AS ESTIKO

ANNOUNCEMENT

17.11.98

 

DECISIONS OF THE GENERAL MEETING OF THE AS ESTIKO SHAREHOLDERS

 

On 17.11.1998, the extraordinary general meeting of AS Estiko shareholders

took place in Tartu, Vanemuise 6 theater hall. 173 shareholders and their 

representatives participated in the meeting. They represented a total of 

2 241 807 votes, or 56.25% of all the AS Estiko E-type shares entitled to a vote.

 

 

The general meeting of shareholders made the following decisions:

 

1. Confirm the 1998. interim balance sheet of AS Estiko, as at 30.09.98, with 

the volume of 96 363 393 EEK, and 1998. 9 months income statement with the

gross profit of 6 523 926 EEK.

 

For: 99,69%, did not vote: 0,31%.

 

2. The new amount of AS Estiko share capital will be 59 850 660 EEK.

 

For: 99,69%, did not vote: 0,31%.

 

3. Increase the share capital of AS Estiko to 59 850 660 EEK via the stock 

dividend issue on the accounts of the retained earnings (18 000 000 EEK) and 

capital surplus (1 928 660 EEK), issuing 1 992 866 new E-type shares. Every 

owner of two E-type shares will acquire one more E-type share as a result of the 

stock dividend issue. In case the number of existing shares does not divide by two,

AS Estiko will compensate to a shareholder the differences from the whole number 

on the account of the capital surplus. The shares to be issued will give the shareholder 

a right for dividends starting from the economic year of 1998. 

The list of the shareholders who have a right to participate in the stock dividend 

issue, will be fixed on December 1, 1998, at 8:00 AM.

New shares received via the stock dividend issue will be transferred to the 

shareholders' security accounts within 7 stock exchange days after the 

registration in the Business Register.

The basis for the stock dividend issue is the interim balance sheet as at 30.09.1998.

 

For: 99,69%, did not vote: 0,31%.

 

 

Ilona Leib

Information Manager of the Group

tel (+372 7) 473 649