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NOT FOR RELEASE IN THE UNITED STATES, JAPAN, CANADA OR AUSTRALIA
(Unofficial translation from the original in Finnish)
KONE announced its offer for the shares and securities in Partek on 20 May, 2002. The offer period commenced on 18 June, 2002 and ended on 16 August 2002. The offer consisted of the share offer, the option right offer, the convertible subordinated bond offer and the convertible capital loan offer. KONE issued a stock exchange release on 16 August, 2002 announcing the expiration of the offer period and its intention to consummate the offer. The shares and securities offered to KONE will be purchased on 23 August, 2002, and the settlement will take place on 28 August, 2002 at the latest in accordance with standard settlement procedures. The payment of remuneration of interest will commence on 23 August, 2002.
During the offer period, approximately 8,665 shareholders or some 87.4 percent of the total number of shareholders in Partek accepted KONE’s offer. The shares offered to KONE together with the shares already held by KONE Group represent approximately 99.1 percent of the shares and votes in Partek.
In addition, during the offer period 13,728 convertible subordinated bonds issued by Partek in 1994 were offered to KONE. The convertible subordinated bonds offered represent approximately 91.2 percent of the total number of convertible subordinated bonds outstanding.
In the convertible capital loan offer 20,131 convertible capital loans issued by Partek in 1999 were offered to KONE. The convertible capital loans offered represent approximately 66.0 percent of the total number of convertible capital loans outstanding.
The option right offer was accepted by 4 holders in possession of a total of 40,000 option rights. The total amount of options rights issued by Partek in 1997 is 1,260,000 of which 630,000 are marked as A-series and 630,000 as B-series. The offer price for the option rights was EUR 0.01 per option right.
In the offering circular dated 14 June, 2002 KONE announced its intention to undertake an unconditional mandatory redemption offer in accordance with the Finnish Securities Market Act as well as to pursue a share redemption in accordance with the Finnish Companies Act once approval from the appropriate competition authorities was obtained, due diligence was carried out, and a minimum of 90% of the shareholding secured. The mandatory redemption offer is expected to be published on week 36, and the related offer period shall be at least one month. In addition, KONE shall issue a redemption claim in accordance with the Companies Act.
Following the redemption procedures, and after the title to all Partek shares has been transferred to KONE, KONE will seek de-listing of Partek’s shares from the Helsinki Exchanges. De-listing is expected to take place during the year 2002.
Secretary to the Board of Directors
KONE Finance Corporation
Chairman of the Board of Directors
Additional information Tapio Hakakari, telephone +358 20 475 4226, mobile +358 400 408 316.
This stock exchange release must not be released or distributed in whole or in part in or into the United States of America, Canada, Australia or Japan.
The offer is not being made directly or indirectly in or into the United States of America, or by use of the mails or by any means or instrumentality (including without limitation facsimile transmission, telex, telephone and the internet) of interstate or foreign commerce, nor is it being made directly or indirectly in or into Canada, Australia or Japan.