Golf course going public

The Estonian Golf & Country Club has announced a public issue of up to 233 shares with a total price of 28.3 million kroons (1.8 million euros).
Club manager Kulliki Massa said on July 4 that the announcement of the stock issue had been stalled because of delayed receipt of a construction permit.
The company is building a golf course at Joelahtme, east of Tallinn.
The necessary permits were obtained last month.
The company will issue up to 115 A-shares with a face value of 1,400 kroons at a price of 79,015 kroons, up to 76 B-shares with a face value of 3,000 kroons at a price of 131,588 kroons, up to 30 C-shares with a face value of 3,000 kroons at a price of 184,630 kroons, and up to 12 D-shares with a face value of 6,000 kroons at a price of 309,803 kroons.
The financial adviser in the issue is Uhispank. About 200 shares have been booked so far, Massa said.
A member of the Estonian Golf & Country Club council, Yrjo Vanhanen, said the new stock issue was focused on Finnish investors.
Estonians are expected to make up about one-third of the total investment.
Apart from the July 7 – July 21 public issue, the club is planning smaller issues – less than 50 subscribers - in the future.
The project developed at the initiative of Finland's SRV and Eesti Ehitus (Estonian Construction) is estimated to cost to the tune of 4 million euros.
The new course will be fully ready by the 2005 season.