Tallinn, Estonia, 2014-01-10 11:17 CET (GLOBE NEWSWIRE) --
Yesterday, on 9 January 2014, the news portal Postimees published an article in which AS Eesti Meedia announced that the company will turn to court to require EUR 8.6 million from AS Ekspress Grupp for breaching the shareholders agreement. Allegedly, the claim consists of share prices of SL Õhtuleht, Ajakirjade Kirjastus and Express Post arising from the shareholders agreement between the parties and of contractual penalty for non-payment for the buyout right.
AS Ekspress Grupp hereby declares that the company does not own information about allegedly brought action, since the alleged action is not available for AS Ekspress Grupp. Also, AS Ekspress Grupp will remain to the statements and opinions expressed in the company announcement published on 13 December 2013.
The company is of the opinion that AS Eesti Meedia has not enabled AS Ekspress Grupp to fulfill its rights to acquire the shares of the public limited companies SL Õhtuleht, Ajakirjade Kirjastus and Express Post by means deriving from the shareholders agreement and the law. Consequently, AS Ekspress Grupp has withdrawn from the share buyout agreement of the joint venture AS Express Post and is preparing an action to require AS Eesti Meedia to fulfill their contractual duties and payment of contractual penalties for breaching the agreement.
Chairman of the Management Board
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