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KONE Finance Oy Parent Company of Partek Corporation

KONE Finance Oy Parent Company of Partek Corporation

Stock Exchange Release Published 30/08/2002

KONE FINANCE OY’S OBLIGATION TO REDEEM REMAINING SHARES AND SECURITIES OF PARTEK CORPORATION PURSUANT TO THE FINNISH SECURITIES MARKET ACT
KONE FINANCE OY’S RIGHT TO REDEEM SHARES OF OTHER SHAREHOLDERS UNDER THE FINNISH COMPANIES ACT CHAPTER 14 SECTION 19, AND REDEMPTION CLAIM
KONE FINANCE OY’S OWNERSHIP TO SHARES AND VOTES IN PARTEK CORPORATION EXCEEDS THE HOLDING SET OUT IN SECTION 12 OF PARTEK CORPORATION’S ARTICLES OF ASSOCIATION.
KONE Finance Oy has today notified Partek Corporation that Kone Finance Oy has, pursuant to the Companies Act Chapter 8 Section 7, become the parent company of Partek Corporation.
KONE Finance Oy announced its public tender offer for Partek’s shares and securities entitling to these according to the Finnish Companies Act on 20 May 2002. The offer period commenced on 18 June 2002 and ended on 16 August 2002. The said offer was executed on 23 August 2002. Following the transfer of the Partek shares owned by KONE Corporation to KONE Finance Oy through the purchase concluded on 27 August 2002, KONE Finance Oy owns more than nine tenths of all shares and votes in Partek Corporation.
As a result of this, the obligation under the Finnish Securities Market Act Chapter 6 Section 6 has developed for KONE Finance Oy to redeem the remaining shares issued by Partek Corporation and securities entitling to these according to the Finnish Companies Act. KONE Finance Oy will as a result of this make a redemption offer within one month from the date when the redemption obligation has occurred.
Following the implementation of the public tender offer, KONE Finance Oy has under the Finnish Companies Act Chapter 14 Section 19 the right to redeem the shares of the other shareholders of Partek Corporation. Based on this, KONE Finance Oy has today notified Partek Corporation about its redemption claim.
Furthermore, the implementation of the public tender offer has led to the situation where KONE Finance Oy’s holding of the shares and votes in Partek Corporation exceeds the holding (33 1/3 per cent or 50 per cent of the company’s all shares and number of votes attached) set out in Section 12 of the Articles of Association of Partek Corporation
Sender:
Kone Corporation
Tapio Hakakari
Secretary of the Board of Directors
Kone Finance Oy
Aimo Rajahalme
Chairman of the Board of Directors