National Stock Exchange Of Lithuania January Round-Up

The trading volume of 1999 was the largest in the NSEL history and amounted to LTL 2,302.3 million. Compared to the results of the year 1998, the trading volumes improved by 54.7%. The turnover of T-bills augmented by 77% and that of shares climbed by 38%. The turnover of the Official List, the Current List, and the Unlisted securities advanced by 43%, 28%, and 148%, respectively. Despite a 26% fall in capitalisation of T-bills, the total NSEL capitalisation grew by more than 3% to LTL 13.9 billion and constituted 34% of the expected annual GDP. Having positively evaluated the total trading results of 1999, it is worthwhile noting that the bulk (93%, LTL 2,148 million) of the NSEL turnover fell to the block trades. Debt securities made up almost half (LTL 1,066 million), tender offers accounted for 8% (LTL 174 million), and public sale of shares amounted to 0.5% (LTL 11 million) of the block trades turnover. In December of 1999 Vilniaus Bankas came into possession of 91.8% of Bankas Hermis' share capital. The remaining shares of Bankas Hermis were exchanged for the new issue of Vilniaus Bankas at the rate of 1:3. On February 4, 2000, an extraordinary general shareholders' meeting of Vilniaus Bankas decided to confirm the act of transfer and accept-ance of Bankas Hermis assets, rights and obligations; confirm the ac-tual amount of Vilniaus Bankas' share capital accumulated during the exchange of Bankas Hermis shares into Vilniaus Bankas shares as equal to LTL 4,414,230. Confirm total share capital of Vilniaus Bankas of LTL 154,414,230. From February 1, 2000, Bankas Hermis shares were removed from the Official List due to revocation of share registration (due to the company's reorganisation). Henceforth, 6 companies will comprise the Official List.