AS MERKO EHITUS

ANNOUNCEMENT

02.07.99

 

 

AS MERKO EHITUS ANNOUNCEMENT CONCERNING THE PROPOSAL OF MERKO GROUP 

 

THE CONDITIONAL PROPOSAL OF MERKO GROUP TO THE OWNERS OF THE CALL 

OPTIONS OF E.L.L. KINNISVARA

 

Herewith Merko Grupp makes a conditional proposal, which comes into 

force after the decisions needed for dispossession of E.L.L. 

Kinnisvara have been accepted and have taken effect in the way 

described in the information memorandum, to all the shareholders of 

AS Merko Ehitus for all of the E.L.L. Kinnisvara call options at 

their possession with the price of 6.45 EEK per one call option.

The value of the call option is the difference between the value of 

E.L.L. Kinnisvara in the Balance Sheet of Merko Ehitus 8.45 EEK per 

one option and the exercise price of the call option 2 EEK, i.e. 

6.45 

EEK. per one option.

The shareholder of Merko Ehitus who wants to accept the proposal of 

Merko Group has to submit a purchase application to the bank 

teller, 

who enters the purchase application to ECDS.  The call options can 

be 

exercised during the validity period in the offices of the member 

banks of ECDS.  On the transaction application under the other 

party 

must be shown the special account of ECDS.

If the shareholder of Merko Ehitus sells the call options to Merko 

Group, money will be transferred to the bank account of the 

shareholder of Merko Ehitus within 1 workday.

The call options can be dispossessed through the member banks of 

ECDS.

 

The member banks of ECDS are:

? Eesti Krediidipank, Narva mnt 4, Tallinn.

? Eesti Ühispank, Tartu mnt 13, Tallinn;

? Hansapank, Liivalaia 8, Tallinn;

? Optiva Pank, Narva mnt 11, Tallinn.

 

The Board of AS Merko Ehitus has made to the Extraordinary General 

Meeting of shareholders the proposal to dispossess the 

participation 

in the subsidiary company E.L.L. Kinnisvara AS, by issuing call 

options for acquisition of shares of E.L.L. Kinnisvara to all 

shareholders of Merko Ehitus 

The proceedings of the dispossession of participation and exercise 

of 

the call options are described in detail in the project of the 

information memorandum published on the 2nd July 1999.

 

 

Tõnu Toomik

Chairman of the Board, General Director

tel. +372 6 105 105