Key Developments: Neo Industrial Oyj (NEO1V.HE)

NEO1V.HE on Helsinki Stock Exchange

0.55EUR
19 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Neo Industrial Plc buys all shares of Reka Rubber Ltd
Friday, 31 Oct 2014 09:00am EDT 

Neo Industrial Plc:Said on Oct. 13 that it had signed a sale and purchase agreement on buying all shares of Reka Rubber Ltd.Says sale and purchase agreement is related to financing arrangements of Neo Industrial and share issue to raise new capital.  Full Article

Neo Industrial acquires Reka Rubber, launches share issue and rearranges part of financing
Monday, 13 Oct 2014 07:51am EDT 

Neo Industrial Plc:Says has on Oct. 13 signed a sale and purchase agreement on buying all shares of Reka Rubber Ltd.Says this corporate acquisition is part of total arrangement where Neo Industrial enlarges its industrial segments.Says corporate acquisition is financed by share issue in deviation from shareholders' pre-emptive rights totalling 4,000,000 B shares as payment of shares of Reka Rubber Ltd.The additional payment of maximum of 1.2 million euros can be made during five year depending on Reka Rubber performance.As a part of the arrangement new equity and funds is acquired to implement finance rearrangements by share issue in deviation from the shareholders' pre-emptive rights totalling about 2 million euros.Says in rearrangement of financing, interest bearing liabilities will be cut by 7.8 million euros.Says of this amount over 5 million euros take effect immediately when total arrangement is carried out.Says in addition to that maturity of 1.1 million euros loan is prolonged by ten years.Says Reka Rubber manufactures small and medium-sized rubber components to heavy vehicle and machine building industries.  Full Article

District Court dismisses bankruptcy estate of Kuitu Finland action against Neo Industrial
Tuesday, 29 Apr 2014 08:15am EDT 

Neo Industrial Plc:Says the District Court of Pirkanmaa dismissed on March 17 the bankruptcy estate of Kuitu Finland's action against Neo Industrial.The case regarded the personal quarantee on the purchase of the mill real estate of the Neo Industrial's subsequently bankrupted Avilon Fibres Ltd as non-current compensation.The quaranteed debt of 5 million euros as well as building cost index is due for payment during 25 years in accordance with the agreement.The bankruptcy estate of Kuitu Finland has not filed a letter of complaint by the closing date and the decision of the District Court of Pirkanmaa is final and legally valid.  Full Article

Neo Industrial elects KPMG Ltd as auditor
Thursday, 3 Apr 2014 09:00am EDT 

Neo Industrial Plc:Elects Authorized Public Accountants KPMG Ltd as auditor of the company for a term that expires at the end of the AGM of 2015.Authorized Public Accountant Lasse Holopainen will be the responsible auditor.  Full Article

District court of Pirkanmaa dismisses action of bankruptcy estate of Kuitu Finland against Neo Industrial
Tuesday, 18 Mar 2014 11:20am EDT 

Neo Industrial Plc:Says district court of Pirkanmaa has dismissed action of the bankruptcy estate of Kuitu Finland and ordered Kuitu Finland to repay Neo Industrial for legal expenses.The case regards the purchase of the mill real estate of Neo Industrial’s subsequently bankrupted Avilon Fibres Ltd.Neo Industrial has given personal guarantee on the repayment of the purchase price.The action demanded Neo Industrial to pay the remaining 5 million euros as non-recurrent compensation, as well as 309,000 euros as building cost index in addition to interests and legal expenses.  Full Article

Neo Industrial proposes no dividend distribution for FY 2013
Friday, 28 Feb 2014 07:30am EST 

Neo Industrial Plc:Proposes that no dividend be paid for FY 2013.Paid no dividend for FY 2012 either.  Full Article

Neo Industrial Plc Completes Sale of OAO Expokabel and ZAO Reka Kabel
Wednesday, 22 May 2013 02:00am EDT 

Neo Industrial Plc announced that on May 22, 2013 it has finalized the selling of OAO Expokabel and ZAO Reka Kabel, the Group’s cable manufacturing companies in Russia. The relating agreement on share transaction was signed on April 3, 2013. The parties have agreed not to publish the price of this transaction. OAO Expokabel manufactures special cables for marine engineering, oil and gas industry, as well as for nuclear power plants. ZAO Reka Kabel is specialized in manufacturing medium voltage cables. The purchaser of the companies is holding company Whitescope Limited, operating in cable business in Russia and Ukraine.  Full Article

Bankruptcy Estate of Kuitu Finland Oy Initiates Action against Neo Industrial Oyj
Tuesday, 9 Apr 2013 10:41am EDT 

Neo Industrial Oyj announced that the bankruptcy estate of Kuitu Finland Oy has initiated action against Neo Industrial in the District Court of Pirkanmaa regarding purchase price of the mill real estate owned by Avilon Fibres Oy, which has been declared bankrupt. Neo Industrial Plc has given a personal guarantee on the repayment of the purchase price. The bankruptcy estate of Kuitu Finland Oy demands that Neo Industrial shall pay EUR 5,000,000, which is the remaining principal of the purchase price at the time of Avilon Fibres Oy’s bankruptcy March 6, 2013. The bankruptcy estate of Kuitu Finland Oy demands also EUR 309.381,24 as building cost index in addition to penalty interests. Additionally, the bankruptcy estate of Kuitu Finland Oy demands Neo Industrial to pay its legal expenses. Neo Industrial Plc considers the action unjustified and is preparing a response and shall seek to settle the matter with the bankruptcy estate of Kuitu Finland Oy.  Full Article

Neo Industrial Plc Sells Cable Manufacturing Companies in Russia
Wednesday, 3 Apr 2013 05:00am EDT 

Neo Industrial Plc announced that it has on April 3, 2013 signed a sale and purchase agreement on selling OAO Expokabel and ZAO Reka Kabel, the Group's cable manufacturing companies in Russia. OAO Expokabel manufactures special cables for marine engineering, oil and gas industry, as well as for nuclear power plants. ZAO Reka Kabel is specialized in manufacturing medium voltage cables. The main market area of the companies is Russia, constituting 10% of Cable segment’s net sales in 2012. Reka Cables Ltd, Cable segment's company based in Finland, will continue selling and marketing Finnish-made cables in Russia and CIS countries through its subsidiary in Russia. The agreement has no effect on the operation of Reka Cables Ltd. The transaction is expected to be finalized during May 2013.  Full Article

Neo Industrial Plc Announces Correction to Financial Statement Release of February 28, 2013
Wednesday, 13 Mar 2013 12:14pm EDT 

Neo Industrial Plc announced that it published its financial statement release on February 28, 2013. The companies of its Viscose Fibres segment, Avilon Fibres Ltd and Carbatec Ltd, filed for bankruptcy on March 6, 2013, after the publication of the financial statement release, in which the Viscose Fibres segment was presented in discontinued operations. Because the financial statements for 2012 had not yet been completed in full on February 28, 2013, the date of the publication of the financial statement release, the effect of the bankruptcies has been taken into account in the corrected financial statement release and in the financial statements to be published on March 14, 2013. In accordance with the IFRS standards, the assets and liabilities of the companies of the Viscose Fibres segment have been recorded as write-offs on the balance sheet. The Group’s guarantee liabilities related to Avilon Fibres Ltd have been recorded as liabilities on the consolidated balance sheet through profit or loss. Combined, they had a negative effect of EUR 2.5 million on the consolidated income statement. The corrected result for the financial period from continuing operations is EUR -6.0 million (-2.2 million before the correction). The Group’s corrected result is EUR -6.3 million (-3.8 million before the corrections). The balance sheet total decreased from EUR 76.1 million to EUR 62.9 million. The Group’s corrected equity ratio is 13.8% (14.7% before the correction).  Full Article

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