REVAL HOTELLIGRUPI AS

ANNOUNCEMENT

28.06.99

 

RESOLUTIONS OF THE EXTRAORDINARY GENERAL MEETING OF REVAL 

HOTELLIGRUPI 

AS SHAREHOLDERS

 

The agenda of 28.06.99 extraordinary general meeting of Reval 

Hotelligrupi AS shareholders included the following items:

 

1. Increase of share capital

 

64.25 % of total votes represented by shares participated in the 

EGM. 

 

The EGM resolved the following:

 

1.      

1.1.    Increase the company's share capital by 10 000 000 EEK via 

issue 

of 1 000 000 new shares at 10 EEK par value and issue price of 25 

EEK 

above par per share.

 

1.2.    Direct the share issue to financial investor(s) found by 

the 

executive management or the persons authorized by the Management 

Board 

of Reval Hotelligrupi AS via negotiations.

 

1.3.    The shareholders are not granted the pre-subscription 

right.

 

1.4.    The subscription period will last 01.08.1999 - 29.10.1999. 

The 

subscription for shares and payment for shares subscribed will take 

place concurrently. Subscription for shares will take place at the 

location of the management of Reval Hotelligrupi AS. 

 

1.5.    The payment for shares subscribed will take place in the 

form of 

money transfers to the bank account of Reval Hotelligrupi AS.

 

1.6.    To grant the Management Board a right to extend the 

subscription 

or payment periods, or to cancel the shares, which were not 

subscribed 

for during the subscription period.

 

1.7.    The shares to be issued entitle the shareholders for 

dividends as 

of the financial year of 1999. 

 

 

2.

2.1.    Increase the company's share capital by 8 500 000 EEK via 

issuance of 850 000 new shares at 10 EEK par value and issue price 

of 

25 EEK above par per share.

 

2.2.    Direct the issue to International Finance Corporation 

(IFC).

 

2.3.    The shareholders are not granted the pre-subscription 

right.

 

2.4.    The subscription period will last 01.08.1999 - 30.11.1999. 

Subscription for shares will take place at the location of the 

management of Reval Hotelligrupi AS.

 

2.5.    The period of payment for shares subscribed will last 

01.09.99 - 

15.12.99. The payment for shares subscribed will take place in the 

form 

of money transfers to the savings account of Reval Hotelligrupi AS.

 

2.6.    To grant the Management Board a right to extend the 

subscription 

period, or to cancel the shares, which were not subscribed for 

during 

the subscription period.

 

2.7.    The shares to be issued entitle the shareholders for 

dividends as 

of the financial year of 1999.

 

 

Katrin Rasmann

Financial Director

Tel. +372 6274 444