AS KALEV

ANNOUNCEMENT

18.01.99

 

ADDITIONAL INFORMATION ABOUT THE SALE OF THE SHARES OF AS VILNIAUS 

PERGALE 

 

According to the 21.12.98 decision of the Supervisory Board to sell the 

shareholding in AS Vilniaus Pergale, the sale transaction of the shares 

was conducted on 12.01.1998. The value of the transaction was 1 397 515 USA 

dollars, and the respective amount was transferred to the account of AS 

Kalev on 14.01.1999. The transaction was conducted via the Lithuanian 

stock exchange system. AS Kalev is not authorized to disclose the 

counterpart of the transaction. However, the Management Board and 

Supervisory Board of AS Kalev confirm that the transaction was not 

conducted with the inside persons.

 

General information about AS Vilniaus Pergale

1997 turnover	 	67 115 875 LT; 	profit 	3628 LTL

1998 9 mos. turnover 	37 840 138 LT, 	profit 	550 LTL

 

Management Board: 	

Algirdas Miltenis, Chairman of the Management Board; Algirdas 

Juodkazis; Rita Imbraziene, Daina Vigeliene

Supervisory Board: 	

Monika Kerziene, Chairman of the Supervisory Board; Gediminas Bugenis; 

Petras Skarzinskas; Sigita Daubariene; Tõnis Allik; Rein Kaseleht

 

Debt obligations

The credit line in the Lithuanian Agricultural Bank (limit 625 000 USD) 

was adjusted into a 3-year loan to be repaid in November 2001 at 9% 

interest rate.

 

Participation in court cases

Vilniaus Pergale has started the court cases against its debtors. The 

amount exigible via the court system is approximately 90 000 LTL, which 

is divided between more than 20 debtors.

 

List of shareholders before the sale of shares owned by AS Kalev 

AS Kalev 		26.12% + 0.36% = 26.44%

Algirdas Miltenis	26.12%

Republic of Lithuania	19.25%

Small shareholders	28.19%

 

The chronology of the acquisition of Vilniaus Pergale shares		

		

		Shares acquired		Acquisition cost in EEK

03.03.1997	300620	        	12 000 000

04.07.1997	  7309	           	   445 750

30.12.1998	  3741	           	   347 637

Total	        311670	        	12 793 387

	         26.44%	

*Last 0.32% of the shares was acquired immediately before the sales 

transaction was conducted.

 

 

Tiina Altmets

Information manager