Alma Media supports ownership arrangement between Talentum and Edita
ALMA MEDIA CORP. STOCK EXCHANGE RELEASE 22 December 2004 at 9.30 am
ALMA MEDIA SUPPORTS OWNERSHIP ARRANGEMENT BETWEEN TALENTUM AND EDITA
Talentum Oyj and State of Finland have announced that Talentum will buy all the shares of Edita Oyj. As part of the arrangement Alma Media is selling its shares in Acta Print Oy to Edita Oyj. Talentum Oyj is purchasing the shares of Edita Oyj from the Finnish state partially with new shares, and as a result Alma Media's holding in Talentum Oyj will fall from 31.1 % to 24.9 %. Entering the Acta Print ownership arrangement in its accounts will reduce Alma Media's operating profit for the final quarter by some EUR 3 million. Through the arrangement Alma Media will obtain a refund of EUR 6.7 million for capital notes at the beginning of 2005.
Talentum Oyj and State of Finland have announced ownership arrangements concerning Edita Oyj. Before this, Alma Media has owned 36.0 % of the Edita Oyj subsidiary Acta Print Oy and 31.1 % of Talentum Oyj. As part of the arrangement Alma Media is selling its Acta Print Oy shares to Edita Oyj. In connection with the transaction, a writedown of some EUR 3 million will be made on investments in Acta Print, which will reduce Alma Media's operating profit for the current year.
When the arrangement has taken place, Alma Media's holding in Talentum Oyj will decline from the current level of 31.1 % to 24.9 %, since Talentum is purchasing the shares of Edita Oyj from the Finnish state, partly in cash and partly by issuing new shares.
The arrangement will have a positive impact on Alma Media's cash flow, since in connection with the arrangement a total of EUR 6.7 million in capital notes will be refunded to Alma Media. The refund will take place in 2005. The arrangement is due to come into force during the first quarter of 2005.
Alma Media CEO Juho Lipsanen is satisfied with the announcement about the ownership arrangement. Together Talentum Oyj and Edita Oyj will form a more significant company than they are separately. "I believe that this arrangement is in every respect in the interest of the new company, Alma Media and Alma Media's shareholders," says Lipsanen.
ALMA MEDIA CORPORATION
VP, Communications & IR
Further information: CEO Juho Lipsanen, tel. +358 (0)9 507 8714, CFO Teemu Kangas-Kärki, tel. +358 (0)9 507 8703, Ahti Martikainen, VP, Communications and IR, tel. +358 (0)9 507 8514
Distribution: Helsinki Exchanges, Main media
- Date: 22.12.2004, 10:30
- News type: Stock exchange release
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