Turku, Finland, 2015-05-12 09:00 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 12.5.2015 AT 10:00
TELESTE CORPORATION ACQUIRES ALL THE SHARES IN TELESTE MANAGEMENT II OY FROM THE MANAGEMENT GROUP MEMBERS
The management of Teleste Corporation established a company named Teleste Management II Oy in 2011, which currently holds a total of 542,000 Teleste shares.
The shareholders of Teleste Management II Oy and Teleste Corporation have agreed that Teleste Corporation will acquire all the shares in Teleste Management II Oy. The shareholders of Teleste Management II Oy will, in return, receive shares in Teleste Corporation and cash. The Board of Directors of Teleste Corporation has decided on a directed share issue in which the Company transfers, in derogation from the shareholders’ pre-emptive subscription rights, 195,133 Teleste Corporation shares held by the Company to the shareholders of Teleste Management II Oy against share consideration.
The number of shares to be transferred in the share issue has been determined on the basis of Teleste Management II 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 2015, i.e. on 5 May—8 May 2015 (EUR 7.09 per share), both with respect to the transferred shares and to the shares in Teleste Corporation that Teleste Management II Oy owns. The Teleste Corporation shares to be transferred in the share issue correspond to 50 per cent of Teleste Management II Oy’s net assets.
The Teleste Corporation shares to be transferred in the share issue 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 1 April 2014. The number of the Company’s shares is 18,985,588 in total, out of which 517,086 shares held directly by the Company. After the acquisition of Teleste Management II Oy, the Company will own directly 321,953 shares and indirectly 542,000 shares through Teleste Management II 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 - 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 access 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
The Board of Directors
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488