Neo Industrial Plc STOCK EXCHANGE RELEASE 9 April 2013 at 5.40 pm
The bankruptcy estate of Kuitu Finland Oy has initiated action against Neo Industrial Oyj 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 Plc shall pay EUR 5,000,000, which is the remaining principal of the purchase price at the time of Avilon Fibres Oy’s bankruptcy 6 March 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 Plc to pay its legal expenses.
Neo Industrial Plc considers the action unjustified. The company is preparing a response and shall seek to settle the matter with the bankruptcy estate of Kuitu Finland Oy.
Neo Industrial Oyj
Jari Salo
Managing Director
Further information:
Jari Salo, Managing Director, tel. +358 207 209 196
www.neoindustrial.fi
Neo Industrial's strategy is to invest mainly in industrial companies with similar synergic benefits. The aim of investments is with active ownership to develop the purchased companies and establish additional value. Returns are sought through both dividend flow and an increase in value. Neo Industrial's class B shares are listed on the NASDAQ OMX Helsinki Stock Exchange. Neo Industrial's business segment is Cable industry.