Cencorp - Company Announcement

FTTK AND CENCORP HAVE SIGNED A SHARE TRANSFER AGREEMENT FOR ALL THE SHARES IN CENCORP AUTOMATION OY OWNED BY CENCORP

CENCORP CORPORATION                                    STOCK EXCHANGE RELEASE
17 DECEMBER 2014 AT 15.15 FINNISH TIME 


FTTK AND CENCORP HAVE SIGNED A SHARE TRANSFER AGREEMENT FOR ALL THE SHARES IN
CENCORP AUTOMATION OY OWNED BY CENCORP 

On 25 August 2014 Cencorp Corporation announced that the company had signed an
agreement according to which FTTK Company Limited (”FTTK”) acquires a majority
shareholding in the electronics automation business of Cencorp. 

Pursuant to the agreement between Cencorp and FTTK, Cencorp transferred the
company's electronics automation business into Cencorp Automation Oy, a
fully-owned subsidiary of Cencorp. Further, in accordance to the agreement
signed earlier, FTTK has purchased 70 percent of the shares in Cencorp
Automation for EUR 2.66 million payable in cash. On 17 September 2014 the
parties confirmed that the conditions precedents to the Transaction had been
fulfilled and thus the Transaction had been closed. 

According to the Agreement FTTK has an option to decide by 17 December 2014
whether it will use its option to purchase the remaining 30 percent of the
shares in Cencorp Automation for EUR 1.14 million, payable in cash, added with
a yearly interest of 10 percent until the purchase price has been paid. Should
FTTK decide to exercise the aforesaid option, FTTK pays the corresponding
purchase price in twelve equal installments. The first installment shall be
paid after twelve months from the closing i.e. 17 September 2014. The option is
subject to FTTK to arrange a bank guarantee for the remaining unpaid purchase
price issued by a bank accepted by Cencorp. 

FTTK has now used its option to purchase the remaining 30 percent of the shares
in Cencorp Automation Oy and the parties have signed an agreement for the
exercise of the option. With regard to the option the Parties have agreed on
the following changes in the original terms of the transaction: 

a) The purchase price decreases from EUR 1.14 million to EUR 1.04 million.
b) The purchase price shall be paid faster than originally agreed so that the
entire purchase price shall be paid by 1 March 2015. 
c) A bank guarantee for the unpaid purchase price is no longer required.
d) The shares shall be transferred and the ownership and title to the shares
shall pass to the purchaser only against the payment of the entire Purchase
Price. 



In Mikkeli, 17 December 2014

Cencorp Corporation
Board of Directors


For more information:
Iikka Savisalo
President and CEO
Cencorp Oyj
Tel. +358 40 521 6082,
Email: iikka.savisalo@cencorp.com


Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com


Cencorp Corporation specializes in the clean energy, especially in photovoltaic
solutions. Cencorp provides automated production technology for solar modules
based on the company's own technology; production lines for modules; solar
modules and special components for solar modules. The product range also
includes EMI shielding solutions, RFID antennas and other flexible circuits
including for example conductive back sheets used in photovoltaic modules and
mobile phone antennas. Cencorp also owns 30 percent of Cencorp Automation Oy, a
company providing electronics automation solutions.  Cencorp's head office is
located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.