EVEA PANGA AS

ANNOUNCEMENT

17.11.98.

 

EXTRAORDINARY GENERAL MEETING OF EVEA PANK SHAREHOLDERS

 

The Management Board of EVEA Panga AS (address: Pronksi 19, Tallinn 15159) announces that

according to the 17.11.98 decision of the Supervisory Board of EVEA Panga AS, the 

extraordinary general meeting of EVEA Panga AS shareholders will take place on November 26,

1998, at 9:00 AM, in the hall of EVEA Pank (address: Pronksi 19, Tallinn 15159). The 

registration of shareholders starts at 8:30 AM.

 

According to the 17.11.1998 decision of the EVEA Panga AS Supervisory Board,

the agenda of the extraordinary general meeting shareholders will be the following:

 

1. EVEA Panga AS Management Board's presentation about the financial situation of the bank.

2. Decrease of the EVEA Panga AS share capital.

3. Increase of the EVEA Panga AS share capital.

4. Recall of the members of the EVEA Panga AS Supervisory Board.

5. Election of the members of the EVEA Panga AS Supervisory Board.

 

According to the requirements of §354 of the Commercial Law, the Management Board announces 

that the reason for decreasing the share capital is a need to cover the losses.

The share capital will be decreased via proportional annulment of nominal ordinary 

shares, in the amount of 6 000 000 (six million) shares, or 80%.

The circle of shareholders whose shares will be proportionally annuled, will be

fixed as of November 26,1998, 8:00 AM.

 

According to the requirements of §339 of the Commercial Law, the Management Board 

announces that the reason for increasing the share capital is a need to recover the 

volume of owners' equity as required in the law of credit institutions. 

The share capital of EVEA Panga AS will be increased by issuing 6 500 000 (six 

million five hundred thousand) new nominal ordinary shares with a par value 10 EEK,

to the share capital's volume of 80 000 000 (eighty million) EEK. 

The payment for the new shares will take place in the form of monetary payment,

and the issue price of one share is 10 (ten) EEK.

The shareholders' privilege to subscribe new shares issued will be excluded, and the 

issuance will be directed to one investor, giving the subscription right of the 

new shares to a company Siege PLC (registered in England and Wales, reg. no. 3277122).

New shares issued will be subscribed in EVEA Panga AS (address: Pronksi 19, Tallinn),

on December 16, 1998.

 

The Management Board of EVEA Panga AS presents to the extraordinary general meeting 

of shareholders the 1997 verified financial statements, overview of the current year's 

economic activities of the company, and the registration prospectus of the share 

issuance for confirmation.

 

Only the shareholders who are registered in the shareholders' register

as of November 26, 1998, 8:00 AM, have a right to participate in the 

extraordinary general meeting of shareholders.

 

In order to register the participation in the general meeting, one needs to

present the following:

- natural person shareholder - identification document; representative of a person

also needs to present a proxy;

- legal representative of a company shareholder - a document proving the legal right of

representation (copy of a Business Register card and identification document); 

authorised representative - proxy which is in accordance with the requirements of law, 

and identification document.

 

 

 

Margus Tilga

Chairman of the Management Board

tel. +372 667 1200