AS PRO KAPITAL

ANNOUNCEMENT

29.12.98

 

 

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

 

The 28.12.98 meeting of the Supervisory Board of AS Pro 

Kapital decided to convene the extraordinary general meeting 

of the company’s shareholders on 13.01.98, in order to 

discuss the increase in the company’s share capital and 

issuance of the convertible bonds.

 

The proposal to increase the share capital of AS Pro 

Kapital, which is to be made by the Supervisory Board to the 

general meeting of shareholders, is brought about by the 

need to include additional financial mediums to the 

company’s activities. In accordance with the Supervisory 

Board’s proposal, the increase in the share capital will be 

conducted via the issuance of new shares. 

 

In accordance with the proposal to be made to the general 

meeting of shareholders, 9 000 000 (nine million) new 

nominal shares will be issued with a par value of 10 (ten) 

EEK. After the share issuance, the new volume of AS Pro 

Kapital share capital will be 225 000 000 (two hundred 

twenty-five million) EEK. 

 

In accordance with the Supervisory Board’s proposal, the 

subscription of the shares to be issued will take place from 

01.02.199 to 31.03.1999, and the current shareholders of AS 

Pro Kapital have a privilege on subscribing the shares, 

which can be exercised within 30 (thirty) calendar days from 

the beginning date of the share subscription period. The 

place of subscription of the shares to be issued is at the 

location of  AS Pro Kapital, Narva road 13, Tallinn.   

 

The second Supervisory Board’s proposal to be presented to the 

general meeting of shareholders is the issuance of the 

company’s convertible bonds. In accordance with the proposal, 

AS Pro Kapital will issue 4 500 000 (four million five 

hundred thousand) convertible bonds with a par value of 10 

(ten) EEK. The convertible bonds will be issued at 50 

(fifty) EEK premium per convertible bond. Thus, the issue 

price of a convertible bond is 60 (sixty) EEK. AS Pro 

Kapital will pay an  annual interest of 5% of the issue 

price of a convertible bond to the holders of the respective 

bonds. Interest will be paid within 1 (one) month after 

passing of another year from the acquisition of the 

convertible bond. The holders of the convertible bonds have 

a right to request the conversion of the bonds to AS Pro 

Kapital nominal shares within three years after the issuance 

of the bonds. The subscription of the convertible bonds will 

start on 01.04.1999, and the bonds will be paid for in full 

amount on subscription. 

 

Thus, the agenda of the extraordinary general meeting of AS 

Pro Kapital shareholders, taking place on January 13, 1999, 

at 11:30, in the II floor conference center Forte of hotel 

Olümpia (Liivalaia 33), is the following: 

1. Election of the chairman and recorder of the EGM.

2. Increase of the share capital of AS Pro Kapital.

3. Issuance of AS Pro Kapital convertible bonds.

4. Change in the legal address of AS Pro Kapital.

 

 

Ernesto Preatoni

Chairman of the Supervisory Board

Tel. +372 627 2520