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Oko Osuuspank. (66PV)

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Wednesday 07 December, 2005

Oko Osuuspank.

Supplement to redemption

Oko Osuuspankkien Keskuspankki OYJ
07 December 2005

OKO Bank                         STOCK EXCHANGE RELEASE
                                 December 7, 2005





SUPPLEMENT TO THE REDEMPTION OFFER DOCUMENT REGARDING OKO BANK'S MANDATORY
REDEMPTION OFFER FOR THE SHARES AND STOCK OPTIONS OF POHJOLA-YHTYMA OYJ



Not for release, publication or distribution in Australia, the Hong Kong Special
Administrative Region of the People's Republic of China, Japan, South Africa,
Canada or the United States.



On November 24, 2005, OKO Osuuspankkien Keskuspankki Oyj (OKO Bank) published
the terms and conditions of OKO Bank's redemption offer for the shares and stock
options of Pohjola-Yhtyma Oyj (Pohjola) in accordance with Chapter 6, Section
6 of the Finnish Securities Market Act and notified of the approval of the offer
document regarding the redemption offer. The redemption offer has commenced in
accordance with its terms and conditions on December 1, 2005.



On December 5, 2005, the Finnish Financial Supervision Authority has obliged OKO
Bank to supplement the redemption offer document with the information that OKO
Bank has received from an attorney the following notification: (translation from
Finnish)



'Reference is made to the public tender offer made by OKO Osuuspankkien
Keskuspankki Oyj ('OKO') for the shares in Pohjola-Yhtyma Oyj ('Pohjola'), in
relation to which a tender offer document was published on October 14, 2005.
Peter Fagernas, Juha Mikkonen and certain other Finnish and foreign minority
shareholders of Pohjola consider OKO Bank's tender offer for Pohjola's shares to
be insufficient. By virtue of separate powers of attorney, the above-mentioned
shareholders have authorised the undersigned to negotiate with OKO Bank on an
arrangement that is more reasonable than OKO Bank's tender offer. The persons
having given the powers of attorney have, as per their own notifications, an
interest (based on ownership or derivative contracts entitling to shares) to a
total of 15,686,758 shares in Pohjola, corresponding to 10.2% of Pohjola's
shares.'



The attorney has afterwards specified the information on the interest in
securities referred to in the notification. According to the information
submitted to OKO Bank, approximately one third (1/3) of the said securities
consist of Pohjola's shares and approximately two thirds (2/3) of forward
contracts entitling to and to be settled in shares. OKO Bank does not have any
further information on the terms of the forward contracts.



OKO Bank has not negotiated, nor does it have an intention to negotiate with
Pohjola's shareholders on arrangements deviating from that in the redemption
offer. As previously released by OKO Bank, the redemption offer that has
commenced in accordance with its terms on December 1, 2005 will continue until
January 5, 2006, unless the redemption offer period is extended in accordance
with the terms and conditions of the redemption offer.



If OKO Bank's ownership in Pohjola exceeds nine tenths (9/10) of Pohjola's
shares and votes during the redemption offer period or thereafter, OKO Bank has
an obligation to redeem the remaining shares in Pohjola under the Finnish
Companies Act.



OKO Bank



Markku Koponen
Senior Vice President



ADDITIONAL INFORMATION
Mr. Mikael Silvennoinen, President, tel. +358 10 252 2549
Mr. Markku Koponen, Senior Vice President (Communications) tel. +358 10 252 2648



DISCLAIMER



These materials are not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended.  The issuer of the shares has not registered, and does not intend to
register, any portion of the offering in the United States and does not intend
to conduct a public offering of shares in the United States.



This document is not a prospectus and as such does not constitute an offer to
sell or the solicitation of an offer to purchase shares or rights to subscribe
for shares.  Investors should not subscribe for any shares or rights referred to
in this document, or tender any shares, except on the basis of the information
contained in a prospectus or tender offer document.



This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) to investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the 'Order') or (iii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons together being referred to as 'relevant
persons').  The shares are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such securities will be
engaged in only with, relevant persons.  Any person who is not a relevant person
should not act or rely on this document or any of its contents.



Offers will not be made directly or indirectly in any jurisdiction where
prohibited by applicable law and any offer documents and related acceptance
forms will not and may not be distributed, forwarded or transmitted into or from
any jurisdiction where prohibited by applicable law. In particular, the rights
offering and the tender offer will not be made, directly or indirectly, in or
into, or by use of the mails of, or by any means of instrumentality (including
without limitations, mail, facsimile transmission, e-mail or telephone) of
interstate or foreign commerce of, or any facilities of a national securities
exchange of Australia, the Hong Kong Special Administrative Region of the
People's Republic of China, Japan, South Africa, Canada or the United States.



Not for release, publication or distribution in Australia, the Hong Kong Special
Administrative Region of the People's Republic of China, Japan, South Africa,
Canada or the United States.


                      This information is provided by RNS
            The company news service from the London Stock Exchange