TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

LISTING COMMITTEE'S DECISION ABOUT AS KALEV

 

TSE Listing Committee discussed on its 11.01.99 meeting a possible 

violation of the provisions of the TSE Rules and Regulations by AS 

Kalev.

 

Pursuant to article 6.2.3. of chapter "Requirements for Issuers" of 

the TSE Rules and Regulations, the issuer is required to inform the 

Exchange immediately on all resolutions passed by the general 

meeting of shareholders.

 

According to article 1.2.3. of chapter "Requirements for Issuers" 

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

issuer should not contain misleading information and should not 

miss out or exclude anything, which would influence the contents or 

meaning of the information presented.

 

After the general meeting of shareholders on December 1, 1999, 

Kalev made an announcement about the decision to recall and elect 

the Supervisory Board members.

 

On December 2, BNS released an announcement, according to which the 

general meeting of shareholders also stipulated the wages of the 

Supervisory Board. In the announcement released the previous day, 

there was no information about the decision on wages of the 

Supervisory Board members. On the same day, i.e. on December 2, 

1999, Kalev made an additional announcement, which included 

information about the stipulation of wages to the Supervisory Board 

members.

 

The TSE Listing Committee found that the present situation can be 

treated as a violation of provisions of articles 1.2.3. and 6.2.3. 

of section "Requirements for Issuers" of the TSE Rules and 

Regulations, and thus decided to issue a warning to Kalev.

 

 

TSE