Elite Asset Management Plc, Company Announcement, 3 October 2017, 3:30 p.m. (EET)
Elite Asset Management Group's ownership of Elite Finance Ltd will increase to 100%
Elite Asset Management Group (Elite) and the other shareholders of Elite Finance Ltd have made an agreement on a transaction in which Elite Sijoitus Oy (100% owned subsidiary of Elite Asset Management Plc) buys the shares of the other shareholders. Before the transaction, Elite Asset Management Plc owned 30% of the shares of Elite Finance Ltd, and after the transaction, Elite will own 100% of the shares. Simultaneously with the agreed transaction, Elite Asset Management Plc will dispose its 30% ownership in Elite Finance Ltd to Elite Sijoitus Oy, thus making Elite Finance Ltd 100% owned subsidiary of Elite Sijoitus Oy. It has been agreed that the key employees of Elite Finance Ltd will not continue their service.
Elite Finance Ltd has developed corporate bond crowdfunding services, acted as tied agent of Elite and marketed Elite's loan financing services for small and medium-sized companies. Elite's loan financing services (emission of corporate bonds and SME corporate bond fund) will not be affected by the transaction. Elite SME Corporate Bond fund was launched in June 2017 and has granted first loans to Finnish SMEs.
Elite has appointed Toni Iivonen (M.Sc. Tech, M.Sc. Econ) as Head of Elite Asset Management Group's Financing Solutions. He will be responsible for the existing financing solutions consisting of SME loans, financing of energy savings projects, SAV-Rahoitus Oyj's services as well as development of new services.
The financing solutions for corporate customers are part of the business unit Corporations and Entrepreneurs led by management team member Janne Kalliomäki.
The acquisition is not expected to have a significant impact on Elite Group's 2017 financial result. The parties have agreed that the purchase price will not be disclosed.
ELITE ASSET MANAGEMENT PLC
Board of Directors
Further information:
Elite Asset Management Plc
Daniel Pasternack, CEO
+358 50 569 3416
daniel.pasternack@elitevarainhoito.fi
Kari Juurakko, Chairman of the Board
+358 50 582 7411
kari.juurakko@elitevarainhoito.fi
Certified Advisor Merasco Oy
Telephone: +358 9 6129 670
Elite Asset Management Plc is a profitable and growing investment service company offering versatile and high-quality asset management services for both consumer and professional investors. Elite Asset Management Plc is listed on the First North Finland market maintained by NASDAQ Helsinki (Helsinki Exchanges). Elite Asset Management Plc is the parent company of the Elite Group (Elite). Elite's customer base consists of individuals and corporations that the company serves nationwide in 14 different locations. The first company belonging to the current Elite Group was founded in 2000. Elite employs 105 investment professionals and over 40 tied agents. On behalf of its clients, the company manages assets of approximately EUR 3 billion in total. Check out Elite's services at www.elitevarainhoito.fi.
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