Eltek Valere valuation related to Put Option Notice
(Thomson Reuters ONE) - As the Company communicated on 2 July, 2009, the minorityshareholders of Eltek Valere have delivered a Put Option Notice forthe sale to Eltek ASA of their shares (i.e. 9.1% in Eltek Valere ASand 9.9% in its subsidiary Eltek Energy Holding Inc.). The Put OptionNotice was delivered under the Stockholders Agreement for EltekValere, which relates to the acquisition of Valere Power by EltekEnergy in 2007. External valuation firms have now concluded on thefair market value of Eltek Valere, and these results indicate thatprovisions made by Eltek ASA to cover the value of the put optionsshould be increased from approximately NOK 94 million toapproximately NOK 235 million.In the coming weeks, the minority shareholders must provide writtennotice to Eltek ASA on the sale of shares. Eltek ASA has a right toissue in lieu of cash a promissory note at the put closing, with a 24months maturity period and a coupon of 8% interest increasing1%-point every quarter with a maximum of 15%. As earliercommunicated, agreements with the banks allow for adjustments ofcovenants to reflect the valuation of the put options.In addition, disputes related to the Contribution Agreement of 2007and the contribution paid to the former Valere shareholders arecurrently in arbitration, expected to be concluded early in 2010.For further information, please contact:CFO Pål Skistad, tel: +47 908 50 378This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.11.2009 - 12:06 Uhr
Sprache: Deutsch
News-ID 8040
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