Tecnotree has received a summons concerning the calculation of supplementary share
Tecnotree Corporation
Stock Exchange Release
19 September 2018 at 15:50
Tecnotree has received a summons concerning the calculation of supplementary share
Tecnotree has received from Viking Acquisitions Corporation a summons related to a demand for EUR 1.95 million, linked to payment of supplementary share of cash flow proceeds included in the company’s restructuring programme. According to the provisions of restructuring programme, ordinary restructuring creditors are entitled to a supplementary share, if the company’s operating cash flow is realized to be better than predicted. According to the demand, Viking Acquisitions Corp. claims that the calculation of Tecnotree’s operating cash flow should be adjusted to certain pledged receivables received in the past.
Tecnotree has in its own investigations and calculations in cooperation with several experts come to the conclusion that the calculation of the operating cash flow of the company is correct, and it does not justify any distribution of supplementary shares and, therefore, Tecnotree considers the summons to be unfounded. Tecnotree has delivered a written response to the original demand received from Viking Acquisitions Corp. stating its position on this matter.
Tecnotree Corporation
The Board of Directors
Further information:
Padma Ravichander,CEO, +97 156 414 1420
Kirsti Parvi, CFO, +358 50 517 4569
Tecnotree in brief:
Tecnotree is a global supplier of telecom IT software products and solutions, for charging, billing, customer care, messaging and content management services. The Company’s product portfolio comprises virtually the full range (order-to-cash) business management solutions for telecom operators, with standard solutions for fixed networks, mobile services and broadband and for managing subscriptions, services and cash flows for prepaid and post-paid customers.
Tecnotree is listed on Nasdaq Helsinki Ltd. (TEM1V). For more information, please visit www.tecnotree.com.
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