TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

AGM RESOLUTIONS OF TALLINN STOCK EXCHANGE 

 

The annual general meeting of Tallinn Stock Exchange (TSE) 

shareholders was held on June 6, 2000. 

 

1. AGM resolved to approve the activities of TSE, and to approve 

the 1999 financial reports, management report, auditor's report and 

proposal for profit allocation. 

 

According to the proposal for profit allocation, net profit earned 

by TSE in 1999 in the amount EEK 998,123 will be assigned as 

follows:

 

(1) to assign 5% of the amount of net profit earned in 1999, or EEK 

49,906, to the account of mandatory legal reserve; to carry the 

proceeds from penalties in the amount EEK 237,000 to guarantee 

fund;

(2) to assign 1999 the undistributed sum in the amount EEK 711,217 

to the account of retained earnings.

 

2. AGM resolved to appoint Urmas Kaarlep and Aivo Kangust of 

PriceWaterhouseCoopers to audit the financial reports of TSE in 

year 2000.

 

3. AGM resolved to approve the amendments to TSE Articles of 

Association. According to the amendments, the TSE Supervisory Board 

members are appointed for tenure of two years, instead of three 

years as previously. The amendments will also allow non-monetary 

payments to TSE share capital. 

 

The Estonian version of the new Articles of Association is 

available on TSE internet homepage, under links Rules and 

Regulations/ Additional Documents. The English version will be 

available shortly. 

 

4. AGM resolved to approve changes in the TSE Supervisory Board. 

 

AGM appointed the following current TSE Supervisory Board members 

for next tenure of two years: 

Helo Meigas (Vice President of Central Bank of Estonia), Rain 

Lõhmus (Chairman of Management Board at LHV) and Kalev Tanner 

(Partner in Baltic Cresco Investment Group). 

 

AGM appointed the following new Supervisory Board members: 

Sven Kunsing (Head of Market Analysis Division of Investment 

Banking at Eesti Ühispank), Arvo Juhkami (Head of Operations at 

Optiva Pank), Allan Martinson (Chairman of Management Board at 

Microlink) and Andres Lipstok (Member of Parliament). 

 

AGM recalled the following Supervisory Board members:

Tarmo Jüristo, Tarmo Pedjasaar and Toomas Tsopp. 

 

Other members of the TSE Supervisory Board are Supervisory Board 

chairman Peeter Saks (Chairman of Management Board of Suprema 

Securities) and Priit Põldoja (Head of Hansabank Markets). 

 

5. AGM resolved to increase the share capital of TSE from the 

current level of EEK 3.3 million, up to EEK 6.6 million, through 

issue of 330 new shares to the shareholders of Estonian Central 

Depository for Securities (ECDS). The directed issue is a 

precondition for creation of TSE and ECDS-based group, which will 

be the focal point of the Estonian securities market 

infrastructure. 

 

 

Additional information:

 

Eva Palu

Head of Investor Relations Dept.

Tallinn Stock Exchange

 

+372 6 408 840