HÜVITUSFOND

ANNOUNCEMENT

 

INCREASE IN SHAREHOLDING IN A SUBSIDIARY

 

As a result of the latest share issue, Hüvitusfond's shareholding 

in a subsidiary AS Werol Tehased increased from 79.81% to 82.84%.

 

On 17.05.2001 the annual general meeting of shareholders decided to 

annul 2 500 000 shares with the face value of 10 EEK to cover the 

loss from last year, as a result of it the company's share capital 

decreased from 53.3 million EEK to 28.3 million EEK. At the same 

time the shareholders decided to issue 625 000 new shares with the 

face value of 10 EEK and with the issue price of 10 EEK.

 

The subscription period was from 17.06.2001- 3.07.2001. Hüvitusfond 

subscribed 498 873 shares, the other shareholders AS Lõunatööstus 

and AS Era Pank (bankrupted) did not subscribe any shares. The rest 

of the 126 127 which were not subscribed were annulled by the board 

of AS Werol Tehased. As a result of the share issue the share 

capital of AS Werol Tehased increased by 5 million EEK to 33.3 

million EEK. After the share issue the ownership of AS Werol 

Tehased is as follows: Hüvitusfond 82.84%, AS Era Pank (bankrupted) 

7.25%, AS Lõunatööstus 4.97% and AS Veland Verad 4.94%.

 

The increase and the decrease of the share capital of AS Werol 

Tehased were caused by the loss from the preceding periods and as a 

result the size of the share capital was not in accordance with the 

§301 of the Commercial Law. The need to strengthen the capital base 

of the company was also behind the issue. 

 

Additional information:

 

Jaanus Kosemaa

Head of the PR Department

6651800, 05104614