HEX has offered to acquire over 50% ownership in TSE, which will be achieved by purchases of existing shares as well as subscription of the newly issued shares. HEX has offered to pay 45,000 EEK (~2,875 EUR) per each TSE share. Before the issue, there are 660 TSE shares outstanding with a nominal value of 10,000 EEK.
A prerequisite for the arrangement is receiving relevant regulatory approvals from the Ministry of Finance and the Competition Board in Estonia. Once approvals are received, the subscription of the directed issue and purchases of existing shares will take place. The number of shares issued to HEX will depend on the final number of shares acquired through purchases.
The ownership arrangements will be finalised as soon as possible after these events have occurred. Further details on the structure of the transaction, the number of shares purchased and subscribed by HEX, and the new shareholder structure will be announced as soon as practicable. Trading with Estonian securities in the HEX trading system will commence in the course of the year 2001.
