Turku, Finland, 2015-02-27 08:30 CET (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 27.2.2015 AT 09:30
TELESTE’S DISPOSAL OF OWN SHARES BASED ON THE PERFORMANCE SHARE PROGRAM
The Board of Directors of Teleste Corporation has on 4 February 2015 decided on a directed share issue for the reward payment from Teleste Performance Share Plan 2012.
In the share issue 73,644 existing Teleste shares will be issued and conveyed without consideration to the key persons participating in the Performance Share Plan 2012 according to the terms and conditions of the plan.
The Board of Directors of Teleste decided of the Performance Share Plan 2012 in December 2011. The purpose of the plan is to combine the objectives of the shareholders and the key personnel in order to increase the value of the company, to commit the key personnel to the company, and to offer them a competitive reward program for exceptional performance based on holding the company shares.
A total of 27 people are in the target group of the payment from the plan. The decision on the directed share issue is based on the authorization granted to the Board of Directors by the General Meeting of Shareholders held on 1 April 2014. The shares will be transferred to the plan participants on 27 February 2015. The number of treasury shares after the directed share issue is 517.086 shares.
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 - video 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 video security and information solutions. Network Services offers comprehensive services for network design, construction and maintenance. In 2014, Teleste's net sales totaled EUR 197 million, and the company employed more than 1,400 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 Helsinki. For more information see www.teleste.com
President and CEO
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488