EESTI NÄITUSED AS

ANNOUNCEMENT

27.08.99

 

EXTENDED PERIOD OF PUBLIC OFFERING MADE BY AS EFERELT

 

Monday, 23.08.1999, was the last day of validity of the public 

offering 

made by AS Eferelt to the minority shareholders of AS Eesti 

Näitused, 

as a result of which the majority shareholder’s share in AS Eesti 

Näitused increased to the level of 2 377 661 shares (74.3% of the 

company’s shares outstanding). AS Eferelt acquired from the 

minority 

shareholders in the course of the purchase offering 392 162 shares 

of 

Eesti Näituste AS, accounting for 12.26% of the company’s shares 

outstanding. 

 

The minority shareholders currently own altogether 238 507 shares 

or 

7.45% of total shares outstanding. The remaining 18.24% of shares 

are 

held by the Baltic Republics Fund.

 

Based on the majority shareholder’s request and substantial 

decrease in 

the volume of publicly held shares, AS Eesti Näitused intends to 

delist 

the company’s shares from the Tallinn Stock Exchange. 

 

Hence, AS Eferelt hereby extends the purchase offering to minority 

shareholders until 10.09.1999. The terms and conditions for the 

offering will remain unchanged. List of shareholders, who have 

accepted 

the purchase offering, will be fixed as of 17.00 on 10.09.1999; the 

transaction value date is 14.09.1999. 

The conditions for acquisition of shares are identical to the ones 

provided in the purchase offering announcement published and 

forwarded 

to shareholders on 21.07.1999. 

 

With extension of purchase offering period, AS Eferelt expects to 

acquire the remaining 238 507 shares and provide the minority 

shareholders with an option to sell their shareholding in AS Eesti 

Näitused before the company’s shares are delisted from the stock 

exchange. 

 

 

Igor Pihela

Chairman of the Management Board