EESTI NÄITUSED

ANNOUNCEMENT

19.07.99

 

PUBLIC OFFERING TO BE MADE TO THE SHAREHOLDERS OF AS EESTI NÄITUSED 

BY 

AS EFERELT

 

According to the information submitted to the Management Board of 

AS 

Eesti Näitused on Monday, 19.07.99, AS Eferelt as the majority 

shareholder of the company intends to make a public offering for 

the 

purchase of AS Eesti Näitused shares from the shareholders who own 

up 

to 5% holding in AS Eesti Näitused. The purchase price is 12.5 

Estonian 

kroons per one share, which is 20.4% higher than the share’s 

average 

close price on the Tallinn Stock Exchange during the last six 

months. 

According to the preliminary information, the purchase offer will 

be 

valid from July 26th 1999 until August 23rd 1999.

 

As of 19.07.99, AS Eferelt holds 1 985 499 shares, or 62.05% of 

outstanding shares of AS Eesti Näitused. As a result of this 

offering, 

AS Eferelt intends to increase its holding in AS Eesti Näitused to 

2 616 168 shares (81.76% of share capital). Eferelt wishes to 

purchase 

from the shareholders up to 630 669 shares, which is 19.71% of 

outstanding shares of AS Eesti Näitused. Maximum amount to be paid 

by 

AS Eferelt is EEK 7 883 363. The respective amount will be 

deposited by 

AS Eferelt by the beginning date of validity of the purchase 

offering 

on the correspondent account with the Bank of Estonia.

 

According to the purchase offer, AS Eferelt does not intend to make 

substantial changes in the business activities of AS Eesti 

Näitused. 

Eesti Näitused will continue its regular activities, i.e. organize 

the 

exhibitions, fairs and seminars, and execute selected strategic 

plans. 

On Monday, 19.07, the Management Board of AS Eesti Näitused 

submitted 

to the Tallinn Stock Exchange an application to terminate the 

listing 

of AS Eesti Näitused shares on the exchange’s Secondary List as 

less 

than 25% of shares of AS Eesti Näitused are held publicly and the 

company’s majority shareholder does not intend to make a resolution 

resulting in increase in the volume of publicly held shares. Also 

the 

general strategy of the company is to become private. 

 

The announcement of purchase offering, which includes information 

about 

the terms and procedure of the offering, will be mailed to all AS 

Eesti 

Näitused shareholders who own up to 5% shareholding in the company. 

The 

announcement will also be published in one of the Estonian daily 

newspapers on the beginning date of the purchase offering.

 

 

Igor Pihela

Chairman of the Management Board