Resolutions of the Extraordinary General Meeting of Componenta
Componenta Corporation Stock Exchange Release on 7.12.2016 at 9.35
Componenta Corporation has in accordance with the Finnish Restructuring Act filed on 1 September 2016 a restructuring application to the District Court of Helsinki, petitioning the commencement of restructuring proceedings. The District Court of Helsinki has on 30 September 2016 made a decision on the commencement of the restructuring proceedings.
Due to asset value write offs made in the interim accounts on 30 June 2016 the equity of Componenta Corporation (as a separate company) has become negative by approximately EUR 9 million. These write offs relate to receivables from subsidiaries, value of the subsidiary investments and certain other assets. No write offs have been made to the debts of the company.
If the equity of the company according to its balance sheet is less than one half of the share capital, the Board of Directors shall, according to the Companies Act, convene a General Meeting to consider possible measures to remedy the financial position of the company. The Board of Directors considers that there is reason to believe that the equity will increase to positive as a result of the debt cuts to be implemented in the restructuring proceedings.
The Extraordinary General Meeting of Componenta Corporation held today resolved, in accordance with the proposal of the Board of Directors, that the company shall carry on with the measures already taken to remedy the company's equity and to ensure sufficient financing and liquidity.
The minutes of the Extraordinary General Meeting will be available on Componenta’s website at www.componenta.com as of 21 December 2016, at the latest.
Helsinki, 7 December 2016
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Componenta is a metal sector company with international operations and production plants located in Finland, Turkey and Sweden. The net sales of Componenta were EUR 495 million in 2015 and its share is listed on Nasdaq Helsinki. The Group employs approx. 3,500 people. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers, who are manufacturers of vehicles, machines and equipment