Comments to the announcement from NASDAQ OMX
Comments of the Management Board of AS Baltika to the announcement from NASDAQ OMX Tallinn on 7 November 2011 „Adding watch notation to Baltika shares“.
The Management Board of AS Baltika does not agree with the statement in the announcement of NASDAQ OMX Tallinn that AS Baltika has not announced what measures will be taken to achieve that the net capital shall be half of the share capital.
AS Baltika has announced that in case the results of the fourth quarter are up to expectations the net assets will be restored until half of the share capital and no additional measures are needed. Additional measures are needed only in case the results of the fourth quarter are less than expected. In case the prognosis for the fourth quarter will change, the Management Board shall deliver to the Council the action plan of additional measures and the company will inform the investors of any action plan approved by the Council via stock exchange announcement system.
Pursuant to Article 331 the Management Board shall prepare the annual report after the end of the financial year. The annual report is audited by the auditor after the end of the financial year. The company makes public the quarterly unaudited results pursuant to the rules and regulation of NASDAQ OMX Tallinn. The law does not reque the immediate convocation of general meeting of shareholders in case the net assets in one quarter of the financial year fall below the required level. Such a conclusion shall not be derived from any applicable provision of the Commercial Code.
Based on the aforementioned, the Management Board of AS Baltika is on the opinion that the Board of Directors of NASDAQ OMX Tallinn has added watch notation to Baltika shares unreasonably and in a hurry.
Maigi Pärnik
Member of the Board
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