ESTIKO

ANNOUNCEMENT

09.06.1999

 

 

ADDITIONAL INFORMATION ABOUT DISPOSAL OF SHAREHOLDING IN EESTI SPAR AS 

 

On 07.06.1999, AS Estiko and Rema 1000 Eesti AS signed a contract for 

sale of shares in Eesti Spar AS. Disposal of shares held by AS Estiko 

in Eesti Spar AS is in accordance with the strategic development plans 

of AS Estiko, which anticipate concentration on development of 

production and real estate sectors. 

 

CONTRACT FOR SALES OF EESTI SPAR AS SHARES

Pursuant to the contract, the object of sales are 100% of the shares of  

Eesti Spar AS, of which AS Estiko will sell its 51% shareholding, i.e. 

552 000 shares. The payment for shares will take place by the day of 

signing of the contract. AS Estiko will disclose the sales price of the 

shares on 18.06.1999 at the latest.

 

BRIEF OVERVIEW OF EESTI SPAR AS 

Eesti Spar AS was established in 1996 as 100% subsidiary of AS Estiko 

with share capital of 420 000 EEK. The company’s main fields of 

activity in 1996 were sale of franchises and development activities. 

The share capital of Eesti Spar AS was increased in 1997 via non-

monetary payment by AS Estiko in the form of 100% shares AS Estiko-

Kommerts (8 792 119 EEK). Rotagrupi AS made a non-monetary payment in 

the form of 100% shares of RSM Hoolduse AS (estimated value 7 500 000 

EEK). 

The main fields of activity of Eesti Spar AS in 1998 were retail and 

wholesales, sale of franchises, and development and marketing 

activities.

 

 

PRINCIPAL FINANCIAL INDICATORS OF EESTI SPAR AS DURING 1996-1998

 

	                       		1998       1997     1996

Balance sheet volume thous. EEK	      49 581     18 606      511

Net sales, thous. EEK	    	     171 704        747      247

Net profit, thous. EEK	             - 7 461         -1       63

Share capital, EEK       	  10 823 520 10 823 520  420 000

Earnings per share, EEK	   	       -6,89          -     1.50

 

 

LOANS AND PAWNS CONNECTED WITH EESTI SPAR AS 

On 18.03.1999, AS Estiko gave a short-term loan to Eesti Spar AS in 

total amount of 2 million EEK. The term of repayment is 10.09.1999, 

annual interest rate 16%.

AS Estiko has pawned Hansapank’s loan to Eesti Spar AS in the amount of 

3 570 thousand EEK, which accounts for 51% share of 7 million EEK loan.

AS Estiko has pawned the leasing contract concluded between AS Estiko 

Kommerts (subsidiary of Eesti Spar AS) and Eesti Tööstusliising for 

purchase of equipment and computers for SPAR-store located in E-

Kaubamaja. As of 30.04.1999, the outstanding amount of the respective 

leasing contract amounted to 22 433 EEK.

Pursuant to the agreement, the purchaser will guarantee the pawn on the 

loan given by AS Estiko to Eesti Spar AS.

 

 

EESTI SPAR AS SHARE CAPITAL AND SHAREHOLDERS

As of 30.04.1999, the share capital of Eesti Spar AS amounted to 

10 823 520 EEK (1 082 352 shares at 10 EEK par value).

The share capital is divided between two shareholders:

	AS Estiko 51%

	Rotagrupi AS 49%

 

 

COURT CASES 

The Management Board of AS Estiko is not aware of any unfinished court 

cases.

 

 

CONTRACTS CONNECTED WITH EESTI SPAR AS

AS Estiko and AS Estiko-Kommerts (subsidiary of Eesti Spar AS) have 

concluded long-term contracts (end in 2004) for renting of sales 

premises for E-Kaubamaja Spar, Räni Spar and Sõpruse Spar stores.

As of the moment of signing of the sales contract, all currently valid 

franchise contracts of Eesti Spar were effective, and Eesti Spar AS did 

not own any retail sales premises.

 

 

MEMBERS OF THE MANAGEMENT AND SUPERVISORY BOARDS OF EESTI SPAR AS 

AS OF 07.06.1999:

Management Board:

	Chairman of the Management Board	Rudolf  Kuldkepp

	Member of the Management Board		Kaire Kopli

	Member of the Management Board		Eda Ploompuu

	Member of the Management Board		Andres Tark

 

Supervisory Board:

	Chairman of the Supervisory Board	Arvo Heinmaa

	Member of the Supervisory Board		Kalju Hellenurm

	Member of the Supervisory Board		Valve Kirsipuu

	Member of the Supervisory Board		Neinar Seli

	Member of the Supervisory Board		Peeter Luik 

	Member of the Supervisory Board		Indrek Parts

 

 

 

 

Mart Raik

Chairman of the Management Board

AS Estiko 

Tel. +372 7471 808