Teleste - Company Announcement

TELESTE CORPORATION ACQUIRES ALL THE SHARES IN TELESTE MANAGEMENT OY FROM THE MANAGEMENT THROUGH A SHARE SWAP

Turku, Finland, 2013-05-07 09:00 CEST (GLOBE NEWSWIRE) -- 
TELESTE CORPORATION STOCK EXCHANGE RELEASE  7.5.2013 AT 10:00


TELESTE CORPORATION ACQUIRES ALL THE SHARES IN TELESTE MANAGEMENT OY FROM THE
MANAGEMENT THROUGH A SHARE SWAP 

The members of the Teleste Management Group established a company named Teleste
Management Oy in March 2010. Teleste Management Oy subscribed for 381,000
Teleste Corporation shares in a share issue directed by Teleste Corporation.
The acquisition was financed by the management's capital investments, in the
total amount of EUR 290,000, as well as by a loan in the amount of EUR
1,160,000 provided by Teleste Corporation. 

The shareholders of Teleste Management Oy and Teleste Corporation have agreed
on a share swap where the management's ownership will become a direct ownership
in Teleste Corporation. In the share swap, Teleste Corporation will acquire all
the shares in Teleste Management Oy, and the shareholders of Teleste Management
Oy will receive shares in Teleste Corporation in return. To implement the share
swap, the Board of Directors of Teleste Corporation has decided on a directed
share issue in which the Company offers, in derogation from the shareholders'
pre-emptive subscription rights, 113,331 Teleste Corporation shares held by the
Company to the shareholders of Teleste Management Oy against share
consideration. 

The number of shares to be transferred in the share swap has been determined on
the basis of Teleste Management 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 2013, i.e. on 26 April — 3 May 2013 (EUR 4.08 per
share), both with respect to the transferred shares and to the shares in
Teleste Corporation that Teleste Management Oy owns. 

The Teleste Corporation shares to be transferred in the share swap 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 8 April 2011. The number of the
Company's shares is 18,728,590 in total, out of which 379,985 shares held
directly by the Company. After the share swap, the Company will own directly
266,654 shares and indirectly 381,000 shares through Teleste Management 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 - image 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 product solutions in video
surveillance applications. Network Services offers comprehensive services for
network design, construction and maintenance. In 2012, Teleste's net sales
totaled EUR 194 million, and the company employed more than 1,300 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 OMX Helsinki
Ltd. For more information see www.teleste.com 



TELESTE CORPORATION

Jukka Rinnevaara
CEO


ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488.

DISTRIBUTION:
NASDAQ OMX Helsinki
Main Media
www.teleste.com