ASPOCOMP’S EXTRAORDINARY GENERAL MEETING APPROVED THE PARTNERSHIP AGREEMENT
Aspocomp Group Oyj Minutes of extraordinary general meeting November 26, 2007 at 11:50 am
The Extraordinary Shareholders’ Meeting of Aspocomp Group Oyj has on November 26, 2007 approved the agreement concerning the business arrangement with Meadville Holdings Limited.
Aspocomp Group Oyj and Hong Kong listed Meadville Holdings Limited will carry out an arrangement whereby Aspocomp Group Oyj will, in the first phase, transfer to the holding company it has established the subsidiaries in China (ACP Electronics Ltd.) and India (Aspocomp Electronics India Private Limited) as well as certain assets of the Salo plant. The total value of all assets to be transferred is agreed at about EUR 77 million. In the second phase, Meadville Holdings Limited will acquire 80 percent ownership share of the holding company from Aspocomp and pay EUR 61 million as consideration. Aspocomp will remain the minority owner of the company with 20 percent ownership. Aspocomp will use the received consideration to partially repay its interest bearing liabilities in China and in Finland and to improve its liquidity.
According to the agreement, Meadville Holdings Limited has the right to purchase from Aspocomp and Aspocomp has the right to sell to Meadville Holdings Limited its 20 percent shareholding in the joint venture in the year 2013 at the earliest.
The Board had requested fairness opinion from Board’s advisor, Somerley Limited (Hong Kong). According to the fairness opinion the proposed restructuring is fair to the company and in the interest of the shareholders.
The agreement concerning the business arrangement was signed on November 8, 2007. Further information about the agreement can be found in the stock exchange releases announced on November 8, 15, 16 and 23.
For further information, please contact Maire Laitinen, General Counsel,
tel. +358 9 7597 0723.
ASPOCOMP GROUP OYJ
President and CEO
Aspocomp: Innovative interconnection solutions for the electronics industry
The Aspocomp Group develops and offers high technology interconnection solutions for the electronics industry in close cooperation with its customers. Aspocomp supplies printed circuit boards for mobile data terminal equipments, data communications networks and automotive industry. The company supports its global customers in developing new technologies and offers a fast route from product development to applications and volume production. The Group’s production facilities are located in Finland, China and Thailand. In 2006, its net sales stood at EUR 149 million and it had about 3,350 employees.
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