Luterma
Court annulled blocking of shares
Luterma / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- AS Alta Foods did not pay 5 million kroons to court deposit and due to that Harju County Court annulled its 26 of March 2009 decision by which 15% of AS Kalev Chocolate Factory shares were blocked to ensure AS Alta Foods alleged claim. On 5th March current year entered into force 9.12.2008 Harju County Court ruling by which a notation was made to Estonian Central Register of Securities concerning a prohibition on disposal of 15% of AS Kalev Chocolate Factory shares to ensure AS Alta Foods alleged claim. Prerequisite for notation concerning a prohibition was that AS Alta Foods will pay to courts deposit 5 million kroons to cover the losses that may arise to AS Luterma due to blocking of 15% of AS Kalev Chocolate Factory shares. AS Alta Foods did not pay the stipulated amount to court deposit by the date appointed by court and due to that Harju County Court annulled the securing of action. Not paying 5 million kroons to courts deposit that was stipulated by court ruling shows once more that securing of action may have been started only to hinder economic activities of AS Luterma and that no serious potential for its alleged claim is seen by AS Alta Foods itself. Due to the fact that all AS Alta Foods applications for securing an action have been annulled by court rulings, we know have a legal basis for failing a claim against them. Currently we are examining AS Alta Foods assets to see how we can settle our claim says AS Luterma head of legal services Allan Viirma. (On the same subject look also AS Kalev Announcements 6.03.2009 Supreme Court did not accept AS Alta Foods appeal against court ruling; 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 Services Telephone 688 6600 News Source: NASDAQ OMX 30.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Luterma Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100002460 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found