HARJU ELEKTER

ANNOUNCEMENT

 

STOCK DIVIDEND ISSUE

 

Based on information in balance sheet as at 31.12.1999, a part of 

AS Harju Elekter approved annual report, the Supervisory Board 

decided to propose to the shareholders' annual general meeting to 

increase the company's share capital on the account of AS Harju 

Elekter owners' equity (retained earnings) through stock dividend 

issue, on the following conditions:

 

1) increase share capital by EEK 36 000 000, from EEK 18 000 000 to 

EEK 54 000 000, through issue of 2 new nominal share per existing 

one share, to account for issue of total of 3 600 000 new shares at 

EEK 10 par value; each share is to entitle to its holder one vote. 

After increase of share capital, Harju Elekter share capital volume 

is EEK 54 000 000;

 

2) Harju Elekter shareholders, registered in the company's list of 

shareholders as of 12.05.2000, at 8:00 a.m., are entitled to 

participate in the stock dividend issue;

 

3) newly issued shares are to be transferred to the shareholders' 

securities accounts on 12.05.2000;

 

4) newly issued shares give the shareholders a right to receive 

dividends as from financial year 2000.

 

 

Endel Palla

Chairman of Supervisory Board

+372 67 47 400

 

 

Lembit Libe

Chief Economist

+372 67 47 412