Teleste - Company Announcement

TELESTE CORPORATION ACQUIRES ALL THE SHARES IN TELESTE MANAGEMENT II OY FROM THE MANAGEMENT GROUP MEMBERS

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 



TELESTE CORPORATION

The Board of Directors



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

DISTRIBUTION:
Nasdaq Helsinki
Main Media
www.teleste.com