13.01.2005, Ditton pievadķēžu rūpnīca, RIG

Riga Stock Exchange                                                              13.01.2005



“Ditton pievadķēžu rūpnīca” under surveillance



RSE Management Board resolved to put JSC “Ditton pievadķēžu rūpnīca” under surveillance starting 

from January 14, 2005. Circumstances have set in that may jeopardize the investors’ interests.



Background: since late 2003 litigation is in progress between the main shareholders; as a result, 

60.67% of voting shares are immobilized, including the right to call general meeting of 

shareholders. Consequently, the meeting scheduled for August 16, 2004, with approval of the Annual 

Report for 2003 on the Agenda, could not be held. Under these circumstances,  on August 23, 2004 

Supervisory Board resolved to approve the Annual Report for 2003. It had already been disclosed to 

the RSE on July 26, 2004 (in compliance with disclosure rules) and published on the RSE website.



Commercial Register refused to register the Supervisory Board resolution on the grounds that general 

meeting of shareholders is the only body that may pass such resolutions. Commercial register exercised 

its rights and called AGM on December 28, 2004; yet, it could not approve the 2003 Annual Report due to 

lack of quorum. The meeting was called repeatedly on January 12, 2005. However, it did not approve the 

Annual Report for 2003, because inaccuracies had been identified in some of the items, and deficiencies 

in preparing the report. This means public doubting the correctness and legitimacy of the Annual Report 

that has already been publicized. 



RSE Management Board resolved on its meeting of January 13, 2005 to put JSC “Ditton pievadķēžu rūpnīca” 

under surveillance. 



For more information, please contact:

Krista Grīntāle

Corporate Communications Director

Riga Stock Exchange

Phone: +371 7212431