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Eltek ASA (OSL:ELT) SUBSEQUENT OFFERING RESOLVED

Eltek ASA (OSL:ELT) The board of directors of Eltek ("Eltek" or the "Company") resolved on 22 December 2008 to conduct the Subsequent Offering of up to 30 million new shares in Eltek.

The board of Eltek was given the authority to increase the share capital in relation to the Subsequent Offering in the extraordinary general meeting of Eltek held on 19 December 2008, cf the minutes and presentation from the EGM, as released in an announcement on 19 December 2008.

The Subsequent Offering will give the shareholders of the Company as of 5 December 2008, who were not offered or invited to participate in the private placement (the "Eligible Shareholders"), the opportunity to subscribe for shares at the same subscription price as in the private placement, i.e. for NOK 1 per new share.

Each Eligible Shareholders will be granted one subscription right for each share held as of 5 December 2008 (the "Record Date"). Each Subscription Right will give the right to subscribe for up to 5.69037 new shares. The subscription rights may only be used to subscribe for shares in the Subsequent Offering by the person with the Subscription Rights registered on his/hers VPS account, and will not be tradeable. Over-subscription will not be permitted. After the expiry of the subscription period, the subscription rights will be of no value.

The Subsequent Offering and the issue of the subscriptions rights may in certain jurisdictions be restricted by law. The subsequent offering and the issue of subscription rights will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

The Company will issue in total 16,447,310 subscription rights, giving the right to subscribe for a total of 93,591,279 new shares. The total number of subscription rights actually distributed is likely to be lower than 16,447,310 as 3,247,107 of the rights are reserved for nominee shareholders. These subscription rights will only be distributed following a confirmation from the relevant nominee of the number of subscription rights that shall be transferred to the underlying beneficial shareholders, which will depend on whether such shareholders are Eligible Shareholders. The maximum number of shares available in the Subsequent Offering is limited to 30 million shares. Consequently, if the total number of subscriptions received during the subscription period exceeds the total number of new shares available in the Subsequent Offering, the number of new shares to be allotted to each Eligible Shareholder will be reduced pro rata in order not to exceed the maximum 30 million shares.

The subscription rights will be registered on each Eligible Shareholders' VPS account on or about 5 January 2009. The subscription period for the Subsequent Offering will be from 7 January to 21 January 2009. Full details regarding the Subsequent Offering will be set out in a prospectus and subscription form to be distributed to the Eligible Shareholders in early January 2009.

SEB Enskilda AS has been engaged as manager for the Subsequent Offering.

For further information, please contact

Jan T. Jørgensen, CEO, +47 918 37 759 Pål Skistad, CFO, tel. +47 908 50 378 Important Notices The contents of this announcement have been prepared by and are the sole responsibility of Eltek ASA ("Eltek"). SEB Enskilda AS is acting exclusively for Eltek and no one else and will not be responsible to anyone other than Eltek for providing the protections afforded to their respective clients, or for advice in relation to the contemplated private placement and possible subsequent offering, the contents of this announcement or any of the matters referred to herein.

The distribution of this announcement and other information in connection with ubsequent offering may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The subsequent offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

This announcement is not an offer to sell or the solicitation of any offer to buy any Eltek shares or other securities of Eltek (the "Securities") in the United States or in any other jurisdiction. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. Eltek will not make a public offering of Securities in the United States in connection with the subsequent offering.

The Eltek shares have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and may not be offered or sold within Australia, Canada or Japan.

In the United Kingdom, this announcement is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. This announcement is directed only at such persons and must not be acted on or relied on by persons in the United Kingdom who are not such persons. Any investment or investment activity to which this announcement relates is available in the United Kingdom only to such persons and will be engaged in only with such persons and no other persons in the United Kingdom should rely or act upon this announcement.

All investment is subject to risk. The value of the Eltek shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Eltek ASA

http://www.eltek.com

ISIN: NO0003109407

Stock Identifier: XOSL.ELT

US: Other OTC: EEKAF.PK

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