PRO KAPITAL

ANNOUNCEMENT



ADDITIONALLY EXTENDED SUBSCRIPTION PERIOD



After review of the preliminary subscription results and consulting 

with the Management Board of Domina Hotel e Comproprieta Alberghiere 

S.p.a, the Management Board of Pro Kapital decided to additionally 

extend the subscription period for direct share issue until 

15.06.2000.



As of 15.05.2000 the shareholders of Domina had subscribed for and 

confirmed approximately 10% of total volume of directed issue of Pro 

Kapital shares (1.45 million shares). However, the company had also made 

preliminary agreements and proxies for subscription of 10.4 million 

shares; thus the shareholders of Domina have expressed their wish to 

subscribe for more than 80% of directed issue of Pro Kapital shares. 

The issue was additionally extended for technical reasons, as the 

subscribers are not Estonian residents and their proxies must be 

confirmed in Estonian embassy in Rome. 



In accordance with the decision of AS Pro Kapital annual general 

meeting of 11.04.2000, the shareholders decided to increase the 

company's share capital by EEK 144,000,000 through issue of new 

shares. In order to increase share capital, Pro Kapital will issue 

14,400,000 new nominal shares at EEK 10 par value to the owners of 

Italian company Domina Hotel e Comproprieta Alberghiere S.p.a.



Shareholders' annual general meeting set the subscription period from 

01.05. - 15.05.2000. The shareholders also authorized the Management 

Board to extend the subscription period, or to cancel the 

unsubscribed shares.





Andrus Laurits

CEO, Pro Kapital

+372 6144920