Eltek ASA: Sale of Nera Telecommunications Ltd rejected in shareholder meeting
(Thomson Reuters ONE) -
The scheme of arrangement in relation to the proposed acquisition of
NeraTelecommunication Ltd ("NeraTel") by Singapore Technologies Electronics
Limited was not approved by the shareholders of NeraTel in a Scheme Meeting held
today. The parties will therefore not proceed with the proposed transaction.
Reference is made to the announcement made by Eltek on 10 February 2012
regarding the sale of all its shares in NeraTel on certain conditions, as well
as to todays stock exchange notification by NeraTel, ref attachment.
NeraTel will remain listed on the SGX-ST in Singapore, with Eltek remaining the
majority shareholder with 50.05 percent ownership. Going forward, Eltek will
take a more active role in the further development of NeraTel while considering
its strategic alternatives.
At the scheme meeting held today, a resolution to approve the scheme would have
required a vote in favor of the proposed transaction by a majority in number of
the shareholders representing at least 75 % in value of those present and voting
at the Scheme meeting.
For further information, please contact:
Pål Skistad, CFO Eltek ASA, phone +47 908 50 378
About Eltek
Eltek is a strategic technology partner within power solutions. The Company
reported revenue of NOK 3.6 billion in 2011, and has Approximately 2,400
employees in close to 40 countries. Following the proposed divestment of Nera
Telecommunications, Eltek focuses on its core business in telecom power and
power electronics solutions for industrial applications and renewable markets
such as solar power and electric vehicles. Eltek is listed on Oslo Stock
Exchange and headquartered in Drammen, Norway.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
NeraTel Announcement:
http://hugin.info/86881/R/1624874/519651.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1624874]
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Datum: 06.07.2012 - 11:57 Uhr
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