AS MERKO EHITUS

ANNOUNCEMENT

06.07.99

 

RESOLUTIONS OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

 

The extraordinary general meeting of AS Merko Ehitus shareholders was 

convened on 05.07.1999 at 16:30.

 

Agenda of the meeting:

 

1. Disposal of shareholding in E.L.L. Kinnisvara AS

2. Amendments to the Articles of Association

 

Altogether 8 (eight) shareholders participated in the meeting, 

representing a total of 6 573 550 (six million five hundred and 

seventy-three thousand five hundred and fifty) votes, i.e. 74.27740% 

of total votes represented by shares, hence the meeting was eligible 

to make resolutions.

 

 

I. DISPOSAL OF SHAREHOLDING IN E.L.L. KINNISVARA AS

 

Indrek Rahumaa, the Chairman of the Supervisory Board of Balti Cresco 

Investeeringute Grupi AS, introduced the process and terms of 

dispossession of shareholding in E.L.L. Kinnisvara AS.

 

The EGM resolved:

 

After introduction of the information memorandum about disposal of 

shareholding in E.L.L. Kinnisvara AS, as composed by the Management 

Board of AS Merko Ehitus and presented to the general meeting of AS 

Merko Ehitus shareholders, the EGM resolved to approve and give its 

consent to the Supervisory and Management Boards of AS Merko Ehitus 

do dispose up to 100% shareholding in E.L.L. Kinnisvara AS on terms 

stipulated in the respective information memorandum. 

The EGM resolved to authorize the Supervisory Board of AS Merko 

Ehitus to organize the dispossession of shareholding in 

E.L.L. Kinnisvara AS, based on terms stipulated in the 

information memorandum.

 

Results of voting:

 

For:            6 568 550 votes; 6 shareholders; 99, 923% of registered meeting participants.

Neutral:        5000 votes; 2 shareholders; 0,076% of registered meeting participants

 

According to the voting results, the EGM made a resolution to 

dispose shareholding in E.L.L. Kinnisvara AS.

 

 

II.     AMENDMENTS TO THE ARTICLES OF ASSOCIATION

 

The EGM resolved to amend article 3 of the Articles of Association 

of AS Merko Ehitus, by adding architectural design in the list of 

company’s fields of activity.

 

The EGM resolved:

 

For:  6 573 550 votes, 8 shareholders, 100% of registered meeting participants  

 

Due to disposal of shareholding in its 100% subsidiary E.L.L. 

Kinnisvara, AS Merko Ehitus will give a press conference on 

Tuesday, 06.07.1999 at 16:00 at the location of AS Merko Ehitus 

(Roosikrantsi 2, Tallinn).  

For further information, please call +372 6 105 105.

 

 

Ülo Metsaots

Member of the Management Board, Financial Director

+372 6 105 110