Tallink elects supervisory board member

  • 2005-02-09
  • From wire reports
TALLINN - Tallink Group shareholders elected Ain Hanschmidt, the former Uhispank CEO, as a member of the shipping group's supervisory board Feb. 5.
Hanschmidt was once before a member from 1995-2000, a Tallink spokesperson said on Feb 7.

The general meeting of shareholders, held aboard the M/S Victoria, also endorsed the financial report for the year ending in September, and ruled in favor of increasing stock capital to 1.1 billion kroons (7.03 million euros).

"Based on that decision, three new shares will be issued to holders for each existing share of Tallink," Tallink Group CFO Andres Hunt said. "The goal of the bonus issue is to strengthen the company's financial position."

The stock capital of Tallink now stands at 275 million kroons, with 82.5 million new shares, each having a par value of 10 kroons, to be issued.

Tallink managers previously said that increasing stock capital would bring the company one step closer to being listed, although the respective decision has not yet been made.

The group earned a profit of 313 million kroons on sales of 3.4 billion kroons in the financial year 2003/2004, according to audited figures. As usual, shareholders decided to pay no dividend and reinvest the entire profit.