On 28 April 2017, Nordecon AS received the decision of the Nasdaq Tallinn Listing and Surveillance Committee which obliged “Nordecon AS to immediately publish this disclosure with regard to the judicial dispute of Nordecon AS against the Estonian Road Administration”. Proceeding from this, Nordecon AS discloses that on 14 September 2016 Harju County Court made a judgement in which it was decided to not satisfy the action of Nordecon AS in the matter regarding whether Nordecon AS has a claim against the Republic of Estonia based on the decision of the Road Administration in 2012 to prohibit measuring the filtration in the construction of the Aruvalla-Kose road section using the Sojuzdornii method. The decision of Harju County Court of 14 September 2014 has not entered into force.
The decision of the Listing and Surveillance Committee neglected the fact that Nordecon AS published a stock notice regarding civil case no. 2-14-60996 already on 24 January 2017 (https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=754979&messageId=946907). The head of surveillance of the Tallinn securities market has found that “an additional notice about the initial court dispute would not provide significant additional information to investors at a time when new information has already been revealed and it would probably further complicate the situation.” Nordecon AS maintains its position published in the market notice of 24 January 2017, according to which this judicial dispute does not have a negative effect on the financial performance of Nordecon AS.
Nordecon (www.nordecon.com) is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine, Finland and Sweden. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2016 was 183 million euros. Currently Nordecon Group employs close to 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
E-mail: andri.hobemagi@nordecon.com
www.nordecon.com