HÜVITUSFOND

ANNOUNCEMENT

24.05.99

 

ISSUE OF XIV-SERIES BONDS

 

According to the 14.05.99 resolution of the Supervisory Board of the 

Compensation Fund, the issue of the XIV-series bonds shall be 

officiated on the following terms:

 

1. The volume of issue is 15,000,000 (fifteen million) Estonian 

kroons. The Fund will issue 150,000 (one hundred and fifty thousand) 

bonds, at coupon value of 100 (one hundred) Estonian kroons. 

2. The initial offer of the bonds will take place from 07.06.1999 

until 18.06.1999 (incl.). 

3. During the initial offer period, the bonds will be sold to natural 

and legal persons (hereinafter investors) for Privatization Vouchers 

(hereinafter EVPs). Price of one bond is 320 EVP kroons (hereinafter 

Offer Price) 

4. The Fund will redeem the bonds on 26.06.2000 at coupon value. 

5. The bonds are nominal, issued in dematerialized form. 

6. The bond issue will be registered in the Estonian Central 

Depository for Securities. 

7. The initial offer of the bonds will be administered by the account 

operators of the Estonian Central Depository for Securities 

(hereinafter Account Operators) - Eesti Ühispank, Hansapank, Optiva 

Pank, Eesti Krediidipank 

8. The annual coupon rate of the bonds is 7% of the bond’s coupon 

value. The Fund will also pay additional interest, the size of which 

will be determined by the Supervisory Board of the Fund twice a year, 

based on the Fund’s financial results.

Interest payments will be made to the investors once on 26.06.2000 

(bond redemption date). 

9. The bonds are freely disposable on the secondary market. 

10. Pursuant to the provisions of the Law on Privatization Receipts 

(RT I 1996,26,529), the bonds issued are fully secured with the 

privatization receipts to the Compensation Fund and other assets of 

the Fund. 

11. The ownership rights of the bonds will be fixed by the Estonian 

Central Depository for Securities. The data issued by the Estonian 

Central Depository for Securities about the ownership rights does not 

require additional approval or verification.

 

The issue is registered in the Securities Inspectorate under 

registration number RVPA 277.

 

 

Andres Laisk

Tel +372 6 651 812