Finnlines delisting from Helsinki Nasdaq exchange
The Grimaldi Group plans to delist Finnlines from the stock exchange in Helsinki. Finnlines’ board of directors has formally applied for the termination of trading the company’s shares at Nasdaq Helsinki. The wish "to be delisted from the official list of Nasdaq Helsinki as soon as possible", as the company put it, is based on the fact that the Grimaldi Group has gained title 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.
Moreover, on 8 August 2016, the court of appeal dismissed the judgment rendered by the Helsinki district court on 27 February 2015 regarding the dispute between Finnlines and the Finnish state. The court of appeal ruled that Finnlines’ claims have expired.
According to Finnlines, the Finnish act on fairway dues, which was in force until 1 January 2006, contained discriminatory provisions under EU law. The company had thus been charged excessive fairway dues from 2001 to 2004. Helsinki district court originally ordered the state of Finland to refund the excessive fairway dues (about EUR 17 million including interest) for the period above to the plaintiff Finnlines. The company considers requesting for a right to appeal from the supreme court.