06/14/2019 | Press release | Distributed by Public on 06/14/2019 07:35
Kotipizza Group Oyj
Stock Exchange Release
14 June 2019 at 4:00 p.m. (EEST)
Arbitral Tribunal Has Confirmed Orkla ASA's Redemption Right Regarding Kotipizza Group Oyj Shares, Kotipizza Has Applied for Delisting of Its Shares and Trading in the Company's Shares Has Been Terminated
The Arbitral Tribunal appointed by the Redemption Committee of the Finland Chamber of Commerce has today confirmed that Orkla ASA ('Orkla') has the right to redeem the minority shares in Kotipizza Group Oyj ('Kotipizza') and that Orkla has the right to obtain title to the minority shares by lodging a security approved by the Arbitral Tribunal for the payment of the redemption price and the interest accruing thereon.
Kotipizza has on 7 June 2019 submitted a delisting application to Nasdaq Helsinki Ltd concerning its shares. Kotipizza has requested in the application that the quotation of its shares on the official list of Nasdaq Helsinki Ltd be terminated as soon as possible upon Orkla having gained title to all the shares in Kotipizza in the redemption proceedings.
Pursuant to the confirmation of Orkla's redemption right, Nasdaq Helsinki Ltd has terminated public trading in Kotipizza's shares today at 3:42 p.m. The lodging of the security, the transfer of title to Orkla and the subsequent delisting of Kotipizza shares will be announced in due course through a separate stock exchange release.
CEO, Kotipizza Group Oyj
+358 207 716 743
CFO of Strategy, Development & New Growth Areas, Orkla ASA
+47 481 32 361
ABOUT KOTIPIZZA GROUP
Kotipizza is a Finnish pizza chain founded in 1987. At the end of financial year 2018, the number of restaurants stood at 280. In the financial year 2018, the total sales of Kotipizza restaurants amounted to EUR 122.1 million. The Kotipizza chain and Kotipizza Oyj operating the chain are part of the Kotipizza Group, alongside the supply and logistics company Helsinki Foodstock Oy, Chalupa Oy that operates the Mexican-style restaurant chain Chalupa, The Social Burger Joint Oy that operates the Social Burgerjoint restaurant chain, as well as the No Pizza restaurant concept, aimed for international markets, that opened its first restaurant in June 2018.
In the financial year 2018, Helsinki Foodstock had net sales of EUR 71.1 million, the total sales of Chalupa restaurants were EUR 2.3 million, the total sales of Social Burgerjoint restaurants were EUR 2.9 million and the total sales of No Pizza restaurant was EUR 0.4 million. In the same period, the Kotipizza Group had net sales of EUR 91.5 million with a comparable EBITDA of EUR 9.39 million.stock-exchange-release-re-redemption-right-en.pdf