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2008


Dear Shareholder of Arco Vara AS,

The management board of Arco Vara AS is calling a special general meeting of shareholders pursuant to clause 3.3 of the Articles of Association of Arco Vara AS. Notice of a special general meeting must be given to shareholders at least one week in advance as stipulated in the Articles of Association and the Commercial Code.

The special general meeting of the shareholders of Arco Vara AS will be held at 4 pm on 6 November 2008 in Studio III, Reval Hotel Central, Narva mnt. 7c, Tallinn.

Agenda of the special general meeting:

Partial amendment of the resolution adopted at the annual general meeting of the shareholders of Arco Vara AS

The Supervisory Board hereby makes the shareholders the proposal to partially amend the resolution adopted at the annual general meeting held on 13.05.2008, which granted Arco Vara AS the right to acquire its own shares, and proposes to establish one-tenth of the nominal value of a share as the minimum amount payable for one share instead of the current minimum amount of one-half of the nominal value of a share. The resolution of the general meeting will remain
unamended in all other respects.

Said amendment makes it possible for Arco Vara AS to exercise the right to acquire its own shares, granted to the company with the resolution of the general meeting held on 13.05.2008 in the changed market situation.

Questions about the items on the agenda can be sent by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it.. All questions and answers will be made public on the Internet website of Arco Vara AS.

The list of shareholders with the right to vote will be specified at 11.59 pm on the day preceding the day of the general meeting.
Registration of participants for the annual meeting will start at 3.30 pm on 06.11.2008.
All shareholders should bring an identity document to the registration and representatives of shareholders will be required to produce a written power of attorney or documents that prove the right of representation.

Kind regards,

Management Board of Arco Vara AS

 

Questions and answers you will find HERE


The special general meeting of shareholders of Arco Vara AS was held on 06 November 2008 at 4 p.m. The decision of the meeting was as follows:

To partially amend the resolution adopted at the annual general meeting held on 13.05.2008, which granted Arco Vara AS the right to acquire its own shares, and proposes to establish 1/10 of the nominal value of a share as the minimum amount payable for one share instead of the current minimum amount of 1/2 of the nominal value of a share.

The resolution of the general meeting will remain unamended in all other respects.

Heigo Metsoja
CFO / Member of the Management Board
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com


Arco Vara Management Board has decided to cancel the share buyback program started on 08.10.2008. According to the program the aggregate consideration was 10.0 mln kroons (0.64 mln euros) during the period of 08.10.2008 to 31.12.2008. As of today no shares has been bought back during that specific program.

Arco Vara holds 450 000 own shares.

Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine, Bulgaria and Romania. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs ca 500 people. According to 2007 audited consolidated results net
sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange.

Heigo Metsoja
CFO / Member of the Management Board
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com

 


Arco Vara decided to cancel the program initiated on 08.10.2008 because according to the  conditions of this specific program the company was not allowed to purchase its own shares at less value than 5.0 kroons (0.32 euros) per share.

Although special general meeting of shareholders granted on 06.11.2008 Arco Vara AS the right to acquire its own shares at minimum value of 1/10 of the nominal value of the share, the company hasn't yet decided to exercise this opportunity.

1 EUR=15,6466 EEK

Arco Vara AS



Arco Construction SIA, a 55% joint venture of Arco's construction division in Latvia, signed a construction agreement with Stockmann Centrs SIA to design and
construct a tunnel of pedestrians under the Gogola street to the trade centre „Stockmann” in Riga, Latvia. Agreement volume is not published due to
confidentiality clause.  The construction lasts for 9 months.

Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine, Bulgaria and Romania. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs 500 people. According to 2007 audited consolidated results net sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange.

1 EUR=15.6466 EEK

Heigo Metsoja
CFO / Member of the Management Board
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com

 


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