TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

LISTING COMMITTEE'S DECISION ABOUT THE DELISTING APPLICATION OF 

OPTIVA PANK

 

Tallinn Stock Exchange (TSE) Listing Committee discussed on its 

14.11.2000 meeting the application of AS Optiva Pank (hereinafter: 

Optiva) to delist the shares of Optiva from the Main List of TSE.

 

According to article 11.1. of chapter "Requirements for Issuers" of 

the TSE Rules and Regulations, the issuer's securities can be 

delisted with the respective decision of TSE Listing Committee, 

which is made based on the issuer's written application. TSE 

Listing Committee has a right to refuse to satisfy such application 

if delisting of these securities would substantially harm the 

interests of investors.

 

In the course of and after the public offering to Optiva's 

shareholders Sampo Finance Ltd. acquired only 64.67% of 18.85% 

publicly held shares of Optiva, which accounts for 12.19% of total 

outstanding shares. As of 31.10.2000, 626 small shareholders own 

altogether 6.66% of Optiva shares. After delisting of Optiva shares 

not all shareholders will be guaranteed equal and simultaneous 

access to all information, which could impact the price of 

securities. Hence the interests of all shareholders would not be 

sufficiently protected.

 

Based on this information and in accordance with article 11.1. of 

chapter "Requirements for Issuers" of the TSE Rules and 

Regulations, TSE Listing Committee decided not to satisfy Optiva's 

application to delist its shares from the Tallinn Stock Exchange.

 

 

TSE