TALLINN STOCK EXCHANGE

ANNOUNCEMENT

30.11.99

 

LISTING COMMITTEE'S DECISION ABOUT AS TALLINNA KÜLMHOONE

 

TSE Listing Committee discussed on its 29.11.99 meeting the 

disclosure of information by AS Tallinna Külmhoone, and its 

compliance with the provisions of the TSE Rules and Regulations.

 

Article 5.1. of chapter "Requirements for issuers" of the TSE Rules 

and Regulations contains a list of circumstances, which impact, or 

may impact significantly the issuer's economic activities or 

financial condition, and which are subject for immediate 

disclosure. Pursuant to article 5.4. of chapter "Requirements for 

issuers" of the TSE Rules and Regulations, the issuers are required 

to inform the Exchange immediately of all other circumstances, 

events and transactions, which are not provided in article 5.1., 

but may have a significant impact on the issuer's economic 

activities, financial condition and perspectives, or may affect the 

price of the issuer's securities in any other way.

 

Tallinna Külmhoone has failed to meet the immediate information 

disclosure requirement on publishing information about its merger 

with Kauno Pieno Centras. Also, regardless of repeated rebukes by 

the Exchange, Tallinna Külmhoone has not published information in a 

way that would ensure for all shareholders equal access to 

information and protection of their interests. As the exchange 

ratio of Tallinna Külmhoone shares for shares of Kauno Pieno 

Centras has not been made public, the minority shareholders of 

Tallinna Külmhoone are not able to appraise the value of their 

shares correctly.

 

The TSE Listing Committee found that Tallinna Külmhoone has 

repeatedly violated against the provisions of chapter "Requirements 

for Issuers" of the TSE Rules and Regulations on information 

disclosure. The TSE Listing Committee decided to fine AS Tallinna 

Külmhoone in the amount of EEK 100 000. 

 

 

TSE