Proha PLC purchases Planman oy

PROHA PLC PURCHASES PLANMAN OY The Proha PLC Group (hereinafter Proha) has made a binding precontract with all shareholders of PlanMan Oy. With this agreement Proha acquires the entire stock capital of the Tampere-based PlanMan Oy. PlanMan Oy is a service company focusing on project management. Its PlaNet and PlaCost products are widely used e.g. in the field of construction and in the public sector in Finland and in Sweden. PlanMan Oy will continue as an independent subsidiary company within the Proha Group as a part of Proha's activity in the field of project management information technology. At the same time as the PlaNet and PlaCost products strengthen and expand the supply provided by the Proha Group, Proha's products and expertise open new opportunities for developing PlanMan's products further. The purchase will be conducted as an exchange of shares. The owners of PlanMan Oy are offered a total of 363,000 new shares of the Proha PLC Group and a sum of FIM 275,000 in exchange for the capital contribution property of PlanMan's entire stock capital. The shares offered amount to some 8.2% of the stock capital of the Proha PLC Group after the exchange. The new shares include a sales restriction which will expire in two years. The purchase will come into effect after the board of directors of the Proha PLC Group has reached a decision on the approval of the purchase and carries out a share issue. Through this acquisition, PlanMan becomes an affiliate company owned completely by the Proha PLC Group. The purchase is a part of Proha's strategy for attaining a leading position in its area of expertise in the Nordic countries' market and for strengthening its firm position in Finland. Through the two contracts which the Proha PLC Group has today made with CM-Systems Oy and PlanMan Oy for purchasing their stock capitals, the Proha PLC Group attains a leading position in project management information technology in all customer sectors in the Finnish market. The Proha PLC Group is presently negotiating over additional acquisitions. PlanMan in a nutshell PlanMan Oy supplies project management programmes and related training, consulting and support services for several different sectors. The company has over 13 years of experience in the field. PlanMan has 750 customers in Finland, 150 in Sweden, of which the largest one is the NCC construction group. PlanMan Oy employs 9 persons at present. Four key persons of the company are its owners. The net turnover of the company during the financial year 1 January - 31 December 1998 was FIM 4.5 million; the profit before taxes FIM 1.1 million. The estimated turnover of the present financial year is approximately 5.6 million, profit before taxes FIM 2.2 million. Proha in a nutshell The Proha PLC Group is a Finnish service enterprise of information technology. The key areas of Proha's activity are project management information technology, automatisation of information systems testing, and Internet trade applications. After this contract and the CM-Systems contract made earlier today, the number of persons employed by the Proha Oyj Group will be 92. Proha Oyj Pekka Pere Chief Executive Officer Additional information available at PROHA OYJ CEO Pekka Pere, tel. +358 20 4362 000 pekka.pere@proha.fi http://www.proha.fi DISTRIBUTION: Helsinki Stock Exchange Major media ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/20/19991220BIT00710/bit0001.doc http://www.bit.se/bitonline/1999/12/20/19991220BIT00710/bit0002.pdf