REVAL HOTELLIGRUPP

ANNOUNCEMENT

 

SIGNING OF MERGER AGREEMENT

 

On 07.03.2000 Reval Hotelligrupi AS (Reval HG) and Reval HG's 100% 

subsidiary AS Hotell Olümpia signed a merger agreement. According 

to the agreement, AS Hotell Olümpia will be consolidated with Reval 

HG, and AS Hotell Olümpia will be ended without liquidation 

proceedings. Reval HG is the legal successor of AS Hotell Olümpia; 

Reval HG's share capital will not increase in the course of the 

merger.

 

As Reval HG is the sole owner of AS Hotell Olümpia, the general 

meeting of Reval HG shareholders does not need to be convened to 

approve the merger agreement pursuant to § 421 section 4 of 

Commercial Code. Approval for the merger agreement is necessary 

only if requested so by shareholders who own at least 1/20 stake in 

Reval HG share capital. In case Reval HG's shareholders who hold at 

least 1/20 stake in Reval HG share capital conclude that it is 

necessary for the general meeting to approve the aforementioned 

merger agreement, please submit a written application to convene 

shareholders' general meeting to the Management Board of Reval HG 

not later than on 10.04.2000.

 

Merger agreement, last three years' annual reports of Reval HG and 

AS Hotell Olümpia, and merger report are available at the offices 

of Reval HG at Narva Rd. 30, Tallinn (during workdays from 9:00 

a.m. to 5:00 p.m.). The merger agreement and report are also 

available at the Tallinn Stock exchange Internet homepage.

 

 

Feliks Mägus

Chairman of the Management Board

Tel. +372 62 74 444