HONKARAKENNE’S ARTICLES OF ASSOCIATION

HONKARAKENNE OYJ   STOCK EXCHANGE RELEASE 2 SEPTEMBER 2019 AT 4:00 p.m.

HONKARAKENNE’S ARTICLES OF ASSOCIATION

Honkarakenne Oyj’s Annual General Meeting held on 12 April 2019 decided to amend 5 § of the Articles of Association conditionally so that the change enters into force if, by 30 August 2019, all shareholders of A-share obtain the consent to amend 5 § of the Articles of Association. In addition, it was mentioned that if all shareholders of the A-share do not obtain their consent latest by 30 August 2019, the decision of the General Meeting will lapse and 5 § of the Articles of Association will remain unchanged.

Honkarakenne informs that not all shareholders of the A-share had obtained their consent to amend 5 § of the Articles of Association by the deadline, ie 5 § of the Articles of Association will remain unchanged.

The 5 § of Articles of Association to read as follows:

If a class A share is transferred to a holder other than a company shareholder on any grounds other than inheritance, testament or marital right, the Board of Directors must be notified on such a transfer in writing. After being informed of the transfer, the Board of Directors has 30 days to redeem the class A shares for the company, at the book value of the share shown in the most recent financial statements, by using reserve funds or other funds in excess of share capital. If the company chooses not to redeem the class A shares, the Board of Directors must immediately notify the holders of class A shares thereof. The holders of class A shares have a right to redeem the shares at the price specified above, within 30 days of the said notification. If several shareholders wish to redeem the shares, the class A shares to be redeemed shall be divided between them in proportion to the number of class A shares previously held, or, if this is not feasible, be the drawing of lots. This provision must be included in the A share certificate and in the share register.

The company’s Class B shares are not subject to right of redemption but are freely transferable instead.

HONKARAKENNE OYJ

Marko Saarelainen

President and CEO

Further information: 

President and CEO Marko Saarelainen, tel 4,  or

Vice President -  Finance, CFO Leena Aalto, tel +358 40 769 4590,

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NASDAQ OMX Helsinki Oy

Key media

Financial Supervisory Authority

Under its Honka® brand, Honkarakenne manufactures high-quality, healthy and ecological detached houses, holiday homes and public buildings using Finnish solid wood. The company has delivered 85,000 buildings to more than 50 countries. House packages are made in Finland, the company’s own factory is located in Karstula, Finland. In 2018, the Honkarakenne Group had net sales of MEUR 48.9, of which exports accounted for 37%.