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Tuesday 13 January, 2015

Eltek ASA

Eltek ASA: Mandatory notification of trade/Primary insider notification

Eltek ASA: Mandatory notification of trade/Primary insider notification

Reference is made to the announcement of 15 December 2014 regarding the board of directors (the "Board") of Eltek ASA's ("Eltek") recommendation of a contemplated voluntary cash offer at NOK 11.75 (the "Voluntary Offer") to be made by Deltronics (Netherlands) B.V. (the "Offeror"), a wholly owned subsidiary of Delta Electronics, Inc., to acquire all of the shares of Eltek and the offer document prepared by the Offeror in connection with the Voluntary Offer dated 12 January 2015.

On 12 January 2015 (being the first day of the acceptance period for the Voluntary Offer), the following shareholders, Board members and the CEO of Eltek have accepted the Voluntary Offer:

  • Ketlav Invest AS has accepted the Voluntary Offer for its 104,290,301 shares in Eltek, representing 31.68% of the votes and shares in Eltek. Ketlav Invest AS is represented on the Board by Hugo Maurstad, and is an entity wholly controlled by Altor Fund III GP Limited (as general partner and investment manager to Altor Fund III).
  • CC Industries, Inc. has accepted the Voluntary Offer for its 81,634,396 shares in Eltek, representing 24.80% of the votes and shares in Eltek. CC Industries, Inc. is represented on the Board by William H. Crown.
  • William H. Crown has accepted the Voluntary Offer for his 45,000 shares in Eltek, representing 0.01% of the votes and shares in Eltek. William H. Crown is a member of the Board.
  • Each of Eltek Holding AS and Mola AS has accepted the Voluntary Offer for its 54,579,249 and 178,408 shares in Eltek, respectively, representing 16.58% and 0.05% of the votes and shares in Eltek. Eltek Holding AS and Mola AS are represented on the Board by Birgitte Angelil.
  • Each of Edward S. Weil Revocable Trust, Dia Weil 2002 Trust and Edward S. Weil, Jr. Descendants Trust has accepted the Voluntary Offer for its 4,024,316, 1,266,795 and 1,516,212 shares in Eltek, respectively, in aggregate 6,807,323 shares, representing in aggregated 2.07% of the votes and shares in Eltek. These entities are represented on the Board by Dia Weil.
  • Toleko AS has accepted the Voluntary Offer for its 12,500 shares in Eltek, representing 0.004% of the votes and shares in Eltek. Toleko AS is a company controlled by Erik Thorsen, the chairman of the Board.
  • Håkon Hafnor has accepted the Voluntary Offer for his 12,173 shares in Eltek, representing 0.004% of the votes and shares in Eltek. Håkon Hafnor is a member of the Board.
  • Colin Howe accepted the Voluntary Offer for his 164,674 shares in Eltek, representing 0.05% of the votes and shares in Eltek. Colin Howe is the CEO of Eltek.

In addition, the other shareholder who had undertaken to pre-accept the Voluntary Offer has also accepted the Voluntary Offer for its 4,450,000 shares, representing 1.35% of the votes and shares in Eltek, bringing the total shares covered by acceptances described herein to 252,174,024 shares, representing 76.60% of the votes and shares in Eltek.

Upon and subject to completion of the Voluntary Offer, the above persons will not hold any shares or votes in Eltek.


 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eltek ASA via Globenewswire

HUG#1886435

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