Nexstim Plc to initiate negotiations under the co-operation within undertakings act
16 August 2016
Company announcement, Helsinki, 16 August 2016 at 9:05 am
Nexstim Plc (NXTMH:HEX, NXTMS:STO), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces that it will initiate co-operation negotiations concerning all personnel in Finland.
As announced in today’s strategy update, Nexstim Group has an annual cost saving target of EUR 2.3 million. The Company intends to save up to EUR 1.6 million from its US operations and approximately EUR 0.7 million from its Finnish operations. The execution of the cost saving plan will begin immediately.
According to preliminary estimation by the Company, the co-operation negotiations in Finland may result in a reduction of the number of employees and indefinite lay-offs. The maximum number of person’s subject to termination of the employment relationship is estimated to be two. The number of persons subjected to indefinite lay-offs is estimated to be eight. The lay-off plans concern all personnel groups. It is estimated that the co-operation negotiations will be concluded by mid-September 2016.
The co-operation negotiations contribute to the Company’s rationalisation measures with the aim of optimising its funds until at least the beginning of the financial year 2018.
Martin Jamieson, Chairman and CEO
For further information, please visit www.nexstim.com or contact:
Nexstim +44 771 516 3942
Martin Jamieson, Chairman and CEO firstname.lastname@example.org
UB Securities Ltd (Certified Adviser) +358 (0)9 2538 0246
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Laura Thornton email@example.com
About Nexstim Plc
Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com
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