Tallinna Börs                 NEWS RELEASE                      05/31/2004



DELISTING OF ESTIKO SHARES



On 12 February 2004, AS Estiko applied to the TSE Listing and Surveillance 

Committee to delist the Estiko E-shares from the Tallinn Stock Exchange.



Estiko assured in its application that AS Rondam as the core shareholder of 

Estiko was still interested in Estiko’s long-term development and upon 

delisting of the Estiko E-shares, AS Rondam was ready to repurchase the 

shares from all the shareholders at the price EEK 13.40 per share as offered 

in the takeover bid by AS Rondam.



Estiko also confirmed both in the Prospectus for Takeover Bid and in the 

application to the Stock Exchange that AS Rondam intended to apply the 

takeover of shares for monetary compensation as stipulated in § 363 1 of the 

Commercial Code.



As of 24 May 2004, AS Rondam owned 5,714,139 Estiko E-shares, i.e. 

95.5838% of the outstanding voting shares and 95.5682% of all the 

outstanding shares of Estiko. The 134 minor shareholders owned 264,007 E-

shares, i.e. 4.4162% of the outstanding voting shares and 4.4318% of all the 

outstanding shares of Estiko.



The TSE Listing and Surveillance Committee found that, considering (i) the 

structure of Estiko’s shareholders, (ii) the fact that during several years, 

Estiko had made two voluntary takeover bids for acquiring all the Estiko 

shares, (iii) AS Estiko expressed its clear intention to apply for the 

delisting of its shares in the takeover notice and prospectus, and (iv) upon 

delisting, AS Rondam was ready to repurchase its shares from all the 

shareholders at the price EEK 13.40 offered in the takeover bid, the 

delisting would not materially damage the interests of the investors and 

would not give some of the shareholders an unfair advantage before or on 

account of the other shareholders.



On 25 May 2004, the Listing and Surveillance Committee of the Stock Exchange 

decided to satisfy the application of Estiko and to delist the shares of 

Estiko from the Investor’s List of the Tallinn Stock Exchange as from 1 July 

2004. Therefore, Wednesday, 30 June 2004, is the last day of trading in the 

shares of Estiko via the trading system of the Tallinn Stock Exchange.





Tallinn Stock Exchange

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