TALLINN STOCK EXCHANGE

ANNOUNCEMENT

16.12.98

 

TSE LISTING COMMITTEE'S DECISION ABOUT PENNU COMPUTER TECHNOLOGY GROUP

 

The TSE Listing Committee discussed on its 15.12.98 meeting the accordance of 

the disclosure of information by Pennu CTG with the provisions of the

TSE Rules and Regulations.

 

In accordance with the article 1.2.3 of the section "Requirements to Issuers" 

of the TSE Rules and Regulations, the information disclosed by the Issuer must 

be correct and uniquely understandable, and it should not exclude any information,

which could influence the content or meaning of the data presented.

 

Due to the obligation to inform the stock exchange immediately about all changes in

the Management and Supervisory Boards of the Issuer, AS Pennu CTG has disclosed the 

following information:

 

- According to the 20.07.98 stock exchange announcement, Raivo Pavlov (former member 

of the Supervisory Board) replaced Alo Koop as the Chairman of the Management Board 

of AS Pennu Computer Technology Group starting from 27.07.98. 

 

- The 10.11 stock exchange announcement claims that the PCTG Supervisory Board 

decided to form a new Management Board with the following members: Raivo Pavlov, 

Harro Kalda and Lembit Abileid, whereas Alo Koop, Merle Vacker and Aleksander Gubar

were recalled from the respective positions.

 

-  The 08.12 stock exchange announcement claims that in accordance with the PCTG 

Supervisory Board's decision, the Management Board members Alo Koop, Merle Vacker 

and Aleksander Gubar were recalled from 07.12.98.

 

According to the 20.07.98 stock exchange announcement, the Chairman of the Issuer's 

Management Board was a person who was also a member of the Issuer's Supervisory Board,

and thus could not belong to the Management Board according to the section 308 article 

3 of teh Commercial Law. The Issuer has also disclosed twice (both in the announcements

of 10.11 and 08.12) that the Supervisory Board recalled the same Management Board 

members. The information disclosed in the respective stock exchange announcements 

can be interpreted as misleading.

 

The TSE Listing Committee found that the given situation can be treated as a 

violation of the section "Requirements to Issuers" of the TSE Rules and Regulations,

and decided to fine Pennu CTG in the amount of 25 000 EEK.

 

 

TSE