TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

COUNCIL OF THE ARBITRATION COURT DECISIONS ON PRO KAPITAL GRUPP ACTION

 

Council of the Tallinn Stock Exchange (TSE) Arbitration Court

decisions of 04.10.2001, with regard to the AS Pro Kapital 

Grupp (PKG) action against annulment of the TSE Listing Committee's

decision of 28.08.2001, and application filed with Tallinn City Court 

in order to secure the statement of claim.

 

1. Competence of the Arbitration Court

Council of the TSE Arbitration Court decided the PKG action 

of 26.09.2001 against TSE Listing Committee's decision of 28.08.2001 

comes under the jurisdiction of the Arbitration Court.

 

2. Securing the action

Securing the action is allowed if leaving unwarranted would 

impair execution of the court judgment, or make it impossible.

Securing an action is possible if a transaction or an operation

to be prohibited proceeding from the action, has not been

executed.

 

Proceeding from the disputed decision the last listing date 

was 28.09.2001. As the plaintiff's securities are delisted

by the time this decision is resolved, the Council of the TSE 

Arbitration Court has no need for substantial discussion

of the plaintiff's application, thus the plaintiff's application 

will not be satisfied.

 

Council of the TSE Arbitration Court decided not to satisfy 

the plaintiff's application filed in order to secure the statement 

of claim.

 

3. Value of the action and remuneration of the Arbitration Court

Council of the TSE Arbitration Court decided to assign the price to 

the action to EEK 393,083,660, and to reduce the arbitration fee fixed

by the Rules and Regulations of the Arbitration Court to EEK 310,000 

 

4. Formation of Arbitration Court and appointment of Arbiters

Council of the TSE Arbitration Court decided to make proposal 

to the parties for election of candidates for Arbiter, and

forward their names and relevant documents to the Council of 

the TSE Arbitration Court by 15.10.2001 the latest.

 

5. Protest

Council of the TSE Arbitration Court decided to demand submission

of a written protest by the defendant to the Council of the TSE 

Arbitration Court and the plaintiff by 05.11.2001.

 

 

TSE