REVAL HOTELLIGRUPP

ANNOUNCEMENT

28.04.99

 

REVAL HOTELLIGRUPI AKTSIATE EMISSIOONI TINGIMUSED

 

One of the issues discussed on 30.04.99 annual general meeting of 

Reval Hotel Group shareholders is the authorization to the company’s 

Supervisory Board to conduct a public share issue with pre-emptive 

subscription right to the current shareholders until 31.08.1999. The 

public issue will be conducted via Hansa Investments.

 

According to the Management Board’s proposal to the Supervisory 

Board, the volume of the issue will be 50-60 million EEK. 

 

In case the negotiations currently held with IFC regarding a loan to 

Reval HG turn out to be successful, the Management Board plans to 

propose to conduct a directed issue to IFC in the volume of 28-30 

million EEK.

 

All projected activities are a part of projected capital 

restructuring. Reval Hotel Group plans to use the proceeds from the 

projected share issue and loan to refinance the current 3-4 year debt 

obligations, and finance the projects started to realize the goals of 

extensive development of Reval Hotel Group. 

 

 

Katrin Rasmann

Financial Director

Tel +372 62 74 444