EXTRAORDINARY GENERAL MEETING OF REVAL HOTELLIGRUPI AS SHAREHOLDERS

 

The Management Board of Reval Hotelligrupi AS will hereby convene the extraordinary general meeting of Reval Hotelligrupi AS (Commercial 

Registry code 10041810, location Tallinn) shareholders, on Monday, 28.06.1999, beginning at 11.00 AM in Tallinn, Apella A hall of hotel Central 

conference center, address Tallinn, Narva road 7.

 

Agenda of the EGM:

 

1. Increase of share capital

 

Considering that the public share issue of Reval Hotelligrupi AS was undersubscribed by 574 170 shares and in order to include additional 

capital for realization of development plans of Reval Hotelligrupi AS and refinancing of short-term bank loans, the Supervisory Board of Reval 

Hotelligrupi AS will make a proposal to shareholders to increase the company's share capital via issuance of new shares in two tranches:

 

1) Increase the company's share capital by 10 000 000 EEK, via issue of 1 000 000 new shares at 10 EEK par value and issue price of 25 EEK 

above par per share. The projected volume of share capital is 58 142 720 EEK.

 

Direct the share issue to financial investor(s) found by the executive management or the persons authorized by the Management Board of Reval 

Hotelligrupi AS via negotiations, and not to grant the shareholders the pre-emptive right.

 

 

The subscription period will last 01.08.1999 - 29.10.1999. The payment for shares will take place in monetary form. The subscription for shares 

and payment for shares subscribed will take place concurrently. 

 

 

2) Increase the company's share capital by 8 500 000 EEK via issuance of 850 000 new shares at 10 EEK par value and issue price of 25 EEK above 

par per share. The projected volume of share capital is 66 642 720 EEK.

 

Direct the share issue to International Finance Corporation (IFC), and not to grant the shareholders the pre-emptive right.

 

The subscription period will last 01.08.1999 - 30.11.1999. The payment period will last 01.09.1999 - 15.12.1999. The payment for shares will 

take place in monetary form.

 

 

In order to identify the shareholder or its representative, we hereby ask the meeting participants to bring an identification document. In 

addition to the identification document, the representatives also need to bring a written proxy; legal representatives of legal persons need to 

bring an excerpt from the Commercial Registry card.

 

The list of shareholders eligible to vote on the general meeting will be determined based on the shareholders' list as of 28.06.1999 8:00 AM. 

Registration of the EGM participants will begin 30 minutes before the beginning of the meeting at the location of the meeting.

 

In case you have any further questions regarding the EGM, please contact us at +372 62 74 444.

 

 

Andres Liinat

Executive Manager

Tel. +372 62 74 444