TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TSE SUPERVISORY BOARD DECISIONS

 

The Supervisory Board of the Tallinn Stock Exchange (TSE) held its 

meeting on February 22, 2001.

 

1. The Supervisory Board welcomes the strategic cooperation plan 

among TSE, its shareholders and HEX Group, and approves of the 

transactions necessary to achieve HEX's majority ownership in TSE 

Group. The Board considers the plan favorable to TSE shareholders 

and recommends that they accept HEX's offer. 

 

2. The Supervisory Board approved the year 2000 annual reports of 

TSE and Estonian Central Depository for Securities (ECDS). Due to 

acquisition of ECDS by TSE, the financial results of the two 

organisations were consolidated for the first time in 2000, and 

thus are not comparable with the results of earlier years. In year 

2000 the TSE group's consolidated net profit was EEK 1.5 million. 

On a non-consolidated basis the revenues of TSE and ECDS amounted 

to EEK 9.6 million and EEK 12.1 million, respectively.

 

3. The Supervisory Board approved the agenda for the annual general 

meeting of shareholders. The AGM will take place on 21.03.2001, and 

its agenda includes the following: 

 

1. Approval of year 2000 annual report and profit distribution 

proposal

2. Election of auditor for 2001 financial year

3. Election of members to the council of Court of Arbitration

4. Increase of share capital 

5. Amendments to Articles of Association of TSE 

6. Recalling and election of members of Supervisory Board

 

4. The Supervisory Board decided to cancel article 1.2.4. of 

chapter "Membership Rules" of TSE Rules and Regulations. According 

to the new redaction the stock exchange member firms do not have to 

be shareholders of TSE, thereby delinking membership and ownership 

of the exchange. The amendment will become effective on 05.03.2001 

and the full text is available on TSE Internet homepage under 

"Rules and Regulations" section. 

 

 

Additional information:

 

Gert Tiivas 

Chairman of Management Board 

Tallinn Stock Exchange

+372 51 77 579