Eltek exercises option to repurchase promissory notes
(Thomson Reuters ONE) -
Eltek has exercised an option to purchase for cancellation the promissory notes
issued to former Eltek Valere Minority Stockholders as consideration for their
shares.
Eltek has on 12 April 2010 paid USD 30 million for all the promissory notes,
which were included as a liability of NOK 235 million (USD 40.4 million) in the
consolidated balance sheet at year-end 2009.
The transaction will not affect the Income Statement.
The option for early repurchase of the promissory notes at a USD 10.4 million
discount was part of a Settlement Agreement of 12 January, 2010, which fully and
finally settled all disputes between the parties. Reference is made to the Stock
Exchange Notification dated 12 January, 2010 for further details.
For further information, please contact:
CFO Pål Skistad, tel: +47 908 50 378
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1402865]
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