Investors

Delisting of Shares on the London Stock Exchange

Frequently asked questions for shareholders

Why has Talvivaara decided to de-list from the LSE?

The decision was made in order to reduce costs associated with the listing, and based on the fact that approximately 79% of the trading in Talvivaara shares took place on the Helsinki Stock Exchange between 1 May 2013 and 30 April 2014.

 

When will the London shares be cancelled?

The shares will be cancelled on or around 14 July 2014.

 

I hold London listed shares in Talvivaara. What do I need to do?

For information regarding your shares and how you will be impacted by the delisting, you should contact your nominee, stockbroker, bank or other agent.

 

Can I still trade my share on the Helsinki Stock Exchange? Will they remain listed there?

Yes. The Helsinki shares will remain listed, and you will be able to trade there.

 

My broker does not support trading on NASDAQ OMX Helsinki and I cannot find brokers who do.

A number of UK brokers are able to trade on OMX on behalf of UK shareholders, including, for example, Hargreaves Lansdowne and Barclays Stockbrokers.

 

How does trading on the Helsinki Stock Exchange Work?

The main trading phases of the Helsinki Stock Exchange are pre-trading, trading and post-trading.

For shares, pretrading at the prices established during the previous trading day begins at 9:00am and ends at 9:45am.

Trading with calls and continuous trading takes place from 9:45am to 6:30pm. Opening call begins at 9:45am. and ends at 10:00am. Orders entered during the pre-trading session and existing orders with several days’ validity are automatically transferred into the opening call. Continuous trading begins immediately after the opening call ends at 10:00 am. when the first share is assigned its opening price and then becomes subject to continuous trading. After approximately 10 minutes, the opening prices for all shares have been established and trading continues at prices based on market demand until 6:25 pm., when the closing call is initiated.

The closing call ends at approximately 6:30pm, when the closing prices are determined. Post-trading, during which only contract transactions for shares at the prices established during the trading day can be registered, takes place from 6:31pm to 7:00pm. All the above references to trading times refer to Helsinki time (GMT+2 and GMT+3 during the summer time).

Trades are normally cleared in Euroclear Finland’s automated clearing and settlement system (HEXClear) on the third banking day after the trade date (T+3) unless otherwise agreed by the parties. The three-day settlement schedule will be changed to a two-day settlement schedule (T+2) as of October 6, 2014.

 

Are the Listing Rules different from London?

The rules of the Helsinki Stock Exchange differ from the Listing Rules in a number of ways. For example, the rules of the Helsinki Stock Exchange do not require shareholder approval for significant transactions or related party transactions as such. In addition, the rules of the Helsinki Stock Exchange do not include provisions on appointment and use of corporate brokers or sponsors, or on the preparation of circulars in connection with shareholders’ meetings. The Model Code will no longer apply to the Company and the rules of the Helsinki Stock Exchange do not contain detailed provisions on dealings by Directors similar to the provisions of the Model Code. However, the insider guidelines of the Helsinki Stock Exchange require that listed companies establish a closed period of at least 14 days prior to results announcements during which period so-called permanent insiders, including the directors of the company, may not, subject to certain limited exceptions, trade in securities issued by the company. Further, following the effective date of the cancellation of the listing of the Shares on the Official List, the Company will no longer follow, on a “comply or explain” basis, the UK Corporate Governance Code. The Company will continue to follow, on a “comply or explain” basis, the Finnish Corporate Governance Code.

 

We presently hold the shares in Crest. Following the cancellation of listing, do you know if the shares will continue to be held in Crest or will a certificate/statement be issued?

Following the delisting, the shares will continue to be held in Crest until further notice.  For information regarding your shares and how you will be impacted by the delisting, you should contact your nominee, stockbroker, bank or other agent.