Shareholders get fertile offer

  • 1999-12-02
TALLINN(BNS) - Baltic investment group Balti Cresco Investeerimisgrupp has made an offer to all shareholders of peat company AS Tootsi Turvas on behalf of a client at 30 kroons a share.

The offer covers up to 250,000 shares, Balti Cresco said. The term of the offer is from Nov. 29 to Dec.17.

Balti Cresco said that it will reserve itself the right to decline any isolated bids of more than 10,000 shares if the number of shares offered is more than 250,000. AS Tootsi Turvas has a total of 633,420 shares.

The buyer of the shares will be American Baltic Capital, which is making the bid through its Estonian subsidiary, Ameerika Balti Investeeringute AS.

American Baltic Capital has been a small shareholder in AS Tootsi Turvas since the company's privatization in 1996. At the beginning of November, American Baltic Capital together with its affiliated companies owned 12.8 percent of shares in AS Tootsi Turvas.

The market prices of AS Toosti Turvas 15-kroons par value shares have recently averaged 15 kroons per share.