Turku, Finland, 2016-08-29 09:00 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 29.8.2016 AT 10:00
POSSIBLE PROSPECTIVE CHANGE IN OWNERSHIP OF EM GROUP’S OWNERSHIP IN TELESTE CORPORATION
Teleste has today received a notification concerning ownership of Teleste shares (FI0009007728, TLT1V)from Timo Miettinen, the Chairman of the Board of Directors of Teleste. Teleste is publishing the notification because of possible inside information included therein:
EM Group Oy’s Board of Directors have signed draft terms of demerger proposing the division of EM Group Oy into three new acquiring companies through a full demerger. Of these, the new acquiring company Tianta Oy (alternatively Taanti Oy) named in the draft terms of demerger would own EM Group Oy’s current holding of approximately 23.23% in Teleste Corporation in accordance with the draft terms of demerger. It is the intention that the implementation of the demerger would be registered on 1 January 2017.
In the context of signing the draft terms of demerger, Timo Miettinen has agreed with other shareholders of EM Group Oy that the ownership of the acquiring companies would be rearranged after the demerger (but before 31 January 2017) so that Timo Miettinen would acquire ownership of 60% in Tianta Oy (“Arrangement”). Therefore, Tianta Oy’s ownership in Teleste Corporation would come under Timo Miettinen’s control. The implementation of the Arrangement is conditional upon settling its tax treatment, among other things.
Information about the change in ownership:
1. Name of the issuer
2. Name of the notifying person
Timo Ensio Miettinen
3. Reason for the notification
Signing of the draft terms of demerger concerning EM Group Oy as well as an agreement between the shareholders of EM Group Oy, which, if implemented, will result in change of ownership of shares in Teleste Corporation.
4. Shareholder after the Arrangement
Tianta Oy (alternatively Taanti Oy), to be registered in connection with the implementation of the demerger.
5. Signing date of the draft terms of the demerger and the agreement
26 August 2016
6. Planned implementation time for the Arrangement
1 January 2017 – 31 January 2017
7. Number of shares and votes owned directly on the notification date
1,831 shares and votes (approximately 0.01 per cent of shares and votes in Teleste)
8. Number of shares and votes held indirectly in the issuer through Tianta Oy after the Arrangement 4,409,712 shares and votes (approximately 23.23 per cent of shares and votes in Teleste)
9. Total number of directly and indirectly held shares and votes after the Arrangement 4,411,543 shares and votes (approximately 23.24% of shares and votes in Teleste)
10. Other information
The implementation of the change in ownership is conditional upon approval by the general meeting of EM Group Oy and registration of the implementation of the demerger.
President and CEO
Chairman of the Board of Directors Timo Miettinen, tel +358 0400 713 027
Jukka Rinnevaara, tel +358 2 2605 611 or +358 400 747 488