Atnaujinta: 2024.11.27 14:18 (GMT+2)

Pro Kapital Grupp: Acquisition of a company

2001.05.17, Pro Kapital Grupp, TLN
PRO KAPITAL GRUPP
ANNOUNCEMENT

ACQUISITION OF A COMPANY

In accordance with AS Pro Kapital Grupp Supervisory Board
decision of April 18, 2001, regarding applying the proceeds
from eurobond issue, AS Pro Kapital Eesti, subsidiary of
AS Pro Kapital Grupp, acquired 100% holding in AS Kalaranna
shares. Shares were bought through investment company Baltic
Investments Ltd from persons associated with Ernesto Preatoni.

The price of the transaction amounted to EEK 142,000,000
(one hundred and forty two million). AS Kalaranna is the owner
of 60,000m2 premises located near Tallinna Linnahall and the
Tallinn Old Town. Pro Kapital has planned to develop a dwelling
area on the premises. Drawing of a detailed construction plan
has already begun.

From 1998 to 2000 AS Kalaranna has had no turnover due to no
significant economic activities during last three years. However,
at the same time the company has been in loss and had asset
management related expenses. Loss for 1998 amounted to
EEK 1,672,057, loss for 1999 totaled EEK 1,256,170 and loss for
2000 was EEK 1,034,179. AS Kalaranna balance sheet and income
statement for 1999 and 2000 will be published via the Tallinn
Stock Exchange information system.

A non-interest bearing loan for indefinite term given to
AS Kalaranna by Pro Kapital Eesti AS has a balance of EEK 7,745,000
as at 17.05.2001. The loan was part of the transaction price of
EEK 142 million, i.e. price for shares in AS Kalaranna was reduced
by the amount equal to balance of the loan.

Kalaranna AS and Pro Kapital Eesti AS have signed a contract for
rendering managerial services at the total cost of EEK 80,000
a year.

Supervisory Board members of AS Kalaranna are Ilona Saari,
Ernesto Achille Preatoni and Aivar Pihlak. Manager of the company
is Andrus Laurits.

The above transaction shall be considered as transaction
with related parties, as determined by the Rules and
Regulations of the Tallinn Stock Exchange. However, the
transaction has no significance as the value of
the transaction accounts for less than 30% of AS Pro
Kapital Grupp latest audited consolidated owners equity.


Ilona Saari
PK Grupp, Board member
+372 614 4924

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