Court annulled blocking of shares

AS Alta Foods did not pay 5 million kroons to court deposit and due to that
Harju County Court annulled its 26 of March 2009 decision by which 15% of AS
Kalev Chocolate Factory shares were blocked to ensure AS Alta Foods alleged
claim. 

On 5th March current year entered into force 9.12.2008 Harju County Court
ruling by which a notation was made to Estonian Central Register of Securities
concerning a prohibition on disposal of 15% of AS Kalev Chocolate Factory
shares to ensure AS Alta Foods alleged claim. Prerequisite for notation
concerning a prohibition was that AS Alta Foods will pay to courts deposit 5
million kroons to cover the losses that may arise to AS Luterma due to blocking
of 15% of AS Kalev Chocolate Factory shares. 
AS Alta Foods did not pay the stipulated amount to court deposit by the date
appointed by court and due to that Harju County Court annulled the securing of
action. 

“Not paying 5 million kroons to courts deposit that was stipulated by court
ruling shows once more that securing of action may have been started only to
hinder economic activities of AS Luterma and that no serious potential for its
alleged claim is seen by AS Alta Foods itself. Due to the fact that all AS Alta
Foods applications for securing an action have been annulled by court rulings,
we know have a legal basis for failing a claim against them. Currently we are
examining AS Alta Foods assets to see how we can settle our claim” says AS
Luterma head of legal services Allan Viirma. 

(On the same subject look also AS Kalev Announcements 6.03.2009 “Supreme Court
did not accept AS Alta Foods appeal against court ruling”; 8.01.2009 “Circuit
Court upholds unblocking of the shares of AS Kalev's subsidiaries”; 09.12.2008
“Shares of AS Kalev's subsidiaries unblocked by court” and 24.11.2008 “AS Kalev
to contest blocking of subsidiary's shares”). 

Allan Viirma
Head of Legal Services
Telephone 688 6600