Dear Arco Vara AS shareholder,
Arco Vara AS shareholders ordinary general meeting will take place on May 13th
2008 at 1PM in Tallinn, Tõnismägi 2, at the conference center of the National
The agenda of the general meeting:
1. Approval of the annual report.
The Supervisory Board proposes the annual report for 2007 be approved.
2. Profit allocation
2.1 The Supervisory Board proposes the following allocation of the profit:
Undivided profit as of 31.12.2007 in the amount of EUR 13 985 786 (EEK 210 830
000) to be divided as follows:
a) allocation to the compulsory reserves EUR 727 251 (EEK 11 379 000)
b) share of profit to be paid to shareholders (net dividend) will be EUR 2 378
152 (EEK 37 210 000), i.e. EUR ~0,025 per share.
c) Rest of the profit at the amount of EUR 10 880 383 (EEK 170 241 000) to
2.2 The supervisory board proposes to approve the following regulation for
paying of the dividends: according to the Tallinn stock exchange regulation,
the list of shareholders entitled to dividends for financial year 2007 will be
fixed at the 10. operating day following the general meeting, i.e. on May 22nd
2008 at 11:59 PM. Dividends will be paid on June 3rd 2008.
3. Appointment of auditor
3.1 The Supervisory Board proposes the shareholders appoint the auditor for one
year (until the next ordinary shareholders general meeting) and appoint Ernst &
Young Baltics AS as such auditor.
3.2. The Supervisory Board proposes the auditor be paid for auditing the 2008
annual report according to an agreement to be signed between the company and
Ernst & Young Baltics AS.
4. Authorization for buyback of own shares
The Supervisory Board proposes an authorization of the buyback of shares under
a) The company is entitled to buy back its own shares one year from the general
shareholders meeting's decision.
b) The face value of purchased shares may not exceed 10% of total equity
c) The sum paid for one share may not exceed the highest price paid on the
Tallinn Stock Exchange for an Arco Vara AS share on the same day.
d) Own shares will be paid for with assets exceeding equity capital, compulsory
reserves and issue premium.
5. Recall of a member of the Supervisory Board and election of a new member
Member of the Supervisory Board Mr Arti Arakas has asked to resign from the
post. The Supervisory Board proposes Mr Arti Arakas be recalled from the post
and a new member be elected, about whom further information will be provided by
the Supervisory Board.
The materials of the annual general meeting are available on the website of
Arco Vara AS, address http://www.arcorealestate.com/investorile/uldinfo and in
the office of Arco Vara AS at Jõe 2B, Tallinn weekdays between 9.00-17.00
Questions on the agenda items may be submitted via e-mail at
Questions and answers shall be made public on the Arco Vara AS website on the
The list of shareholders entitled to participate at the annual general meeting
shall be determined at 11:59PM on day immediately prior to the meeting.
Registering to participate in the meeting will convene at 12:30PM on May 13th
To register, we kindly ask shareholders to present an ID document and the
representative of the shareholder additionally to present also a signed Power
of Attorney or documents validating representation.
Board of Arco Vara AS