Finnlines applies for delisting of its shares
HELSINKI -- The Board of Directors of Finnlines Plc ("Finnlines"), a branch of Naples' Grimaldi Group, has resolved to apply for the termination of trading in Finnlines shares and for the delisting of the shares from the official list of Nasdaq Helsinki. A delisting application has been filed with Nasdaq Helsinki on Aug 17. In the application Finnlines requests the Finnlines shares to be delisted from the official list of Nasdaq Helsinki as soon as possible after Grimaldi Group have gained rights to all the shares in Finnlines.
In accordance with the separate interim award rendered on 21 June 2016 by the Arbitral Tribunal appointed by the Redemption Committee of Finland's Chamber of Commerce, Grimaldi is entitled to gain title to all the shares in Finnlines against the placing of a security approved by the Arbitral Tribunal for the payment of the redemption price.
Since the end of 2006, the Grimaldi Group has owned the majority of the shares of Finnlines.
Specialising in the Baltic and North Sea trades, Finnlines is one of the largest Ro/Ro and Ro/Ro-Passenger operators in Northern Europe. It runs a fleet of 24 ships, specifically designed to operate all year round in the most severe Northern weather conditions.
In the period 2006-7 the company introduced five newly built Ro/Ro-Passenger ships, Finnstar, which are the largest and fastest ever in their class. These ships are having a tremendous impact on the trades between Germany, Finland and Poland. As a Grimaldi Group company, Finnlines has implemented a strategy aimed at increasing its owned fleet. This resulted in an order placed in the fall of 2007, for six Ro/Ro vessels of which the first two were delivered in March 2011.
Finnlines benefits from the substantial economic strength in the Baltic and Scandinavian countries while it is in an excellent position to take full advantage of the Russian market. Amongst the various services, mention should be made of the TransRussiaExpress, which provides a regular link between Lubeck/Sassnitz (Germany) and St. Petersburg (Russia) via Ventspils (Latvia). Being part of the far-flung Grimaldi network, this enables transports from Bilbao, Antwerp, Hull and Immingham via Helsinki to Russia.
In addition to shipping services, Finnlines runs terminals and supplies handling services in the Finnish ports of Helsinki and Turku through its subsidiary Finnsteve.
Finnlines has subsidiaries or sales offices in Germany, Belgium, Great Britain, Sweden, Denmark, Norway, Russia and Poland and over 2,000 employess. The President and CEO of the Company is Emanuele Grimaldi.