TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TSE SHAREHOLDERS APPROVE STRATEGIC CO-OPERATION WITH HEX

 

The annual general meeting of the Tallinn Stock Exchange (TSE) 

today approved the directed issue of shares to HEX, thereby giving 

a go-ahead to the strategic co-operation between HEX and TSE.

 

HEX has offered to acquire over 50% ownership in TSE, which will be 

achieved by purchases of existing shares as well as subscription of 

the newly issued shares. HEX has offered to pay 45,000 EEK (~2,875 

EUR) per each TSE share. Before the issue, there are 660 TSE shares 

outstanding with a nominal value of 10,000 EEK.

 

A prerequisite for the arrangement is receiving relevant regulatory 

approvals from the Ministry of Finance and the Competition Board in 

Estonia. Once approvals are received, the subscription of the 

directed issue and purchases of existing shares will take place. 

The number of shares issued to HEX will depend on the final number 

of shares acquired through purchases.

 

The ownership arrangements will be finalised as soon as possible 

after these events have occurred. Further details on the structure 

of the transaction, the number of shares purchased and subscribed 

by HEX, and the new shareholder structure will be announced as soon 

as practicable. Trading with Estonian securities in the HEX trading 

system will commence in the course of the year 2001.

 

Further information: 

 

Jukka Ruuska

President and CEO of HEX

tel. +358 9 6166 7200

 

Gert Tiivas

CEO of TSE		 

tel. +372 6 408 840