TSE Supervisory Board decisions

27.02.2001 TLN

The Supervisory Board of the Tallinn Stock Exchange (TSE) held its meeting on February 22, 2001.

1. The Supervisory Board welcomes the strategic cooperation plan among TSE, its shareholders and HEX Group, and approves of the transactions necessary to achieve HEX’s majority ownership in TSE Group. The Board considers the plan favorable to TSE shareholders and recommends that they accept HEX’s offer.
   
   
2. The Supervisory Board approved the year 2000 annual reports of TSE and Estonian Central Depository for Securities (ECDS). Due to acquisition of ECDS by TSE, the financial results of the two organisations were consolidated for the first time in 2000, and thus are not comparable with the results of earlier years. In year 2000 the TSE group’s consolidated net profit was EEK 1.5 million. On a non-consolidated basis the revenues of TSE and ECDS amounted to EEK 9.6 million and EEK 12.1 million, respectively.
   
   
3. The Supervisory Board approved the agenda for the annual general meeting of shareholders. The AGM will take place on 21.03.2001, and its agenda includes the following:
   
   
   1. Approval of year 2000 annual report and profit distribution proposal;
   2. Election of auditor for 2001 financial year;
   3. Election of members to the council of Court of Arbitration;
   4. Increase of share capital;
   5. Amendments to Articles of Association of TSE;
   6. Recalling and election of members of Supervisory Board.
4. The Supervisory Board decided to cancel article 1.2.4. of chapter “Membership Rules” of TSE Rules and Regulations. According to the new redaction the stock exchange member firms do not have to be shareholders of TSE, thereby delinking membership and ownership of the exchange. The amendment will become effective on 05.03.2001 and the full text is available on TSE Internet homepage under “Rules and Regulations” section.

Additional information:

Gert Tiivas
Chairman of Management Board
Tallinn Stock Exchange
Tel: +372 64 08 840