Luterma
Supreme Court did not accept AS Alta Foods appeal against court ruling
Kalev / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Supreme Court decided on 5th March 2009 with its ruling not to accept AS Alta Foods appeal against court ruling, which purpose was to continue blocking shares of AS Luterma (former company name AS Kalev) subsidiaries AS Kalev Chocolate Factory and AS Kalev Paide Tootmine. Decision made yesterday entered into force Harju County Court 09.12.2008 ruling, by which 15% of AS Kalev Chocolate Factory shares remain seized to ensure AS Alta Foods alleged claim. At the same time AS Alta Foods is obligated to meet courts deposit of 5 million Estonian kroons to cover the loss that may occur to AS Kalev due to blocking 15% AS Kalev Chocolate Factory shares. The mentioned sum has to be paid within 20 days from the execution of Supreme Court ruling. AS Alta Foods appealed Harju County Court ruling last year in December to Tallinn Circuit Court. Circuit Court dismissed AS Alta Foods appeal in 08.01.2009. AS Alta Foods made an appeal against Tallinn Circuit Court ruling to the Supreme Court. Yesterday Supreme Court decided not to accept the appeal. The Supreme Courts decision shows that they did not accept groundless statements and threats of AS Alta Foods. Now we can state that AS Alta Foods tried to deliberately disturb the activity of Estonia's leading sweets manufacturer, for which they did not find money for a year and a half to purchase. Despite concluded contracts and repeated promises. It is worth observing if AS Alta Foods financial status allows them to meet the deposit of 5 million kroons that is assumed by court ruling, says Allan Viirma head of legal services of AS Luterma (former company name AS Kalev) when commenting Supreme Courts decision. (Look also AS Kalev Company Announcement 8.01.2009 Circuit Court upholds unblocking of the shares of AS Kalev's subsidiaries; 09.12.2008 Shares of AS Kalev's subsidiaries unblocked by court and 24.11.2008 AS Kalev to contest blocking of subsidiary's shares) Allan Viirma Head of Legal Servises 688 6600 News Source: NASDAQ OMX 06.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Kalev Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100002460 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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