Tallinna Börs                 NEWS RELEASE                      09/25/2002



LISTING COMMITTEE’S DECISION ABOUT ESTIKO



Tallinn Stock Exchange (TSE) Listing Committee discussed on its 24.09.2002 

meeting the application of AS Estiko (hereinafter: Estiko) to delist its 

shares from TSE I-List.

 

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.

 

After delisting of Estiko shares from TSE, Estiko would no longer be an 

Issuer under TSE Rules. Thus Estiko would not be obligated to meet the 

requirements set forth in chapter "Requirements for Issuers" of TSE Rules, 

incl. the reqirement to provide information to all shareholders equally and 

concurrently. Therefore the equal and concurrent access to information 

necessary for making investment decision, thus also the protection of the 

shareholders' rights, would not be granted to all shareholders.

 

In case when (a) Rondam has in the course of and after the public offering 

to Estiko's shareholders acquired only 55% of 30,23% publicly held shares 

of Estiko, which accounts for 16.64% of total outstanding shares, leaving in 

Estiko 197 minority shareholders holding together 13,59% of the shares, 

and (b) after delisting of Estiko shares not all shareholders would be 

guaranteed equal and simultaneous access to all information, which could 

impact the price of securities. Thus the circumstances stipulated in article 

11.1 of chapter "Requirements for Issuers" of TSE Rules are present and 

provide grounds for the Listing Committee to refuse the delisting of Estiko 

shares from TSE. 



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 to reject Estiko's application to delist its 

shares from the Tallinn Stock Exchange.





Tallinn Stock Exchange

+372 640 8800

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