TALLINN STOCK EXCHANGE

ANNOUNCEMENT

14.06.99

 

RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF TSE SHAREHOLDERS

 

The annual general meeting of Tallinn Stock Exchange shareholders 

took place on Monday, 14.06.99. 

 

The AGM approved the activities of the Tallinn Stock Exchange and 

adopted the 1998 financial reports, management report, auditor’s 

report and profit distribution proposal. According to the profit 

distribution proposal, net profit of EEK 1,210,354 earned in 1998 

financial year shall be distributed as follows:

 

- To transfer 5% of net profit, or EEK 60,517, to the account of 

mandatory reserves;

- To transfer EEK 902,800 of net profit, i.e. fines paid to the TSE, 

to the account of TSE guarantee fund;

- To transfer the remaining portion of the net profit of 1998, i.e. 

EEK 247,037, to the account of retained earnings.

 

The AGM approved amendments to the TSE Articles of Association. The 

new version of the TSE Articles of Association will be available on 

the TSE Internet homepage at <a href='http://www.tse.ee/rules' target='_blank'>http://www.tse.ee/rules</a>

 

The AGM elected Toomas Tsopp (Director of Capital Markets Division of 

Eesti Ühispank) and Priit Põldoja (Director of Hansabank Markets) the 

new members of the TSE Supervisory Board.

The shareholders re-appointed the current member of the Supervisory 

Board Peeter Saks (Chairman of the Management Board of Talinvest 

Suprema Securities) for the coming three years.

The AGM satisfied the resignation application of the current member 

of the Supervisory Board Margus Schults (Vice-President of Eesti 

Ühispank).

 

The shareholders elected the following people to the TSE Court of 

Arbitration for the coming two-year period:

Raino Paron		attorney-at-law, law office Raidla & Partners	

	

Sten Luiga		attorney-at-law, law office Tark & Co		

	

Joel Aasmäe		Lõhmus, Haavel & Viisemann  

Võteli Maran		Optiva Pank			

 

The Tallinn Stock Exchange Court of Arbitration consists of eight 

members. The other four members of the Court of Arbitration, 

appointed to the Supervisory Board by the Securities Inspectorate:

Urmas Peiker 		Securities Inspectorate

Veiko-Joel Kokk	Hansa Aktivate Juhtimise AS

Taivo Kivistik		Hansatee Grupp AS

Liivia Toomik		Eesti Ühispank AS

 

The annual general meeting of shareholders appointed Urmas Kaarlep of 

PriceWaterhouseCoopers to audit the company's financial statements in 

1999.

 

 

TSE