Trustee Appointed for the Arbitration Proceedings Concerning the Redemption of Minority Shares in Nordic Lights Group Corporation

Nordic Lights Group Corporation         COMPANY RELEASE         May 25, 2023 at 10.00 a.m. EEST

 

Trustee Appointed for the Arbitration Proceedings Concerning the Redemption of Minority Shares in Nordic Lights Group Corporation

 

Montana BidCo Oy ("Montana") has on May 4, 2023 commenced redemption proceedings in respect of Nordic Lights Group Corporation's ("Nordic Lights") minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Nordic Lights.

 

Due to Montana's application for the above-mentioned arbitration proceedings, the Redemption Board of the Finland Chamber of Commerce has petitioned the District Court of Pohjanmaa for the appointment of a trustee to supervise the interests of Nordic Lights’ minority shareholders during the redemption process. With its decision given on May 24, 2023, the District Court of Pohjanmaa has appointed Professor Jukka Mähönen to act as such trustee.

 

Montana's notice, as referred to in Chapter 18, Section 5, Subsection 2 of the Finnish Companies Act, is attached to this release and has been published on the website of Nordic Lights. It will also be published in the National Official Journal of Finland (Virallinen lehti in the Finnish language) without delay.

 

Further enquiries:

 

Tom Nordström, Chief Executive Officer, Nordic Lights, tom.nordstrom@nordiclights.com,

Tel. +358 400 909005

 

Certified Adviser:

Oaklins Merasco Ltd

Tel. +358 9 612 9670

 

About Nordic Lights

 

Nordic Lights, based in Pietarsaari, Finland, has paved its way as a global premium supplier of high-quality lighting solutions for heavy-duty equipment in several demanding industrial sectors. Nordic Lights’ mission is to enable the safe and efficient use of equipment. With three decades of experience Nordic Lights works with the most demanding manufacturers of machinery from design to production and aftermarket support. Nordic Lights’ revenue in 2022 was EUR 82 million. The company employs around 300 employees globally. Nordic Lights’ share is listed on Nasdaq Helsinki’s First North marketplace. www.nordiclights.com