Turku, Finland, 2013-05-07 09:00 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 7.5.2013 AT 10:00
TELESTE CORPORATION ACQUIRES ALL THE SHARES IN TELESTE MANAGEMENT OY FROM THE MANAGEMENT THROUGH A SHARE SWAP
The members of the Teleste Management Group established a company named Teleste Management Oy in March 2010. Teleste Management Oy subscribed for 381,000 Teleste Corporation shares in a share issue directed by Teleste Corporation. The acquisition was financed by the management’s capital investments, in the total amount of EUR 290,000, as well as by a loan in the amount of EUR 1,160,000 provided by Teleste Corporation.
The shareholders of Teleste Management Oy and Teleste Corporation have agreed on a share swap where the management’s ownership will become a direct ownership in Teleste Corporation. In the share swap, Teleste Corporation will acquire all the shares in Teleste Management Oy, and the shareholders of Teleste Management Oy will receive shares in Teleste Corporation in return. To implement the share swap, the Board of Directors of Teleste Corporation has decided on a directed share issue in which the Company offers, in derogation from the shareholders’ pre-emptive subscription rights, 113,331 Teleste Corporation shares held by the Company to the shareholders of Teleste Management Oy against share consideration.
The number of shares to be transferred in the share swap has been determined on the basis of Teleste Management Oy’s net assets and calculated by using the trade volume weighted average quotation of the Teleste Corporation share on NASDAQ OMX Helsinki Ltd during five trading days following the announcement of the Teleste Interim Report Q1 2013, i.e. on 26 April — 3 May 2013 (EUR 4.08 per share), both with respect to the transferred shares and to the shares in Teleste Corporation that Teleste Management Oy owns.
The Teleste Corporation shares to be transferred in the share swap are entitled to carry shareholder rights in the Company after the shares have been registered on the subscriber’s book-entry account.
The decision on the share issue is based on the authorization granted by the Annual General Meeting of Shareholders on 8 April 2011. The number of the Company’s shares is 18,728,590 in total, out of which 379,985 shares held directly by the Company. After the share swap, the Company will own directly 266,654 shares and indirectly 381,000 shares through Teleste Management Oy.
Teleste is an international technology company that develops and offers video and broadband technologies and related services. Our supply of technology contributes to the convenience and safety of daily living. Our core business is video - image and data processing, transfer and management. Our customer base consists of cable and telecom operators, as well as public sector organizations. Our business is divided into two divisions, which are Video and Broadband Solutions and Network Services. In both areas, we rank among the world's leading companies and technological forerunners. Video and Broadband Solutions focuses on access networks and product solutions in video surveillance applications. Network Services offers comprehensive services for network design, construction and maintenance. In 2012, Teleste's net sales totaled EUR 194 million, and the company employed more than 1,300 people. Teleste runs a worldwide network of offices and more than 90% of its sales are generated outside Finland. The company is listed on the NASDAQ OMX Helsinki Ltd. For more information see www.teleste.com
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488.
NASDAQ OMX Helsinki