AS EESTI TELEKOM

ANNOUNCEMENT

11.02.99

 

 

AS Eesti Telekom announces that based on the application of AS 

Ritabell, Tallinna Linnakohus (Tallinn City Court) issued on 

February 10, 1999 a decree to pledge the plaintiff’s right to 

acquire the shares of AS Eesti Telekom in the value of 300 000 

EEK, according to the conditions of the initial public 

offering. 

 

The standpoint of AS Eesti Telekom is that the respective 

decree is not relevant since the offering of AS Ritabell, as 

well as all the other persons who participated in the Estonian 

IPO of AS Eesti Telekom, was satisfied up to one million EEK in 

full amount (100%). Thus, the right of AS Ritabell to acquire 

the shares of AS Eesti Telekom for 300 000 EEK was not 

restricted in any way.

 

Since after the conclusion of the IPO, the Republic of Estonia 

will own 51% of the shares of AS Eesti Telekom (approximately 

in the amount of above 6 billion EEK), then the Republic of 

Estonia owns sufficient amount of AS Eesti Telekom shares to 

pledge the 300 000 EEK claim.

 

Considering the above facts, the standpoint of the lawyers 

representing AS Eesti Telekom and the Republic of Estonia is 

that the above-mentioned decree does not hinder the currently 

ongoing initial public offering of 49% AS Eesti Telekom A-

shares from conclusion. 

 

49% of AS Eesti Telekom A-shares in state’s ownership were sold 

to the investors during the IPO concluded on February 10, 1999, 

when also the final allocation of shares was determined. The 

new holders of the shares can freely trade the shares of AS 

Eesti Telekom in their ownership on the Tallinn Stock Exchange 

starting from today, i.e. February 11.

 

 

AS Eesti Telekom