Trigon Property Development
Company Announcement

Registration of share capital reduction, Notice to Convene the EGM, financial report for the second quarter and 6 months of 2017

Registration of share capital reduction in the Commercial Register

On August 31, 2017, the decrease of share capital of AS Trigon Property Development was registered in the Commercial Register based on the resolutions adopted by the General Meeting of Shareholders of the Company held on May 11, 2017.

According to the resolutions of the General Meeting of Shareholders it was decided to reduce the share capital of the Company altogether by EUR 440,416.43 from EUR 2,699,436.60 to EUR 2,299,020.17. The share capital is reduced by reducing the book value of the shares from EUR 0.60 to EUR 0.511, whereas the number of the shares remains the same. As a result of the decrease of the share capital, the share capital of AS Trigon Property Development will be 2,299,020.17 euros that is divided into 4,499,061 shares with book value.

The reduction of share capital in the amount of EUR 440,416.43 (EUR 0.089 per share) shall be paid to the shareholders three months after entry of the reduction of share capital in the commercial register. 

The list of shareholders, who were entitled to receive the payment related to reduction of the book value of shares was closed on 25 May 2017 at 23:59.

Notice to Convene the Extraordinary General Meeting 

The Extraordinary General Meeting of AS Trigon Property (registry code: 10106774, address: Pärnu mnt 18, Tallinn 10141, hereinafter the Company) will be held on the 25th of September 2017 at 10.am at the office of AS Trigon Property Development at Pärnu mnt 18, Tallinn.

The agenda of the General Meeting with the proposals of the Supervisory Board:

1.      Changes in the Supervisory Board

Proposal of the Supervisory Board:

(1)    to recall Martin Mets from the position of Supervisory Board member;

(2)    to elect Torfinn Losvik to the position of Supervisory Board member 
with the term of five (5) years as of the adoption of this resolution.

Torfinn Losvik is a Norwegian citizen, active in the Estonian business scene since 1998. Torfinn has extensive management experience from manufacturing related companies, such as CEO positions at Marat AS and Finnwear OY and Chairman of the Board at Patricia Group OY. Torfinn is currently acting as the management board member of AS Skano Group. Torfinn is also the Chairman of Norwegian-Estonian Chamber of Commerce since 2013. Torfinn Losvik does not own any shares of AS Trigon Property Development but Stetind OÜ, a company 100% owned by Torfinn Losvik, owns 46,99% of shares in OÜ Trigon Wood that owns 59.62% of AS Trigon Property Development shares.

Information on the procedure for exercising the rights specified in the Commercial Code § 287, § 293 (2) and (2¹) and § 293¹ (4) is published on the website of the Company www.trigonproperty.com.

As of the date of publishing of the announcement, the share capital of AS Trigon Property Development is 2,299,020.17 euros. The company has 4,499,061 shares and each share gives one vote.

The date of closing the list of shareholders entitled to vote at the General Meeting will be September 18, 2017 at 23:59.

Registration of the participants in the meeting will begin at 09:45 on the 25^th of September 2017.

To register yourself as a participant in the general meeting, please present:

a shareholder who is a sole proprietor – an identity document

a representative of a shareholder who is a sole proprietor – an identity document and a written authorisation document

a representative of a shareholder who is a legal person – valid certified copy of the registry card (for legal persons in Estonia, certified no earlier than 7 days ago), which entitles the person to represent the shareholder, and an identity document of the representative, or an authorisation document prepared as required and an identity document of the representative. We request prior legalisation or apostille certification of documents of a legal person registered in a foreign country, unless stated otherwise in the international agreement. AS Trigon Property Development may register a shareholder who is a legal person of a foreign country as a participant in the general meeting also in case all required data on the legal person and the representative are included in the notarised authorisation document issued to the representative in a foreign country and the authorisation document is acceptable in Estonia.

If a shareholder has deposited his/her shares on a nominee account, a respective certificate issued by the account administrator shall be submitted, certifying the right of ownership of the shares as of 18^th of September 2018.

Please present your passport or identity card as an identification document.

A shareholder may notify the Company of the appointment of a representative or withdrawal of authorisation by a representative by submitting respective information to the Management Board of AS Trigon Property Development (in a digitally signed format which can be reproduced in writing on the following e-mail address: info@trigonproperty.com, or in writing by mail at the following address: AS Trigon Property Development, Pärnu mnt 18, Tallinn 10141, Estonia) no later than on 24.09.2017.

For the appointment of a representative or withdrawal of authorisation by a representative, a shareholder may use the forms available on the website of AS Trigon Property Developmentwww.trigonproperty.com.

Consolidated unaudited financial report for the second quarter and 6 months of 2017

The main business activity of Trigon Property Development AS is real estate development. As at 30.06.2017, AS Trigon Property Development owned one development project with an area of 22.39 hectares in the City of Pärnu, Estonia. An industrial and logistics park is planned to be developed on this area. The Company’s objective is to find companies willing to bring their business activities (industry, logistics) to the development project area of AS Trigon Property Development in Pärnu, which would add value to the land plots owned by the Company. The realisation of the value of the land is planned through the selling of land plots or through the development of real estate with the intention of creating a rental income-generating project.

In the first quarter of 2017 a 10.4-hectare industrial property at the price of 850 000 EUR was sold. According to the real right contract, Trigon Property Development AS was obliged to build a road to the sold land plot. On 08.08.2017 AS Trigon Property Development and the buyer agreed on amending the sales agreement and now the buyer is obliged to build the road and facilities according to the detail plan on its own expense. AS Trigon Property Development no longer is responsible for building the road and facilities and is not obliged to pay for the construction. Due to the change in contractual obligations the sale price of the property was amended and the sale price of Kase str 17 is 550 000 EUR.

Condensed statement of financial position as of 30 June 2017 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development.

According to the condensed statement of comprehensive income the net loss for first 6 months of 2017 of AS Trigon Property Development is -53,480 euros and the earnings per share  is -0.01189 EUR.

As of 30 June 2017 the assets of AS Trigon Property Development were 2,304,680 euros. The equity of the company was 2,297,170 euros, corresponding to 99.67 % of the total balance sheet.

Condensed statement of financial position

Condensed statement of comprehensive income 

Aivar Kempi

Member of the Management Board

+372 66 79 200

info@trigonproperty.com