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2012-11-22 07:30:00 CET 2012-11-22 07:30:04 CET REGULATED INFORMATION eQ Oyj - Company AnnouncementeQ AND ICECAPITAL ASSET MANAGEMENT AND FUND MANAGEMENT COMPANIES COMMENCE CO-DETERMINATION NEGOTIATIONSeQ PLC STOCK EXCHANGE RELEASE 22 November 2012, at 8.30 a.m. eQ AND ICECAPITAL ASSET MANAGEMENT FUND MANAGEMENT COMPANIES COMMENCE CO-DETERMINATION NEGOTIATIONS eQ Plc (eQ) announced on 20 November 2012 that it has acquired ICECAPITAL Asset Management Ltd and its fully owned subsidiaries, ICECAPITAL Fund Management Company Ltd, ICECAPITAL Life Ltd and ICECAPITAL Asset Management (Norway) AS as well as the following subsidiaries, where the personnel owns the minority: ICECAPITAL Financial Products Ltd, ICECAPITAL Asset Management AB (Sweden) and ICECAPITAL Asset Management (Denmark) A/S. As a result of the acquisition eQ plans to execute business transfers in early 2013, where the business of ICECAPITAL Asset Management Ltd is transferred to eQ Asset Management Ltd and the business of ICECAPITAL Fund Management Company Ltd is transferred to eQ Fund Management Company Ltd. The business transfers are estimated to be executed on 1 January 2013. The acquired business is planned to be integrated into eQ Group as soon as possible. For this reason eQ Asset Management Ltd, eQ Fund Management Company Ltd, ICECAPITAL Asset Management Ltd and ICECAPITAL Fund Management Company Ltd commence co-determination negotiations concerning the whole personnel of these companies. The negotiations concern the plan to integrate and reorganize operations as a result of the business transfers and the possible outcome of these actions, including possible personnel reduction measures. The co-determination negotiations are aimed to remove overlapping functions generated as a result of the acquisition and to improve competitiveness by adapting costs. The acquisition and integration of operations as a result of the acquisition support eQ's strategy to become a leading asset manager in Finland and to improve eQ's competitive position. The company's current estimate is that the integration plans may lead to personnel reduction of 20 person-years, at most and also possibly substantial changes in job descriptions and other terms of employment. The co-determination negotiations concern the whole personnel of eQ Asset Management Ltd, eQ Fund Management Company Ltd, ICECAPITAL Asset Management Ltd and ICECAPITAL Fund Management Company Ltd. Helsinki 22 November 2012 eQ Plc Janne Larma, CEO Additional information: Janne Larma, CEO, tel. +358 40 500 4366 Distribution: NASDAQ OMX Helsinki, www.eQ.fi eQ Group is a Finnish publicly listed group of companies that specialises in asset management and corporate finance operations. eQ Asset Management offers a wide range of asset management services (including private equity funds) for both institutional investors and private individuals. The assets managed by the Group total approximately EUR 6.0 billion after the acquisition announced on 20 November 2012. Advium Corporate Finance Ltd, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. More information about the Group is available on our website at www.eQ.fi. |
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