East Capital Explorer AB has made a direct investment in TEO LT, a leading
Baltic telecom operator, by acquiring approximately 2% of TEO shares in the
market. This corresponds to an investment of approximately EUR 8.5 million.
As communicated on 5 October 2009, East Capital Explorer, together with some
East Capital Funds, made a joint offer to the Board of TEO to acquire the
shares held in treasury by the company, corresponding to 4.67% of the shares.
As the Board of TEO did not respond to this offer, East Capital Explorer,
together with East Capital funds, have acquired shares in the market. As of 9
October, East Capital Explorer, together with East Capital funds, held a total
of 5.54% of the shares in TEO LT.
Gert Tiivas, CEO East Capital Explorer, says: “TEO is an excellent company with
a solid track record and strong profitability. We found this an attractive
direct investment opportunity at current valuation levels. We will continue to
communicate with the Board of TEO regarding the disposal of treasury shares and
other ways to unlock value for all shareholders of TEO.”
Contact information:
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30
Financial reporting calendar - East Capital Explorer:
• Monthly Net Asset Value report on the fifth working day after the end of each
month
• Interim Report 1 January - 30 September 2009 on 12 November 2009
About East Capital Explorer │ East Capital Explorer AB is a Swedish company,
created with the specific aim of bringing unique investment opportunities in
Eastern Europe to a broader investor base. The company invests mainly in East
Capital's private equity and semi-public equity funds that provide exposure to
companies not otherwise accessible via the local stock exchanges in Eastern
Europe. East Capital Explorer targets fast growing sectors such as the power
utilities, financial, retail and consumer goods and real estate sectors. East
Capital Explorer has appointed East Capital to manage its investment
activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ
OMX Stockholm, Mid Cap.
This information is disclosed in accordance with the Securities Markets Act,
the Financial Instruments Trading Act or demands made in the exchange rules.
