Market announcement
Arco Vara AS
Category
Other price sensitive information
Date
22.01.2010 14:22:21
Title
Arco Vara AS maliciously filed for bankruptcy
Message
On 21 January 2010, Arco Vara AS was filed for bankruptcy at the Harju County Court. As the petition was submitted to the court and no copy has been sent to Arco Vara AS, the company has no information on the content and grounds of the petition. To the knowledge of Arco Vara AS, it has no debts, unpaid bills or outstanding liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent which excludes any bankruptcy proceedings or their commencement according to the Bankruptcy Act. Therefore, Arco Vara AS considers the bankruptcy petition a malicious act aimed at discrediting the reputation of the company and influencing the share price. 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 ca 170 people. Arco Vara AS is listed on Tallinn Stock Exchange. 1 EUR = 15.6466 EEK Lembit Tampere Member of Management Board Arco Vara AS phone: +372 614 4630 info@arcovara.ee www.arcorealestate.com