AS KLEMENTI

ANNOUNCEMENT

 

ANNUAL GENERAL MEETING OF AS KLEMENTI SHAREHOLDERS

 

The Management Board of AS Klementi announces that the annual 

general meeting of shareholders will be convened on 24.03.2000, 

beginning at 14:00. The meeting will be held in Tallinn, at AS 

Klementi office building (address Akadeemia Rd. 33).

 

Agenda:

1. Approval of 1999 annual report and auditor's report.

2. Profit allocation.

3. Appointment of auditor.

4. Increase of share capital.

Due to the need for additional capital after acquisition of new 

equipment, the Supervisory Board will propose to the shareholders 

to increase the company's share capital to EEK 35,250,000, by 

issuing 1.1 million ordinary shares at par value and issue price of 

EEK 10 per share. The Supervisory Board will also propose to 

exclude shareholders' pre-emptive right to subscribe for shares, 

and grant the pre-emptive right to subscribe for all shares to be 

issued to P.T.A. Group OY. P.T.A. Group OY is entitled to subscribe 

for shares until 31.03.2000. P.T.A. Group OY will make EEK 

8,550,000 monetary payment for shares subscribed; P.T.A. Group's 

claim against AS Klementi from a loan contract will be settled in 

the amount of EEK 2,450,000.

5. Issue of convertible bonds.

The Supervisory Board will propose to the shareholders to issue 

200,000 nominal convertible bonds at par value and issue price of 

EEK 10 per bond. The Supervisory Board will also propose to exclude 

shareholders' pre-emptive right to subscribe for convertible bonds, 

and grant the pre-emptive right to subscribe for all convertible 

bonds to be issued to P.T.A. Group OY. P.T.A. Group OY is entitled 

to subscribe for convertible bonds to be issued until 31.03.2000. 

The payment for convertible bonds will take place in money at issue 

price.

6. Recalling of Supervisory Board member.

7. Election of Supervisory Board member.

8. Remuneration of Supervisory Board members.

 

As of 10.03.2000 the 1999 annual report is available at AS Klementi 

headquarters (Akadeemia Rd. 33), also on Tallinn Stock Exchange and 

AS Klementi Internet homepages (www.tse.ee and <a href='http://www.klementi.ee,' target='_blank'>http://www.klementi.ee,</a> 

respectively).

 

Ardo  Kamratov

Member of the Management Board

AS Klementi