Conversion into a European Company
An extraordinary general meeting of Elcoteq Network Corporation was held in Helsinki on September 27, 2005. The meeting decided to change the company form from a public limited company (plc) to a European Company (SE, Societas Europaea) under the Conversion Plan signed by the Board of Directors of Elcoteq Network Corporation on October 8, 2004 and published and registered in the Trade Register on October 14, 2004. The meeting also decided to amend the articles of association required by the change of company form. From October 1, 2005 the company’s new name will be Elcoteq SE.
Conversion into a European Company is part of Elcoteq’s globalization strategy, the purpose of which is to improve the company’s global competitiveness. The new corporate form will have no impact on the company’s domicile, the location of its head office, the employment contracts of its personnel or the company’s tax status. Nor will it affect the position of shareholders.
In the longer term Elcoteq ’s aim as an SE is to increase efficiency and reduce administrative costs. An SE will be able to merge its subsidiaries throughout the 28 countries of the European Economic Area (EEA), generating savings in administrative costs and making decision-making processes faster and more efficient. The SE form of a company will also make it more flexible to implement cross-border mergers, acquisitions and divestments, and registration of the company in a new country. Elcoteq believes the SE form of a company will also have a positive effect on its image and will thus support its business operations.
The only change in the position of the company’s personnel will apply to employee involvement, which in the future will be arranged at the European level, in addition to national level.
Decisions of the EGM
Board's proposal to the EGM (pdf)
Conversion Plan (pdf)
Report by the Board (pdf)
The statement of an independent expert on the change of company form (pdf)