VAKARŲ SKIRSTOMIEJI TINKLAI

MATERIAL EVENT



CONVOCATION OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS



(Unofficial Translation Done at the NSEL)



On 28 April 2004, the Board of the company Vakaru Skirstomieji Tinklai AB

adopted a resolution (Minutes No 12) to convene the Extraordinary General 

Meeting of shareholders (EGM) on 31 May 2004. The following issues are entered

on the agenda  of the EGM:

1. Change of the nominal value of the company’s shares.

2. Amendments to the company’s Articles of Association.

At the meeting of 31 May 2004 the company intends to propose its shareholders

to increase the nominal value of the company’s shares from LTL 1 (one) to LTL

109 (one hundred and nine) without changing the size of the company’s

authorized capital and amend the company’s Articles of Association accordingly.

The majority holders intend to transfer a portion of their shares to minority

shareholders, who hold a certain number of shares which do not divide by 109.

If trading in the company’s shares is not suspended on the Exchange, conditions

for abuse by dishonest investors are created. On 30 April 2004, the company

intends to notify the public about the EGM to be held on 31 May 2004 in the

dailies Lietuvos rytas and Respublika.

The company Vakaru Skirstomieji Tinklai AB filed an application with the Board

of the National Stock Exchange AB  and the Lithuanian Securities Commission to

suspend trading in shares of the company Vakaru Skirstomieji Tinklai AB on 28

April 2004 both on the central market and in negotiated deals, in order to

protect interests of the investors. Vakaru Skirstomieji Tinklai AB ask to

suspend trading in the shares of the company on the central market until the

new wording of the company's Articles of Association, recording the changed

nominal value per share, will be registered with the Centre of Registers and

respective changes made in the general securities account with the Central

Depository.



The Board of Vakaru Skirstomieji Tinklai AB intends to propose to the EGM,

when  defining the order of the change  of the shares,  to include the text of

the following wording:

“The list of shareholders, whose shares of the old nominal value are changed

into the shares of the new nominal value, will be as of the close of the

working day of 28 April 2004.  Those shareholders, who have concluded purchase

transactions with the company’s shares on the National Stock Exchange by the

close of the working day of  28 April 2004 will be entered into the list of

shareholders.  Those shareholders, who have concluded sales transactions with

company’s shares on the National Stock Exchange by the close of the working day

of  28 April 2004 will not be entered into the list of shareholders.” 



The registration day of the EGM is 24 May 2004.





Rokas Babravicius

Head of Public Relations and Information Department

(+370 37) 309259