PJSC  Grindeks  ,  the largest pharmaceuticals producer in the Baltics,

which  is also the owner of Tallinn Pharmaceutical Plant (TPP), informs

about  the  squeeze-out  of  the  shareholding  from  the  TPP minority

shareholders  by offering financial compensation in the amount of 27.10

EEK (1.15 LVL) for a share.



Price  of compensation has been set in the take-over report prepared by

Grindeks  on the basis of the price of shares in Tallinn Stock Exchange

10  days  before  sending  the  announcement  of  convening the general

meeting   of  TPP  shareholders.  An  independent  auditing  company  (

Deloitte&Touche ) has prepared the conclusion regarding above-mentioned

take-over  of  shares.   According  to  this  conclusion, the take-over

report  prepared  by Grindeks has been recognized as compliant with the

legislative requirements of the Republic of Estonia.



To  decide  on  take-over  of  the shares of minority shareholders, the

management of TPP following the application of Grindeks sent on 21 July

2004  convenes  the general meeting of TPP shareholders to be held on 8

September 2004 at 2 pm.



Presently Grindeks owns 93.46% of TPP share capital.



Information prepared by:

Solvita Ulmane, Public Relations Specialist of PJSC Grindeks

Telephone: 7083243

email: solvita_ulmane@grindeks.lv