June 21. 2006
HK Ruokatalo redeems remaining shares in Rakvere Lihakombinaat
HK Ruokatalo Group intends to raise its ownership in Rakvere Lihakombinaat from current 95.74 per cent to 100 per cent. Finnish meat company HK Ruokatalo Group is to acquire the remaining shares of
its Estonian subsidiary by means of a buy-out procedure. For the moment there are some 320 minority shareholders who possess a total of about 1.6 million shares.
A majority shareholder who owns at least 90 per cent of share capital can apply for the takeover of minority shares against a fair monetary compensation. The procedure has been initiated today, and at the first stage Rakvere Lihakombinaat's Management Board will call General meeting of shareholders to decide on the matter. The amount of monetary compensation per share determined by HK Ruokatalo Group for the remaining minority shares is EEK 45.40 (appr. EUR 2.90). The price has been fixed according to the regulations of the Estonian commercial code and securities market legislation.
HK Ruokatalo Group has had a majority holding in Rakvere Lihakombinaat from summer 1998 and has developed Rakvere's operations ever since in a long-term manner and succesfully. The redemption of minority shareholders does not change Rakvere's status or assignments in the group. The action taken makes it possible to enhance intra group decision-making and management.
A similar procedure has been running in Poland where HK Ruokatalo Group was participant in a redemption of minority shares in meat company Sokolów.
For further information
HK Ruokatalo Group Oyj
PO Box 50
Tel. +358 10 570 10
Helsinki Stock Exchange
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