PENNU CT

ANNOUNCEMENT

07.12.98

 

 

CHANGE IN SUBSTANTIAL SHAREHOLDING AND CHANGES IN THE MANAGEMENT 

BOARD

 

DECISIONS OF THE SUPERVISORY BOARD’S MEETING

In accordance with the 07.12.98 decision of the Pennu Computer 

Technology Group AS (PCTG) Supervisory Board, the following 

members of the Management Board were recalled from 07.12.1998:

Alo Koop, Merle Vacker and Aleksander Gubar. 

 

With the same decision, the following temporary members of the 

Management Board were appointed: Indrek Rahumaa, Andres Hallmägi 

and Jüri Ploom. The proxies of the new Management Board members 

are valid from 08.12.1998. PCTG Management Board has 5 members: 

Indrek Rahumaa (Chairman), Lembit Abileid, Harro Kalda, Andres 

Hallmägi and Jüri Ploom. 

 

The proxies of the current Management Board should be terminated 

in accordance with the changes in statutes and appointment of the 

new Supervisory Board determined by the 22.12.1998 shareholders’ 

general meeting. 

 

New temporary Management Board will evaluate the PCTG economic 

activities up to this period, and carriy through the internal 

control. They will analyze the effectiveness of the company’s 

activities, the perspectives in different fields of activity, and 

give legal and economical evaluation to the valid contracts. In 

accordance with the Management Board’s report, the main 

directions of the PCTG business development will be determined, 

which will be the basis of the future management of the company.

 

NEW MEMBERS OF THE MANAGEMENT BOARD

Indrek Rahumaa is the Chairman of the Supervisory Board of Balti 

Cresco Investeerimisgrupi AS. He does not own the shares of PCTG.

Andres Hallmägi is a partner and employee, attorney-at-law, of 

the law office Pohla ja Hallmägi since 1997. Prior to that, he 

was employed by the law office HETA. He does not own the shares 

of PCTG.

Jüri Ploom is an employee, lawyer, of the law office Pohla ja 

Hallmägi, since July 1997. Prior to that, he was employed by the 

law office HETA. He does not own the shares of PCTG.

 

CHANGE IN SUBSTANTIAL SHAREHOLDING

50% of the PCTG shares (800 000 shares) were acquired by Balti 

Cresco Investeerimisgrupi AS along with the co-investors via the 

investment group CC Computer OÜ, which was established for this 

purpose. CC Computer OÜ is located on Tartu road 14, Tallinn.

The further plans of CC Computer OÜ on managing the PCTG will be 

announced via the stock exchange system after a thorough analysis 

of the company’s current situation and the development of 

strategies.

 

 

Indrek Rahumaa

Chairman of the Management Board