long-term oriented investments in industry leaders, partnering closely with management teams to drive growth and create value in diversified areas including in strategy, operations, finance, and industry consolidation. FountainVest Partners has completed a number of successful landmark investments in Asia, Europe, and the United States. Sectors of focus include Consumer, Media & Technology, Healthcare, Industrials, and Financial Services. FountainVest Partners is backed by some of the largest sovereign wealth funds and public pensions plans around the world, with assets under management of close to USD 5.0 billion.
    ABOUT ANAMERED INVESTMENTS
    Anamered Investments is an investment vehicle owned by Mr. Chip Wilson, who is a pioneer in vertical retailing and technical apparel. As the founder of lululemon athletica inc., Mr. Wilson is an expert in designing technical fabrications and bringing technical apparel to global markets. Mr. Wilson retains a significant interest in lululemon athletica inc., as well as a well-diversified portfolio of investments in private equity, private companies, public securities, and real estate. Each of the businesses Mr. Wilson has invested in privately are nurtured and supported by long-term capital and are held to a high standard of performance, governance, financial return and accountability.
    ABOUT TENCENT
    Tencent Holdings Limited was founded in Shenzhen, China, in 1998 and went public on the Main Board of the Stock Exchange of Hong Kong in 2004. Tencent uses technology to enrich the lives of Internet users. Its social products WeChat/ Weixin and QQ link users to a rich digital content catalogue including games, video, music and books. Its proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Its infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth. Tencent seeks to evolve with the Internet by investing in people and innovation.
    ABOUT AMER SPORTS
    Amer Sports Corporation is a sporting goods company with internationally-recognized brands including Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor. Its technically advanced sports equipment, footwear, apparel and accessories aim to improve performance and increase the enjoyment of sports and outdoor activities. Amer Sports' business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports' shares are listed on Nasdaq Helsinki.
    Forward-Looking Statements
    This stock exchange release contains statements that, to the extent they are not historical facts, constitute "forward-looking statements". Forward-looking statements include statements concerning plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, business strategy and the trends in the industries and the political and legal environment and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms "believes", "intends", "may", "will" or "should" or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this stock exchange release.
    Information for U.S. Shareholders
    The Tender Offer is being made for the securities of Amer Sports, a public limited liability company incorporated under Finnish Law, and is subject to Finnish disclosure and procedural requirements, which are different from those of the United States of America. The Tender Offer will be made in the United States of America in compliance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the applicable rules and regulations promulgated thereunder, including Regulation 14E (subject to any exemptions or relief therefrom, if applicable) and otherwise in accordance with the requirements of Finnish law. Accordingly, the Tender Offer will be subject to disclosure and other procedural requirements, including with respect to the Tender Offer timetable, settlement procedures, withdrawal, waiver of conditions and timing of payments that are different from those applicable under U.S. domestic tender offer procedures and laws.
    To the extent permissible under applicable laws and regulations, including Rule 14e-5 under the Exchange Act, and in accordance with normal Finnish practice, the Offeror and its affiliates or its broker and its broker’s affiliates (acting as agents or on behalf of the Offeror or its affiliates, as applicable) may from time to time after the date of this stock exchange release, and other than pursuant to the Tender Offer, directly or indirectly purchase, or arrange to purchase shares of Amer Sports or any securities that are convertible into, exchangeable for or exercisable for shares of Amer Sports. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In no event will any such purchases be made for a price per share that is greater than the price offered in the Tender Offer. To the extent information about such purchases or arrangements to purchase is made public in Finland, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of Amer Sports of such information. No purchases will be made outside of the Tender Offer in the United States of America by or on behalf of the Offeror or its affiliates. In addition, the financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Amer Sports, which may include purchases or arrangements to purchase such securities. To the extent required in Finland, any information about such purchases will be made public in Finland in the manner required by Finnish law.
    The receipt of cash pursuant to the Tender Offer by a U.S. holder of Amer Sports shares may be a taxable transaction for U.S. federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of Amer Sports shares is urged to consult his independent professional advisor regarding the tax consequences of accepting the Tender Offer.
    Neither the U.S. Securities and Exchange Commission nor any securities commission of any state of the United States has (a) approved or disapproved the Tender Offer, (b) passed upon the merits or fairness of the Tender Offer, or (c) passed upon the adequacy or accuracy of the disclosure in this stock exchange release. Any representation to the contrary is a criminal offence in the United States.
    American Depositary Shares and American Depositary Receipts
    Amer Sports has in place an ADR program in respect of its shares. The Tender Offer will not be made for the ADSs, nor for the ADRs. However, the Tender Offer will be made for the shares underlying the ADSs. Holders of ADSs and ADRs are encouraged to consult with the appropriate depositary regarding the tender of shares that are represented by ADSs.
    THIS STOCK EXCHANGE RELEASE MAY NOT BE RELEASED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.
    THIS STOCK EXCHANGE RELEASE IS NOT A TENDER OFFER DOCUMENT AND AS SUCH DOES NOT CONSTITUTE AN OFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS STOCK EXCHANGE RELEASE IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES DESCRIBED HEREIN, AND IS NOT AN EXTENSION OF THE TENDER OFFER, IN CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA. INVESTORS SHALL ACCEPT THE TENDER OFFER FOR THE SHARES ONLY ON THE BASIS OF THE INFORMATION PROVIDED IN A TENDER OFFER DOCUMENT. OFFERS WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER THE TENDER OFFER OR ACCEPTANCE THEREOF IS PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFER DOCUMENT OR REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSE UNDERTAKEN IN FINLAND.
    THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW AND, WHEN PUBLISHED, THE TENDER OFFER DOCUMENT AND RELATED ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW.
    Other matters
    Goldman Sachs International, which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Amer Sports and no one else in connection with the Tender Offer and the matters set out in this announcement, and will not be responsible to anyone other than Amer Sports for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the Tender Offer or any matter or arrangement referred to in this announcement.
    Citigroup Global Markets Asia Limited, an entity organized and regulated in Hong Kong, is acting exclusively for its clients and no one else in connection with the Tender Offer and the matters set out in this announcement, and will not be responsible to anyone other than its clients for providing the protections afforded to its clients, or for giving advice in connection with the Tender Offer or any matter or arrangement referred to in this announcement.
    APPENDIX 1
    TERMS AND CONDITIONS OF THE TENDER OFFER
    Object of the Tender Offer
    Through a voluntary public cash tender offer in accordance with Chapter 11 of the Finnish Securities Market Act (746/2012, as amended, the “SMA”) and subject to the terms and conditions set forth herein, Mascot Bidco Oy (the “Offeror”), a Finnish private limited company that will be an indirect wholly-owned subsidiary of ANLLIAN Sports Products Limited (“ANTA SPV“), FV Mascot JV, L.P. (“FV Fund”) and Anamered Investments Inc (“Anamered Investments”) at the Closing Date (as defined below), offers to acquire all of the issued and outstanding shares in Amer Sports Corporation (the “Company” or “Amer Sports”), including 1,679,936 shares in the Company currently held indirectly by ANTA Sports Products Limited (“ANTA Sports”), but excluding any shares in the Company which are held by the Company or its subsidiaries (the “Shares” or, individually, a “Share”), on the terms and subject to the conditions set forth below (the “Tender Offer”).
    The Offeror, together with ANTA Sports, FV Fund, Anamered Investments, Mascot JVCo (Cayman) Limited (“JVCo”) and Amer Sports have on 7 December 2018 (the “Signing Date”) entered into a Combination Agreement (the “Combination Agreement”) under which the Offeror makes the Tender Offer.
    Offer Price
    The offer price for each Share (the number of issued and outstanding Shares as at the date of this Tender Offer Document is 115,220,745) validly tendered in accordance with the terms and conditions of the Tender Offer is EUR 40.00 in cash (the “Offer Price”).
    However, should the Company change the number of Shares issued and outstanding on the date hereof as a result of a new share issue, reclassification, stock split (including a reverse split) or any other similar transaction with dilutive effect, or should the Company distribute a dividend or otherwise distribute funds or any other assets to its shareholders, or if a record date with respect to any of the foregoing shall occur prior to the Closing Date (as defined below), the Offer Price shall be adjusted accordingly on a euro-for-euro basis on the gross value declared or made, before the deduction of any withholding tax and/or any other applicable taxes.
    Offer Period
    The offer period for the Tender Offer commences on 20 December 2018 at 9:30 a.m. (Finnish time) and expires on 28 February 2019 at 4:00 p.m. (Finnish time) (the “Offer Period”), unless the Offer Period is extended on special grounds as set forth below.
    The Offer Period may be extended by the Offeror (i) from time to time until such time when all of the Offer Conditions (as defined below) shall have been satisfied or waived and (ii) with a Subsequent Offer Period (as defined below) in connection with the announcement of the final result of the Tender Offer whereby the Offeror also declares the Tender Offer unconditional, all as set forth below.
    The Offeror will announce a possible extension of the Offer Period through a stock exchange release at the latest on 1 March 2019. The Offeror will announce a possible extension of an already extended Offer Period at the latest on the first (1st) Helsinki Business Day following the expiry of the extended Offer Period.
    If the Offeror extends the Offer Period, the Offer Period will expire on the date and at the time until which the Offeror extends the Offer Period unless the extended Offer Period is discontinued as set
    forth below. The maximum duration of the Offer Period (including any extended Offer Period) is ten (10) weeks. However, if the Offer Conditions (as defined below) have not been fulfilled due to a particular obstacle such as, for example, pending approval by a competition or other regulatory authority, the Offeror may extend the Offer Period beyond ten (10) weeks until such obstacle has been removed and the Offeror has had a reasonable time to respond to the situation. The date of the expiry of the extended Offer Period will in such case be published at least two (2) weeks before such expiry. Further, any Subsequent Offer Period (as defined below) may extend beyond ten (10) weeks.
    The Offeror may discontinue any extended Offer Period should all the Offer Conditions (as defined below) be fulfilled or waived by the Offeror before the expiry of the extended Offer Period and execute the sale and purchase of the Shares validly tendered and not properly withdrawn in accordance with “ – Terms of Payment and Settlement of Shares” below. Should the Offeror discontinue the extended Offer Period, the Offeror will announce its decision thereon through a stock exchange release as soon as possible after such decision has been made and in any case at least two (2) weeks before the expiry of the extended Offer Period to be discontinued. If the Offeror discontinues the extended Offer Period, the extended Offer Period will expire on such earlier date and at the time indicated in such announcement made by the Offeror.
    The Offeror reserves the right to extend the Offer Period in connection with the announcement of the final result of the Tender Offer as set forth in “ – Announcement of the Result of the Tender Offer” below (such extended Offer Period shall be referred to as the “Subsequent Offer Period”). In the event of such Subsequent Offer Period, the Subsequent Offer Period will expire on the date and at the time determined by the Offeror in the final result announcement. The expiration of a Subsequent Offer Period will be announced at least two (2) weeks before the expiration of such Subsequent Offer Period.
    Conditions to Completion of the Tender Offer
    The obligation of the Offeror to accept for payment the tendered Shares and to complete the Tender Offer shall be subject to the fulfillment or, to the extent permitted by applicable law, waiver by the Offeror of the following conditions (jointly the “Offer Conditions”) on or prior to the date of the Offeror’s announcement of the final result of the Tender Offer:
    1) the Tender Offer has been validly accepted with respect to outstanding Shares representing, together with any outstanding Shares otherwise held by the Offeror prior to the final result announcement, more than ninety (90) percent of the outstanding Shares and voting rights in the Company calculated in accordance with Chapter 18, Section 1 of the Finnish Companies Act (624/2006, as amended, the “FCA”) governing the right and obligation to commence mandatory redemption proceedings;
    2) the receipt of all necessary approvals, permits, consents, clearances, termination or expiration of any applicable waiting periods (or extensions thereof) or other actions by any competition authorities or other regulatory authorities required under any applicable competition laws or other regulatory laws in any jurisdiction for the completion of the Tender Offer by the Offeror;
    3) the Tender Offer has been approved by the shareholders of ANTA Sports in accordance with, and to the extent required by, applicable law (including the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited);
    4) the removal of Article 11 of the articles of association of the Company (in relation to the obligation of shareholders, whose shareholding attains or exceeds certain thresholds, to, on demand by other shareholders, redeem the shares of such other shareholders as well
    as securities giving entitlement to such Shares) has been duly approved by an extraordinary general meeting of shareholders of the Company;
    5) no legislation or other regulation has been issued or decision by a competent court or regulatory authority has been given that would wholly or in any material part prevent or postpone the completion of the Tender Offer;
    6) no fact or circumstance has arisen after the announcement of the Tender Offer that constitutes a Material Adverse Change (as defined below);
    7) the Combination Agreement has not been terminated in accordance with its terms and remains in full force and effect; and
    8) the Board of Directors of the Company has issued the recommendation that the shareholders of the Company accept the Tender Offer and the recommendation remains in full force and effect and has not been modified or amended and the Board of Directors of the Company has not included conditions to or decided not to issue its recommendation (excluding any technical modification or change of the recommendation required under applicable laws or the Helsinki Takeover Code issued by the Securities Market Association as a result of a competing offer so long as the recommendation to accept the Tender Offer is upheld).
    “Material Adverse Change” or “Material Adverse Effect” means any material adverse change in, or material adverse effect to (together, the “Effect”), the business, assets, liabilities, financial condition or results of operations of the Company and its subsidiaries, taken as a whole; provided, that none of the following shall be deemed to constitute a material adverse change or effect: (i) any change in capital market conditions generally or in general economic conditions, including with respect to interest rates or currency exchange rates, so long as such Effect does not have a materially disproportionate effect on the Company and its subsidiaries, taken as a whole, in comparison to other companies in the same industry as the Company and its subsidiaries, (ii) any change in geopolitical conditions or any outbreak or escalation of hostilities, acts of war or terrorism, (iii) any hurricane, tornado, flood, earthquake or other natural or man-made disaster occurring, (iv) any change in applicable statutes, generally approved accounting principles or International Financial Reporting Standards (IFRS), (v) any change in general conditions in the industries in which the Company and its subsidiaries operate so long as such Effect does not have a materially disproportionate effect on the Company and its subsidiaries, taken as a whole in comparison to other companies in the same industry as the Company and its subsidiaries, (vi) the failure of the Company to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings, net asset value or other financial or operating metrics before, on or after the date the Combination Agreement, it being understood that any underlying Effect being the cause of such failure to meet projections, forecasts, estimates or predictions may still be deemed to constitute a Material Adverse Change, (vii) changes in the market price or trading volume of the Company’s securities, it being understood that any underlying Effect being the cause of such changes in the market price or trading volume of the Company’s securities may still be deemed to constitute a Material Adverse Change, (viii) the announcement of the Tender Offer and the Offeror potentially or actually becoming the new controlling shareholder of the Company (including without limitation the effect of any change of control or similar clauses in contracts entered into by the Company and its subsidiaries) and (ix) a termination event triggering an obligation to pay liquidated damages.
    The Offeror reserves the right to withdraw the Tender Offer in the event that any of the above Offer Conditions is not fulfilled.
    The Offeror can only invoke any of the Offer Conditions so as to cause the Tender Offer not to proceed, to lapse or to be withdrawn if the circumstances which give rise to the right to invoke the relevant Offer Condition have a material significance to the Offeror in view of the Tender Offer, as referred to in the Regulations and Guidelines 9/2013 (as amended) issued by the Finnish Financial Supervisory Authority and the Helsinki Takeover Code issued by the Securities Market Association.
    The Offer Conditions set out herein are the exhaustive conditions for the completion of the Tender Offer.
    The Offeror reserves the right to waive, to the extent permitted by applicable law, any of the Offer Conditions that have not been satisfied.
    Obligation to increase the Tender Offer or to pay compensation
    The Offeror reserves the right to acquire Shares also in public trading on Nasdaq Helsinki or otherwise before, during and/or after the Offer Period (including any extension thereof) and any Subsequent Offer Period or otherwise outside the Tender Offer to the extent permitted by Finnish, U.S. and other applicable law.
    If the Offeror or any party referred to in Chapter 11, Section 5 of the SMA acquires, before the expiry of the Offer Period, Shares at a higher price than the Offer Price or otherwise on terms that are more favourable than those of the Tender Offer, the Offeror must according to Chapter 11, Section 25 of the SMA amend the terms and conditions of the Tender Offer to correspond to this acquisition on more favourable terms (obligation to increase the offer). The Offeror shall then, without delay, make public the triggering of the obligation to increase the offer and pay, in connection with the completion of the Tender Offer, and in addition to the Offer Price, the difference between the more favourable acquisition terms and the consideration offered in the Tender Offer to the holders of securities who have accepted the Tender Offer.
    If the Offeror or any party referred to in Chapter 11, Section 5 of the SMA acquires, during the nine (9) months following the expiry of the Offer Period, Shares at a higher price than the Offer Price or otherwise on terms that are more favorable than those of the Tender Offer, the Offeror must according to Chapter 11, Section 25 of the SMA compensate those holders of securities who have accepted the Tender Offer for the amount equal to the difference between the more favorable acquisition terms and the consideration offered in the Tender Offer (obligation to compensate). The Offeror shall then, without delay, make public the triggering of the obligation to compensate and pay the difference between the more favorable acquisition terms and the consideration offered in the Tender Offer within one month after the triggering of the obligation to compensate to the holders of securities who have accepted the Tender Offer.
    According to Chapter 11, Section 25, Subsection 5 of the SMA, the obligation to compensate shall, however, not be triggered in case the payment of a higher price than the Offer Price is based on an arbitral award pursuant to the FCA, provided that the Offeror or any party referred to in Chapter 11, Section 5 of the SMA has not offered to acquire Shares on terms that are more favorable than those of the Tender Offer before or during the arbitral proceedings.
    Acceptance Procedure of the Tender Offer
    The Tender Offer must be accepted separately for each book-entry account. A shareholder of the Company giving the acceptance must have a cash account in a financial institution operating in Finland or abroad (see also “ – Terms of Payment and Settlement of Shares” and “ – Important Information” below). A shareholder may only accept the Tender Offer unconditionally and for every Share on the book-entry account mentioned in the acceptance form on the date and time of the execution of the sale and purchase of the Shares. Acceptance given during the Offer Period is effective also until the end of any extended Offer Period.
    Most of the Finnish book-entry account operators are expected to send a notification of the Tender Offer, including instructions and the relevant acceptance form to their customers who are registered as shareholders in the shareholders’ register of the Company maintained by Euroclear Finland Ltd (“Euroclear”). Shareholders who do not receive such notification from their account operator or asset manager can contact any branch office of Nordea Bank Abp (“Nordea Bank”) where such shareholders can receive the necessary information and submit their acceptance of the Tender Offer or, if such shareholders are U.S. residents or located within the United States, they may contact their brokers for the necessary information. Please note, however, that Nordea Bank will not be engaging in communications relating to the Tender Offer with shareholders located within the United States.
    Shareholders in the Company whose shareholdings are registered in the name of a nominee and who wish to accept the Tender Offer shall effect such acceptance in accordance with the nominee’s instructions. The Offeror will not send acceptance forms or other documents related to the Tender Offer to such shareholders in the Company.
    Pledged Shares may only be tendered with the consent of the relevant pledgee. The obtaining of such consent shall be the responsibility of the relevant shareholder in the Company. The consent by the pledgee shall be delivered in writing to the account operator.
    A shareholder in the Company who is registered as a shareholder in the shareholders’ register of the Company and who wishes to accept the Tender Offer shall submit a properly completed and duly executed acceptance form to the account operator managing the shareholder’s book-entry account in accordance with its instructions and within the time limit set by the account operator or, in case such account operator does not accept acceptance forms (e.g. Euroclear), such shareholder shall contact any branch office of Nordea Bank to give its acceptance to tender the Shares. The acceptance form shall be submitted so that it is received during the Offer Period or, if the Offer Period has been extended, during such extended Offer Period, however, always in accordance with the instructions of the relevant account operator. In the event of a Subsequent Offer Period, the acceptance form shall be submitted so that it is received during the Subsequent Offer Period, however, always in accordance with the instructions of the relevant account operator.The method of delivery of acceptance forms is at the shareholder’s option and risk, and the delivery will be deemed made only when actually received by the relevant account operator or Nordea Bank. The Offeror reserves the right to reject any acceptance given in an incorrect or incomplete manner. The Offeror may also reject any partial tender of the Shares per book-entry account.
    By accepting the Tender Offer, the shareholder of the Company authorizes Nordea Bank or a party authorized by Nordea Bank or the account operator managing the shareholder’s book-entry account to enter a transfer restriction or a sales reservation on the shareholder’s book-entry account after the shareholder has delivered its acceptance of the Tender Offer. In addition, the shareholder who has accepted the Tender Offer authorizes Nordea Bank or a party authorized by Nordea Bank or the account operator managing the shareholder’s book-entry account to perform the necessary entries and to take all other actions required to technically execute the Tender Offer and to sell all of the Shares held at such book-entry account at the time of the execution of trades under the Tender Offer to the Offeror in accordance with the terms and conditions of the Tender Offer. Furthermore, the shareholder who has accepted the Tender Offer authorizes its account operator to disclose the necessary personal data, the number of its book-entry account and the details of the acceptance to the parties involved in the order or execution of the order and settlement of Shares.
    A shareholder that has validly accepted the Tender Offer and that has not properly withdrawn its acceptance in accordance with the terms and conditions of the Tender Offer may not sell or otherwise dispose of its tendered Shares. A transfer restriction in respect of the Shares will be registered in the relevant book-entry account after a shareholder has submitted the acceptance for the Tender Offer. If the Tender Offer is not completed or if the tender is properly withdrawn by the shareholder in accordance with the terms and conditions of the Tender Offer, the transfer restriction registered on the tendered Shares in the relevant book-entry account will be removed as soon as possible and within approximately three (3) Helsinki Business Days following the announcement that the Tender Offer will not be completed or the receipt of a notice of withdrawal in accordance with the terms and conditions of the Tender Offer.
    Legal entity shareholders must have a valid LEI code (Legal Entity Identifier) when giving their acceptance to the Tender Offer.
    American Depositary Shares and American Depositary Receipts
    The Offeror is aware that there the Company has in place a Level I American Depositary Receipt Program in respect of the Shares. The Tender Offer is not being made for American Depositary Shares (“ADSs”) representing the Shares, nor for American Depositary Receipts evidencing such ADSs (“ADRs”). However, the Tender Offer is being made for the Shares underlying the ADSs. Holders of ADSs and ADRs are encouraged to consult with the appropriate depositary about tendering Shares that are represented by ADSs into the Tender Offer.
    Holders of ADSs may present their ADSs to the depositary bank for cancellation and (upon compliance with the terms of the deposit agreement relating to the ADR Program concerning the Shares, including payment of the depositary’s fees and any applicable transfer fees, taxes and governmental charges) delivery of the underlying Shares to them. The Tender Offer may then be accepted in accordance with its terms for such Shares delivered to holders of ADSs upon such cancellation. Holders of ADSs should adhere to the timelines that may be imposed on their cancellation of the ADSs in order to be able to tender the underlying Shares into the Tender Offer.
    Withdrawal Rights
    In accordance with Chapter 11, Section 16, Subsection 1 of the SMA, the acceptances for the Shares validly tendered in accordance with the terms and conditions of the Tender Offer may be withdrawn at any time during the Offer Period or, if the Offer Period has been extended, during such extended Offer Period, until the Offeror has announced that all the Offer Conditions have been fulfilled by the Offeror or the Offeror has waived the right to invoke them, thereby declaring the Tender Offer unconditional. After such announcement, the acceptances for the Shares already tendered may no longer be withdrawn except in the event that a third party announces a competing public tender offer for the Shares before the execution of the sale and purchase of the Shares in accordance with “ – Terms of Payment and Settlement of Shares” below. The holders of the Shares validly tendered may also withdraw their acceptance during the Offer Period if the Offer Period has lasted over ten (10) weeks and the Tender Offer has not been completed.
    The proper withdrawal of the acceptance for the Shares validly tendered requires that a written notice of withdrawal is submitted to the same account operator to whom the acceptance form with respect to such Shares was submitted. In case the acceptance form with respect to Shares was submitted to Nordea Bank, the notice of withdrawal must be submitted to Nordea Bank. In case of holdings that are registered in the name of a nominee, the holders of Shares shall instruct the nominee to submit the notice of withdrawal.
    If a holder of Shares registered in the Finnish book-entry securities system withdraws his/her acceptance of the Tender Offer in accordance with the terms and conditions of the Tender Offer,
    the transfer restriction registered on the tendered Shares in the relevant book-entry account will be removed as soon as possible and within approximately three (3) Helsinki Business Days following the receipt of a notice of withdrawal in accordance with the terms and conditions of the Tender Offer.
    Shares for which an acceptance is withdrawn may be re-tendered by following the acceptance procedures described in “ – Acceptance Procedure of the Tender Offer” above at any time prior to the expiry of the Offer Period or, if the Offer Period has been extended, prior to the expiry of such extended Offer Period or during the Subsequent Offer Period, if any.
    The account operator managing the relevant book-entry account or the nominee may charge a fee for withdrawals in accordance with its price list.
    In the event of a Subsequent Offer Period, the acceptance of the Tender Offer shall be binding and cannot be withdrawn, unless otherwise provided under mandatory law.
    Announcement of the Result of the Tender Offer
    The Offeror will make the preliminary result of the Tender Offer public on or about the first (1st) Helsinki Business Day following the expiry of the Offer Period or, if applicable, the extended or discontinued Offer Period, and will announce the final result on or about the third (3rd) Helsinki Business Day following the expiry of the Offer Period or, if applicable, the extended or discontinued Offer Period. The release of the final result will confirm (i) the percentage of the Shares that have been validly tendered and not properly withdrawn and (ii) whether the Tender Offer will be completed.
    In the event of a Subsequent Offer Period, the Offeror will announce the initial percentage of the Shares validly tendered during the Subsequent Offer Period on or about the first (1st) Helsinki Business Day following the expiry of the Subsequent Offer Period and the final percentage on or about the third (3rd) Helsinki Business Day following the expiry of the Subsequent Offer Period.
    Terms of Payment and Settlement of Shares
    The sale and purchase of the Shares validly tendered and not properly withdrawn in accordance with the terms and conditions of the Tender Offer will be executed no later than on the twelfth (12th) Business Day following the announcement of the final result of the Tender Offer (the “Closing Date”). This takes into account the internal timetables concerning withdrawals of funds of the Investor Consortium Members that operate in an investment fund structure. The sale and purchase of the Shares will take place on Nasdaq Helsinki (if permitted by the rules applicable to securities trading on Nasdaq Helsinki) or outside of Nasdaq Helsinki.
    The date for the settlement of the above completion of trades (the “Settlement Date”) will be the Closing Date or the first (1st) Helsinki Business Day following the Closing Date. The payment of the Offer Price will be made on the Settlement Date into the bank account connected to the shareholder’s book-entry account or, in the case of shareholders whose holdings are registered in the name of a nominee, into the bank account specified by the custodian or nominee. In any event, the Offer Price will not be paid to a bank account situated in Canada, Japan, Australia or South Africa or any other jurisdiction where the Tender Offer is not to be made (see “ – Important information” below), and all guidance from custodians or nominees specifying bank accounts in such jurisdictions will be rejected. The actual time of receipt for the payment by the shareholder will depend on the schedules of money transactions between financial institutions and agreements between the holder and account operator, custodian or nominee in each case.
    In the event of a Subsequent Offer Period, the Offeror shall in connection with the announcement thereof announce the terms of payment and settlement for the Shares tendered during the
    Subsequent Offer Period. The completion trades of the Shares validly tendered in accordance with the terms and conditions of the Tender Offer during the Subsequent Offer Period shall, however, be executed at least within two (2) week intervals.
    The Offeror reserves the right to postpone the payment of the Offer Price if payment is prevented or suspended due to a force majeure event, but shall immediately effect such payment once the force majeure event preventing or suspending payment is resolved.
    If all the Offer Conditions are not met and the Offeror does not waive these conditions or extend the offer period, the Tender Offer will be terminated and no consideration will be paid for the tendered Shares.
    Transfer of Ownership
    Title to the Shares validly tendered in the Tender Offer will pass to the Offeror against the payment of the Offer Price by the Offeror to the tendering shareholder.
    Transfer Tax and Other Payments
    The Offeror will pay the transfer taxes, if any, relating to the sale and purchase of the Shares in connection with the completion of the Tender Offer.
    Fees charged by account operators, asset managers, nominees or any other person for registering the release of any pledges or other possible restrictions preventing a sale of the relevant Shares, as well as fees relating to a withdrawal of the tender by a shareholder in accordance with “ – Withdrawal Rights” above, will be borne by each shareholder. The Offeror shall be responsible for other customary fees relating to book-entry registrations required for the purposes of the Tender Offer, the sale and purchase of the Shares tendered under the Tender Offer or the payment of the Offer Price.
    Other Issues
    The Offeror reserves the right to amend the terms and conditions of the Tender Offer in accordance with Chapter 11, Section 15, Subsection 2 of the SMA, subject to the provisions of the Combination Agreement.
    Subject to the provisions of the Combination Agreement, the Offeror reserves the right to extend the Offer Period and to amend the terms and conditions of the Tender Offer (including a potential withdrawal of the Tender Offer) in accordance with Chapter 11, Section 17 of the SMA if, during the Offer Period or any extended Offer Period, a third party announces a competing public tender offer for the Shares.
    The Offeror shall have sole discretion to determine all other issues relating to the Tender Offer, subject to the requirements of applicable law as well as the provisions of the Combination Agreement.
    Important Information
    The Tender Offer is not being made directly or indirectly in any jurisdiction where either the making of or participating in such tender offer would be prohibited by applicable law or would require registration or further documents or measures in addition to those required under the Finnish law. As such, this Tender Offer Document and related acceptance forms are not and may not be distributed, forwarded or transmitted in or into any jurisdiction where such distribution, forwarding or transmission would be prohibited by applicable law or would require registration or further documents or measures in addition to those required under the Finnish law by any means whatsoever including, without limitation, mail, facsimile transmission, e-mail, telephone, Internet or other forms of communications. In particular, the Tender Offer is not being made, directly or
    indirectly, in or into, and this Tender Offer Document must under no circumstances be distributed into, or accepted by any such means within, or by persons located or resident in, or persons (including agents, fiduciaries or other intermediaries) acting for the account or benefit of persons located or resident in Canada, Japan, Australia or South Africa. Any purported acceptance of the Tender Offer resulting directly or indirectly from a violation of these restrictions will be invalid. Reported by GlobeNewswire 1 hour ago.

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    DGAP-News: Kibaran Resources Limited / Key word(s): Miscellaneous

    19.12.2018 / 08:30
    The issuer is solely responsible for the content of this announcement.
    --------------------

    *EcoGraf International Patent*
     

    *Highlights*
     

    · *Successful completion of pilot plant program confirms advantages of EcoGraf-process*
    · *International patent filed over optimised purification process flowsheet developed during the pilot plant test work program *
    · *Market demand accelerating with Bloomberg New Energy Finance recently reporting the 'Battery Boom will Draw US$620 Billion in Investment by 2040'*
    · *Research and development to be continued with Australia's Future Battery Industries Cooperative Research Centre*
    *Kibaran Resources Limited* ("*Kibaran*" or the "*Company*") (ASX: *KNL*) announces that it has taken another important step in its strategy to be a global supplier of eco-friendly natural flake and spherical graphite products, with an international patent lodged for the optimised *EcoGraf *purification process flowsheet generated from the recent pilot plant test work program.

    Results from this program are currently being incorporated into the previous feasibility study (refer ASX release 5 December 2017, Battery Graphite Pilot Plant) by GR Engineering Services Limited.

    The *EcoGraf *optimised flowsheet has demonstrated significant technical and commercial advantages, with on-going customer trials confirming the suitability of *EcoGraf *products for lithium-ion battery and advanced carbon product applications in Asia and Europe. This milestone is the result of over five years of industry leading graphite processing test work and positions the Company as a future leader in the manufacture of non-hydrofluoric acid treated battery graphite for the e-mobility and energy storage markets.

    As automobile and battery manufacturers increasingly focus on ensuring responsibly and sustainably sourced battery mineral supply chains *EcoGraf *is attracting growing interest from potential customers and plans are being finalised to commence operations in 2019.

     

    *Research and Development*

    As previously reported (refer ASX release 2 October 2018, Research and Development) Kibaran is engaging with the Australian Taxation Office ("ATO") and AusIndustry in relation to its research and development programs. A report detailing eligible expenditures incurred on experimental activity during the year ended 30 June 2017 has been provided to the ATO. The programs in question comprised cutting-edge 'clean' and 'green' graphite processing technology experimentation conducted in collaboration with industry leading expertise, including Australia's Commonwealth Scientific and Industrial Research Organisation ("CSIRO") and led to a break-through non-hydrofluoric acid purification process *EcoGraf *over which a patent application was first lodged in 2017.

    The Company notes a report launched by the Australian Government on 11 December 2018 titled "The Lithium-Ion Battery Value Chain - New Economy Opportunities for Australia" in which the case is made by AusTrade and others for the public and private sectors to seize the opportunities emerging in new energy technologies and capitalise on Australia's mining, processing and manufacturing expertise to capture an increased share of the international Battery Value Chain. Kibaran continues to embrace this objective and has been extending its research and development programs via collaboration with Australia's Future Battery Industries Cooperative Research Centre at Western Australia's Curtin University.

    Separately, Kibaran is progressing its more recent 2018 Overseas Advance Finding submission with AusIndustry in relation to advance approval of research and development activities through to 30 June 2020 and is also finalising its refund claim for eligible research and development expenses incurred for the year ended 30 June 2018.

    *International Patent Coincides with Forecast Massive New Investment in Electric Energy Capacity*

    Bloomberg New Energy Finance[1] recently reported that battery investment growth is exceeding previous expectations and the global energy-storage market is now projected to surge approximately 200 times its current size to reach over 900 Gigawatts by 2040, requiring approximately US$620 billion in new investment.

    This investment growth underpins industry forecasts that battery graphite demand will increase 700% by 2025 to over 800,000 tonnes per annum.

     

    Note 1: https://www.bloomberg.com/news/articles/2018-11-06/the-battery-boom-will-draw-1-2-trillion-in-investment-by-2040

    *For further information, please contact:*

    *Investors *
    Andrew Spinks
    Managing Director
    T: +61 8 6424 9002

    *Media*
    Paul Armstrong
    Read Corporate
    T: +61 8 9388 1474

      --------------------

    19.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.

    The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
    Archive at www.dgap.de -------------------- Reported by EQS Group 2 hours ago.

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    DGAP-News: PANTAFLIX AG / Key word(s): Investment

    19.12.2018 / 08:30
    The issuer is solely responsible for the content of this announcement.
    --------------------

    *PANTAFLIX AG acquires majority stake in Creative Cosmos 15 and opens up new growth potential in the marketing segment

    Munich, 19 December 2018. *PANTAFLIX AG (XETRA: PAL, ISIN: DE000A12UPJ7) increased its stake in the creative and production agency Creative Cosmos 15 GmbH (CC15) from 40.5% to 51% with effect from yesterday (18 December). PANTAFLIX acquires shares from the investment company 8 ventures Berlin GmbH via CC15 co-founder and shareholder Joko Winterscheidt. The parties have agreed not to disclose the purchase price. This will enable consolidation within the Group in the future.

    With this transaction, PANTAFLIX AG significantly extends its value chain with regard to innovative marketing concepts and media strategies. The company, founded in April 2016, has already celebrated a number of successes and has set itself the task of primarily realising "entertainment for brands" with its entertainment competence.

    In the past, CC15 has successfully developed and implemented eye-catching and wide-ranging marketing concepts for well-known industrial customers such as Volkswagen, Amazon and Nike. Among other things, CC15 2018 produced the "AutoAuto ShowShow" (www.youtube.com) with Joko Winterscheidt as the protagonist for Daimler AG (Mercedes-Benz), a multi-part campaign that is played out exclusively on social media channels.

    "As PANTAFLIX AG, we are always looking for ways to reinvent and rethink entertainment. The majority shareholding in CC15 is an important milestone on this path. Two exciting companies are moving even closer together to reach a new level in innovative marketing," says Nicolas Paalzow, Chief Production Officer (CPO) of PANTAFLIX AG and CC15 Managing Director.*About PANTAFLIX AG:*
    PANTAFLIX AG (GSIN: A12UPJ, ISIN: DE000A12UPJ7) is one of Europe's fastest-growing media companies. The company pursues a 360-degree approach to production, distribution, exploitation and marketing of films, series and the related rights. In addition to the traditional film production business PANTALEON Films, the music label PantaSounds and the brand integration unit March & Friends, the cloud-based video-on-demand (VoD) platform PANTAFLIX is also part of the Group. The focus of the VoD platform is on making international content available on a global level. With this move, PANTAFLIX is tapping a vital and continuously growing market and addressing more than 258 million expats and people living outside their native country worldwide.

    PANTAFLIX AG cooperates with prestigious partners such as Amazon, Disney, Warner Bros., StudioCanal and Premiere Digital Services. In its home market of Germany, the Group has offices in Berlin, Cologne and Munich. In digital expert Stefan Langefeld and media manager Nicolas Paalzow, PANTAFLIX AG has a unique management team with deep roots in the film/TV and technology industry.

    For further information, visit www.pantaflixgroup.com and www.pantaflix.com.

    *Investor Relations*
    CROSS ALLIANCE communication GmbH
    Susan Hoffmeister
    Tel.: +49 (0)89 89827227
    E-Mail: sh@crossalliance.com
    --------------------

    19.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.

    The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
    Archive at www.dgap.de --------------------

    Language: English
    Company: PANTAFLIX AG
    Holzstraße 30
    80469 Munich
    Germany
    Phone: +49 89 2323 85 50
    Fax: +49 89 2323 85 519
    E-mail: ir@pantaflix.com
    Internet: www.pantaflixgroup.com
    ISIN: DE000A12UPJ7
    WKN: A12UPJ
    Indices: Scale 30
    Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange; London, BX
     
    End of News DGAP News Service Reported by EQS Group 2 hours ago.

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    Dutch storage battery maker considering plant in Poland Warsaw (AFP) Dec 17, 2018

    Dutch storage battery start-up Lithium Werks is in advanced talks with Poland for a billion euro plant like the one it is building in China, its founder told AFP on Monday. Kees Koolen said Europe was trailing behind Asia in the renewable energy storage sector, which is set to boom as economies transition from fossil fuels to curb global warming in the coming decades. "Europe needs a lot Reported by Energy Daily 2 hours ago.

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    Paris, 19 December 2018, 8:30 am

    *PRESS RELEASE*

    *Eramet - The Lithium project is entering a new stage; Hervé Montégu appointed as Senior Vice President of Lithium Activities*

    Metals for tomorrow's energy transition and mobility are central to Eramet's strategy. Key metals include nickel and lithium. Lithium has a variety of applications, including energy storage (rechargeable li-ion batteries), and demand is expected to triple in the coming decade.

    As of 1 January, 2019, Hervé Montégu is appointed Senior Vice President of Lithium Activities within the Eramet group.

    Since November 2015, Hervé Montégu has been CEO of Comilog, the Group's Gabonese subsidiary.

    The new mission entrusted to Hervé Montégu is to develop this new activity. In particular, Eramet owns a lithium deposit of exceptional size in north-western Argentina, located at an altitude of 3,800 m in the province of Salta.

    Eramet discovered the Centenario-Ratones deposit in 2012 and has held the mining rights since April 2014. It contains resources estimated at 9 million tonnes of lithium carbonate equivalent (LCE) and should enable increased industrial production of 24,000 tonnes of LCE a year, approximately 10% of the current market, for several decades.

    The lithium project is now entering its final preparation phase. The completion of the technical and economic feasibility study is underway to specify the required investment, currently estimated at approximately €500 million for 24,000 tonnes. An investment decision is scheduled for the first half of 2019 for production to start at end-2021.

    In addition to this project, Eramet is studying other development areas in lithium in Chile and Europe.

    Commenting on this, Christel Bories, Eramet Chairman and CEO said: "The lithium project in Argentina is central to our strategy and I wish to give it every chance of success. Hervé Montégu has done a remarkable job at the helm of our Gabonese subsidiary. The Group's Executive Committee therefore has every confidence in entrusting him with this new role. We are counting on Hervé to complete this mission with the highest level of operational excellence as well as the highest social and environmental standards."

    *Calendar*

    20.02.2019: Publication of 2018 annual results

    25.04.2019: Publication of Q1 201923.05.2019: Combined General Shareholders' meeting

    ABOUT ERAMET

    *Eramet is one of the world's leading producers of:*

    · Manganese and nickel, used to improve the properties of steels, and mineral sands (titanium dioxide and zircon),
     
    · Parts and semi-finished products in alloys and high-performance special steels used by industries such as aerospace, power generation, and tooling.

    *Eramet *is also developing activities with strong growth potential, such as lithium extraction and recycling, called to play a key role in the energy transition and the mobility of the future.

    The Group employs around 12,600 people in 20 countries.

    CONTACT - INVESTORS

    *Executive VP Strategy and Innovation - Investor Relations*

    *Philippe Gundermann*
    Tel: +33 1 45 38 42 78

    *Investor Relations manager *

    *Sandrine Nourry-Dabi*
    Tel: +33 1 45 38 37 02

    CONTACT - PRESS

    *Image 7*

    *Marie Artzner*
    Tel: +33 1 53 70 74 31 | M. +33 6 75 74 31 73
    martzner@image7.fr

    For more information: *www.eramet.com*
    Follow us with the Eramet Finance app:
    IOS:
    https://itunes.apple.com/fr/app/eramet-finance/id1115212055?mt=8

    Android:
    https://play.google.com/store/apps/details?id=com.eramet.finance

    *Attachment*

    · Hervé Montégu appointed as Senior Vice President of Lithium activities.pdf Reported by GlobeNewswire 1 hour ago.

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    [Deutsche Welle] Africa's future will shape Europe's destiny, European Commission President Jean-Claude Juncker has told a joint investment forum in Vienna. Austria's Sebastian Kurz urged Europe to take on China's head-start in Africa. Reported by allAfrica.com 1 hour ago.

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    Hackers accessed the European Union's diplomatic communications network for years, downloading cables that reveal concerns about the Trump administration, struggles to deal with Russia and China and the risk of Iran reviving its nuclear program, the New York Times reported late on Tuesday. Reported by Reuters 1 hour ago.

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    INVL Asset Management, a subsidiary of Invalda INVL, has established 2^nd pillar pension funds based on a life-cycle investment strategy. The company will offer accumulation in these funds starting 2 January 2019. It plans to transfer clients who are already now accumulating in the 2^nd pillar to the new funds as of 1 February 2019 based on their date of birth.  

    The new funds were established on the basis of reform to the country’s pension system, according to which as of 2019 people will accumulate in the 2^nd pillar in life-cycle funds. INVL Asset Management was granted a permission to establish the new funds by the Bank of Lithuania on 17 December.

    What makes saving in life-cycle funds different is that the people accumulating in them no longer have to worry about changing funds – the funds themselves will change their investment strategy based on participants’ age, thus avoiding accumulation in a fund with an unsuitable investment strategy as it was not changed according to age.

    “The new life-cycle funds will let people in Lithuania save money for retirement more easily. For our part, in creating the funds’ investment strategy, we’ll continue to seek the best possible results for clients. We believe that is ensured not just by our analysis of long-term markets changes, but also by our experience successfully managing pension funds ever since they were first launched in 2004,” said Laura Križinauskienė, CEO of INVL Asset Management.

    INVL’s life-cycle funds will invest in equities until participants reach age 48, at which point, with 17 years left until retirement, they will start to reduce the equity portion. When investing in equities, investments will go to shares and other riskier asset classes, such as real estate or other alternative assets. Although such assets’ value is more volatile, over the long term they let you earn more. When investing in bonds, the older participants are, the more investments will be allocated to this asset class, which is less risky and make it possible to reduce fluctuations in the value of accumulated assets.

    Altogether, seven INVL life-cycle pension accumulation funds have been launched. Their names reflect participants’ dates of birth: INVL Pension 1954-1960, INVL Pension 1961-1967, INVL Pension 1968-1974, INVL Pension 1975-1981, INVL Pension 1982-1988, INVL Pension 1989-1995, INVL Pension 1996-2002. Also established is the INVL Pension Asset Preservation Fund, which will invest the money intended for periodic pay-outs belonging to people who have reached retirement age. Those who wish to change the pension fund assigned to them on the basis of their age will be able to do so by submitting a request to the pension accumulation company.

    “When investing in equities, we’ll continue to look for opportunities on a global scale, trying to reproduce global equity returns as effectively as possible and so grow pension fund participants’ assets. We’ll also allocate up to a fifth of these investments to the Baltics and Central and Eastern Europe, aiming here for a return bigger than that on global equities. Meanwhile, in funds whose participants are nearing retirement, we’ll seek to safeguard the accumulated assets and protect it against inflation, and so direct investments in bonds will dominate here,” said Vaidotas Rūkas, the Chief Investment Officer.

    An investment model like this, he said, makes it possible to ensure an extremely wide range of equity investments and take advantage of undervalued companies in our region or real estate, noting also that investing in bonds directly is more efficient than investing through bond funds. 

    The management fee for accumulating in life-cycle funds will be gradually reduced. In 2019 it will be 0.8 per cent and in 2020 it will be 0.65 per cent, until as of 2021 it reaches an annual asset management fee of 0.5 per cent. For the asset preservation fund, meanwhile, the management fee will be just 0.2 per cent.

    According to Bank of Lithuania data for the first three quarters of 2018, the performance of INVL’s pension funds for the past 5 years in terms of average annual return was the best in the country in most pension fund categories, and for the past 10 years it was the best in all categories, not taking into account life-cycle funds in existence until now. The company’s 2^nd pillar fund INVL Mezzo II 53+ was recognized at the 2018 IPE Awards for European pension funds as the best pension fund in the Central and Eastern European Funds category.

    The life-cycle funds will replace the 2^nd pillar funds that INVL has operated until now: INVL Extremo II 16+, INVL Medio II 47+, INVL Mezzo 53+, and INVL Stabilo II 58+. The company will cease offering accumulation in these funds as of 24 January 2019.

    INVL Asset Management has been managing pension funds since 2004. Until now the company managed four 2^nd pillar and five 3^rd pillar pension funds. At the end of November 2018, there were 132 500 participants of INVL’s 2^nd pillar funds and 10 200 participants of its 3^rd pillar funds, with EUR 369.6 million of assets under management in the 2^nd pillar and EUR 25.1 million in the 3^rd pillar.

    INVL Asset Management is part of the Invalda INVL group, whose companies manage pension and mutual funds, alternative investments, private equity assets, individual portfolios and other financial instruments. They have more than EUR 650 million of assets under management, entrusted to them by over 190 000 clients in Lithuania and Latvia as well as international investors.For more information:
    Povilas Kaselis
    Product Development Team Manager at INVL Asset Management
    povilas.kaselis@invl.com Reported by GlobeNewswire 1 hour ago.

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    He was awarded for being the top goal scorer in Europe, last season.

    The post I never expected to have so much success, Messi says appeared first on Premium Times Nigeria. Reported by Premium Times Nigeria 59 minutes ago.

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