HÜVITUSFOND

ANNOUNCEMENT

11.10.99

 

 

PRELIMINARY SUBSCRIPTION RESULTS OF ISSUE OF XV-SERIES BONDS

 

The issue of Hüvitusfond XV-series bonds was oversubscribed by 3 times.

 

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

bonds in total volume of 20 million EEK was oversubscribed by 38.4 million EEK. 

Privatization Vouchers (EVP) owners subscribed for total of 58.4 million EEK; 

total of 158.2 million EVP worth of bonds were subscribed for in the course of 

the ended issue. Total of 926 investors participated in the issue, incl. 911 

private persons and 15 legal entities. Private persons subscribed for 

approximately 25% of the issue. 

 

Since the issue was oversubscribed, the Supervisory Board of Hüvitusfond will 

make a decision about increasing the volume of the issue on its next meeting.

 

The initial offering of the bonds took place from 20.09.1999 to 08.10.1999; 

issue price was 271 EVP per bond. 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. 

 

The H1 1999 audited financial result of Hüvitusfond was 68.9 million EEK of profit. 

Fund's net worth increased in H1 by 241 million EEK, totaling to 961 million EEK. 

The privatization revenues in H1 amounted to 214.2 million EEK.

 

 

Jaanus Kosemaa

Public Relations manager

Hüvitusfond

+372 66 51 800, 824, +372 51 04 614