Plc Uutechnic Group Oyj: FIN-FSA imposes penalty payment of EUR 50,000 on previous Vaahto Group Plc Oyj for violation of disclosure obligation
PLC UUTECHNIC GROUP OYJ STOCK EXCHANGE RELEASE September 17, 2018 at 15:15
Plc Uutechnic Group Oyj: FIN-FSA imposes penalty payment of EUR 50,000 on previous Vaahto Group Plc Oyj for violation of disclosure obligation
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 50,000 on Plc Uutechnic Group Oyj, previous Vaahto Group Plc Oyj, as the company violated the disclosure obligation of an issuer of shares in autumn 2015.
Previous Vaahto Group Plc Oyj failed to comply with the ongoing disclosure obligation laid down in Chapter 6, section 4 of the Securities Markets Act by omitting to disclose, without undue delay, such factors relating to the company and its activities that are likely to have a material effect on the value of the company’s shares. The company failed to issue a profit warning without undue delay after it had become evident to the company no later than by 14 August 2015 that the future prospects outlined for the financial year 2015 would not likely be realised. The company lowered its financial guidance in the interim report published on 28 August 2015. At the time of the omission the company’s name was Vaahto Group Plc Oyj.
Uutechnic Group wishes to point out that, although Plc Uutechnic Group Plc is currently the same company as the old Vaahto Group Plc Oyj, the fact is that the offence has actually occurred more than three years ago before the merger between Uutehnic and Vaahto Group. The arrangement made at the end of 2015 was recognized as a reverse acquisition where Uutechnic Oy acquired Plc Vaahto Group Oyj.
Plc Uutechnic Group Oyj does not intend to appeal against the decision given.
In Uusikaupunki September 2018, 2018
PLC UUTECHNIC GROUP OYJ
Board of Directors
Further information:
Jouko Peräaho, CEO Plc Uutechnic Group Oyj, +358 500 740 808
www.uutechnicgroup.fi
Uutechnic Group is focused on improving the competitiveness of its customers by providing them advanced equipment technology and unique service concept worldwide. The product range includes agitators, different types of pressure vessels, process- and storage tanks, reactors and heat exchangers. Additionally, different types of long welded and machined axially symmetrical parts as rolls, cylinders, tubes and cones.
The main industries are hydrometallurgy, mining-, pulp and paper-, food-, fertilizer-, other chemical industries and environmental technology.
Uutechnic Group’s business consists of one segment, Process Solutions, which is divided into two business lines: Mixing Technology and Tanks & Rolls. Mixing Technology business line consists of Stelzer Rührtechnik Int. GmbH and Uutechnic Oy. Tanks & Rolls business line consists of Japrotek Oy Ab and AP-Tela Oy.