HÜVITUSFOND

ANNOUNCEMENT

21.06.99

 

 

ISSUE OF HÜVITUSFOND XIV-SERIES BONDS WAS OVERSUBSCRIBED

 

On preliminary data, the public issue of Hüvitusfond XIV-series 

bonds 

in total volume of 15 million EEK was oversubscribed by 9.5 million 

EEK. Holders of Privatization Vouchers (EVP) subscribed for bonds 

for 

total of 24.5 million EEK; 78.4 million EVP worth of bonds were 

subscribed for in the course of the ended issue. Total of 1480 

investors participated in the issue, i.e. twice the number of 

investors participating in the previous public issue of bonds (XII-

series). Private persons subscribed for 75% of the issue.

 

25% share of the issue subscribed by the financial institutions 

proceeds mainly from the low liquidity of EVP market; on the other 

hand, the financial institutions also participated in the previous 

closed issue of Hüvitusfond XIII-series bonds.

 

Since the volume of issue was 15 million EEK, the Supervisory Board 

of Hüvitusfond will soon make a decision about increasing the 

volume 

in order to satisfy the claims of all investors.

 

The initial offering of the bonds took place 07.-18.06.1999. Issue 

price of one bond was 320 EVP. The annual coupon rate of the bonds 

is 

7% of the bond’s face value. The fund will also pay additional 

interest, the size of which will be determined by the Supervisory 

Board of the fund twice a year, based on the fund’s financial 

results.

 

Q1 1999 profit of Hüvitusfond amounted to 42.6 million EEK, which 

exceeds the last year’s result by approximately 10 million EEK. 

Fund’s net worth increased in Q1 by 161.6 million EEK, totaling to 

881.8 million EEK. 

 

 

Andres Laisk

Tel. +372 6 651 812