Kotipizza Group Oyj
Stock Exchange Release
7 June 2019 at 10:00 a.m. (EEST)
Kotipizza Group Oyj Applies for Delisting of Its Shares from Nasdaq Helsinki
Kotipizza Group Oyj's (“Kotipizza”) Board of Directors has decided to apply for the termination of public trading in Kotipizza shares and for the delisting of Kotipizza's shares from the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”).
Orkla ASA (“Orkla”) owns more than nine tenths (9/10) of all the shares and votes in Kotipizza and has initiated redemption proceedings in accordance with Chapter 18 of the Finnish Companies Act in order to redeem the remaining Kotipizza shares held by the minority shareholders.
Provided that the Arbitral Tribunal appointed for the redemption proceedings confirms that Orkla’s redemption right is clear, Orkla is entitled to gain title to all Kotipizza's shares against the placing of security approved by the Arbitral Tribunal for the payment of the redemption price.
Today, Kotipizza will submit a delisting application to Nasdaq Helsinki. In the application Kotipizza requests that the quotation of Kotipizza's shares on the official list of Nasdaq Helsinki be terminated as soon as possible upon Orkla having gained title to all the shares in Kotipizza in the redemption proceedings.
CEO, Kotipizza Group Oyj
+358 207 716 743
CFO of Strategy, Development & New Growth Areas, Orkla ASA
+47 481 32 361
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.