HELSINKI, Finland, Dec. 19, 2002 (PRIMEZONE) -- Pursuant to Chapter 2, Section 9 of the Securities Market Act and based upon the proposal of the Board of Directors of Proha Plc (Proha) dated November 29, 2002 to the extraordinary general meeting of shareholders to issue a convertible loan (the Loan), the following possible change in the ownership in Proha is hereby notified:
Proha President and CEO Pekka Pere's ownership of the share capital and the votes attached to the shares of Proha may exceed one-tenth (1/10) after the increase in the share capital corresponding to the conversion of the Loan has been registered with the Trade Register, provided that (i) the extraordinary general meeting of shareholders approves the Loan pursuant the proposal of the Board of Directors, (ii) Mr. Pere subscribes the Loan in accordance with its subscription undertaking, (iii) Mr. Pere converts the Loan into shares in total. Mr. Pere has undertaken to subscribe for the Loan with 1,405,000 euros.
Mr.Pere's current ownership of the share capital of Proha Plc. share capital is 8.18%.
The maximum amount of the Loan is EUR 8,000,000 and the loan notes may be converted into an estimated number of maximum 12,800,000 new shares of Proha, corresponding to an increase of approximately 19.8 percent of the new share capital of Proha including the shares subscribed under the Loan if, in determining the conversion rate of the Loan, the price of the Company's share shall be 0.625 (the maximum conversion price according to the subscription undertaking).
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