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2010


Harju Country Court with its judgment decided not to commence bankruptcy proceedings against Arco Vara AS and dismissed Indrek Proila bankruptcy petition.

Arco Vara has considered from the beginning the bankruptcy petition by Indrek Porila as a malicious act aimed at discrediting the reputation of the company and deeming it as extortion. Indrek Porila has previously claimed pay out from Arco Vara in amount of 37943 000 kroons (2425 000 euros). Arco Vara has objected the unfounded claim and contested it. Despite the lack of proof about the claim and solvency of the company, Indrek Porile filed the bankruptcy petition.

The management board of Arco Vara AS stipulated in the 2007 in Initial Public Offering prospectus (IPO prospectus) that Indrek Porila has right for the bonus in amount of 12.5% from the equity capital of the Floriston Group, which is subject of payment after realization of Floriston Group’s real estate projects. In IPO prospectus the partial equity capital is valued in amount of 37943 000 (2425 000 euros). Since last autumn Indrek Porila didn’t wanted to obtain 12,5% equity of the Floriston Grupp OÜ as was agreed by oral agreement in 2001, instead demanded Arco Vara to pay a sum mentioned prior. Arco Vara has not acknowledged Indrek Porila´s such kind of claim contrary with the agreement, since non one of the real estate projects on the basis of which the equity considered to be divided, has been unrealized.

According to the Bankruptcy Act, the court shall not initiate proceedings if a claim is not clear and is being disputed. With its judgment the Court stroked the vagueness and contestability of the claim and that Arco Vara is not insolvent, therefore there will not existing any ground to start bankruptcy proceedings.

Founded in 1992 Arco Vara is one of the leading property developers in the Baltic States. The main business of the company is property development, which is supported by the group's own property brokering, valuation, construction and property management units. The company has representative offices in 17 towns across Estonia, Latvia, Ukraine and Bulgaria. The Group has a staff of ca 170.

1 EUR=15.6466 EEK

Lembit Tampere
Member of the management board
Arco Vara AS
Tel: +372 614 4630
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com/


16.03.2010 came into force entry in the commercial register about reduction of Arco Vara AS share capital. Share capital was reduced from 952841000 kroons (60897639 euros) to 47417070 kroons (3030503 euros). During the share capital reduction 90542 443 shares were cancelled and 4 741 707 shares remained.

Reduction of share capital was decided by the Extraordinary General Meeting of the Shareholders of Arco Vara AS on 11.12.2009, about which was published the stock exchange news on 11.12.2009. Purpose for reduction of the share capital of Arco Vara AS was to decrease volatility of the price of shares of Arco Vara AS, to provide an opportunity for more efficient pricing of the shares on the stock exchange and to provide an opportunity for further strengthening the capital structure. Since resolution of shareholders Extraordinary General Meeting where the share capital reduction was decided, the value of Arco Vara AS share in NASDAQ OMX Tallinn Stock Exchange has been constantly increasing.

Founded in 1992 Arco Vara is one of the leading property developers in the Baltic States. The main business of the company is property development, which is supported by the group's own property brokering, valuation, construction and property management units. The company has representative offices in 17 towns across Estonia, Latvia, Ukraine and Bulgaria. The Group has a staff of ca 170.

1 EUR=15.6466 EEK

Lembit Tampere
Member of the management board
Arco Vara AS
Tel: +372 614 4630
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com/


Arco Vara Group prolonged under the same conditions SEB Bank's loans for „Navigator“ (Laeva 2) and „Tivoli“ (Narva road 67) projects in Tallinn till 30th of June 2010. Remained loan for “Navigator” project is 20 mio kroons (1,3 mio euros) and for “Tivoli” project 82,5mio kroons (5,3 mio euros). Interest rate is 6-month Euribor plus margin 2.75%.

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in 17 cities in Estonia, Latvia, Ukraine and Bulgaria and employs approx. 170 people. Arco Vara AS is listed on Tallinn Stock Exchange.

EUR 1 = EEK 15.6466

Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com/


The council of Arco Vara AS approved on April 19th 2010 the annual report and profit allocation proposal for the year 2009 of Arco Vara AS. The council decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders.

The audited annual report for 2009 is made available on NASDAQ OMX Tallinn Stock Exchange's and issuer's web page http://www.arcorealestate.com/ The report can also be read in issuer's location on Jõe 2B, Tallinn.

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in 17 cities in Estonia, Latvia, Ukraine and Bulgaria and employs approx. 170 people. Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS

The Annual Report you can find here.


Dear Shareholder of Arco Vara AS,

Arco Vara AS (registry code 10261718; located at Tallinn, Jõe 2B) shareholders ordinary general meeting will take place on May 13th 2010 at 9:00AM in Tallinn, Liivalaia 33, at the Reval Hotel Olümpia Conference Center.

The agenda of the general meeting:

1. Approval of the year 2009 annual report
The Council of Arco Vara proposes the annual report for 2009 be approved.

2. Profit allocation
2.1 The Council of Arco Vara proposes covering the loss as of 31.12.2009 in the amount of EUR 20 733 705 (EEK 324 412 000) from the future profits.

3. Appointment of auditor
3.1 The Council of Arco Vara proposes the shareholders appoint one auditor for one year (until the next ordinary shareholders general meeting) and appoint Eero Kaup such auditor.
3.2. The Council of Arco Vara proposes the auditor be paid for auditing the 2010 annual report according to an agreement to be signed between the company and KPMG Baltics AS.

Materials of shareholders ordinary meeting of Arco Vara AS are available through internet website of Arco Vara http://www.arcorealestate.com/en/investor-info or at the office of Arco Vara AS in Tallinn, at Jõe street 2B, on workdays from 9:00AM till 5:00PM.

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 entitled to participate at the annual general meeting shall be determined at 7 days prior to the meeting.

Registering to participate in the meeting will convene at 8:45AM on May 13th 2010.
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.

Kind regards,
Management Board of Arco Vara AS

Materials of shareholders ordinary meeting you can find here.


The Supervisory Board of Arco Vara AS decided to grant procuration and to elect procurator current Head of Legal Department of Arco Vara AS Mr. Rainer Osanik. Supervisory Board considered being practical to grant procuration, as to avoid situation where no transactions can be made by the name of company since the only Member of the Board of Arco Vara AS Mr. Lembit Tampere is on the business trip, on a holiday or in other similar situations. Procuration entry in the Commercial Registry became valid on 23rd of April 2010.

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in 17 cities in Estonia, Latvia, Ukraine and Bulgaria and employs approx. 170 people. Arco Vara AS is listed on Tallinn Stock Exchange.


Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com/