Oral arguments were held on March 12th before the D.C. Circuit Court of Appeals on Twin Rivers’ petition for review of SEC Rule 30e-3, legislation that threatens consumer access to critical investor information. Twin Rivers is leading a coalition that petitioned the court to vacate the rule as unlawful, arguing that the SEC failed to meet its statutory duty to consider comments and alternatives from the Investor Advisory Committee and that the SEC failed to properly consider the costs and benefits of the rule. Ken Winterhalter, President and CEO of Twin Rivers Paper Company said, “We were very pleased to see the close questioning the SEC was subjected to during the court argument on the SEC’s rule 30e-3.” In particular, one judge pressed the SEC on its failure to respond to recommendations from the Commission’s Investor Advisory Committee and to consider alternatives to the rule before finalizing it. Saying the SEC’s decision to issue the rule regardless “turned the world upside down,” referring to the rule’s use of implied consent to reverse the default form of shareholder reports from paper to electronic form, the judge questioned the value of the Commission’s offer instead to take comments in the future on any changes that would need to be made to deal with problems in the funds’ disclosure statements. Click Read More below for additional detail.
Stora Enso has increased its ownership up to 100% in the Sweden-based company Cellutech AB. The company specialises in the development of new materials and applications based on cellulose, micro-fibrillated cellulose (MFC) and other wood-based components.
The acquisition of Cellutech supports Stora Enso’s vision of replacing fossil-based materials with renewable ones originating from wood. The acquired company works, among others, in the areas of foams for packaging and hydroponics where the markets are continuously growing. Cellulosic foams can, for example, be used in packaging to replace polystyrenes which are the most widely used plastics.
“The acquisition of Cellutech will add a new dimension to our fibre and cellulose capabilities particularly in lightweight cellulose foams and spheres. We are investing in technologies and expertise that will further broaden application development competence in Stora Enso’s Biomaterials Division,” says Markus Mannström, EVP, Stora Enso Biomaterials.
Established in 2013, Cellutech is an agile team of eight scientists and researchers serving as a link between academia and industry. Cellutech was formed to take world class scientific research developed at SweTree Technologies and Wallenberg Wood Science Center and develop the ideas into commercially successful technologies and products.
The transaction will not have a material financial impact on the Group.