Eltek Valere minority shareholders elect to sell all shares
(Thomson Reuters ONE) - As communicated on 2 July 2009, the minority shareholders of EltekValere have delivered a Put Option Notice for the sale of theirshares to Eltek ASA. As communicated on 6 November 2009, thevaluation process has been completed. Subsequently, the minorityshareholders have now provided written notice to Eltek ASA for thesale of all their shares (i.e. 9.1% in Eltek Valere AS and 9.9% inits subsidiary Eltek Energy Holding Inc.). The total considerationfor the shares is approximately NOK 235 million. Eltek ASA intends toexercise its right to issue in lieu of cash a promissory note at theput closing (estimated to take place on or around 18 December 2009),with a 24 months maturity period and a coupon of 8% interestincreasing 1%-point every quarter with a maximum of 15%. The loanagreements with the banks allow for adjustments of covenants toreflect the valuation of the put options.In addition, disputes related to the Contribution Agreement of 2007and the contribution paid to the former Valere shareholders arecurrently in arbitration, expected to be concluded early in 2010.For further information, please contact:CFO Pål Skistad, tel: +47 908 50 378This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 11.12.2009 - 03:01 Uhr
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