Tallinn, Estonia, 2014-06-09 13:53 CEST (GLOBE NEWSWIRE) --
AS Merko Ehitus has adjusted its external disclosure policy based on the feedback received from the markets and with the intention to minimize the possibilities of misinterpretation with the complemented text.
In its external disclosure policy, Merko complies with Estonian law, the rules and regulations issued by NASDAQ OMX Tallinn and the Estonian Financial Supervisory Authority. This policy describes the essential operating principles, which Merko Ehitus as a listed company observes when communicating with the capital markets and the media.
The purpose of the disclosure policy is to ensure access to simultaneously sufficient and accurate information on the company and its business operations to establish the price formation of securities issued by the company. Information is published without any undue delay and equitably. The key principles in Merko’s communications are consistency, equitability, transparency, honesty and proactiveness.
According to the enhanced principles about the disclosure of construction contracts, the information on a project is disclosed as a stock exchange announcement if the value of the contract price exceeds 3 million euros without VAT and, in case of a public procurement, without the contracting authority’s reserve. We emphasize the fact that the said 3 million euro limit is not absolute, but a level for making it easier for investors to understand which projects Merko covers in stock exchange announcements. In certain cases, there may be a need to issue a stock exchange announcement on contracts smaller than that amount, if these have an effect on the price of the company’s securities or are relevant to current and prospective investors.
In general, Merko discloses information only on concluded contracts, i.e. the information is released after the contract is signed. Merko generally discloses information only about contracts already entered into in order to protect business secrets, which, among other things, include information on offers, the content of such offers, and the course of negotiations etc. However, this procedure does not preclude public disclosure of information, in particularly in the case of public procurements, if material information on tenders is disclosed by the contracting entity prior to entering into the contract.
Merko Ehitus external disclosure policy is enclosed to this announcement and can also be read in its entirety in the investors section on Merko Ehitus homepage http://group.merko.ee/en/investors/.
AS Merko Ehitus (www.group.merko.ee) comprises the leading Estonian construction company AS Merko Ehitus Eesti, the Latvian market based SIA Merks and the Lithuanian market based UAB Merko Statyba as well as the group’s real estate development business unit together with companies holding real estate properties. As at the end of 2013, the group employed 860 people and the 2013 revenue amounted to EUR 262.7 million.
Signe Kukin
Group CFO
AS Merko Ehitus
Tel: +372 650 1250
E-mail: signe.kukin@merko.ee
