REVAL HOTELLIGRUPP

ANNOUNCEMENT

01.10.99

 

 

LETTER OF INTENTION

 

Reval Hotelligrupi AS, ETK, AS ETK Majad and ETK Hotell AS signed on 30.09.1999 

a Letter of Intention, pursuant to which Reval Hotelligrupp (or its wholly-owned 

subsidiary) wishes to acquire from ETK Hotell AS the hotel Central as a company 

(except the buildings and liabilities proceeding from long-term investment loan), 

and ETK (or its subsidiary) wishes to acquire from Reval Hotelligrupp 20% 

shareholding in ETK Hotell AS.

After conclusion of the aforementioned transactions hotel Central will continue 

its regular activities and rent the rooms from the administrator of the building 

(ETK Hotell AS) on terms and conditions provided in the respective rent agreement. 

Pursuant to the Letter of Intention the parties wish to conclude the aforementioned 

transactions by 01.11.1999. The purpose of these transactions is to adjust the

management of hotel Central to the strategic goals of the parties.

 

The impact of these transactions on the financial results of Reval Hotelligrupp will 

be disclosed after the prime contracts are signed.

 

 

Katrin Rasmann

Financial Director

Tel. +372 62 74 444

 

 

Additional information:

Urmas Pastarus

Director of Development

Tel. +372 62 74 444