PJSC Grindeks, the largest pharmaceuticals producer in the Baltics, which is also the owner of Tallinn Pharmaceutical Plant (TPP), informs about the squeeze-out of the shareholding from the TPP minority shareholders by offering financial compensation in the amount of 27.10 EEK (1.15 LVL) for a share.

Price of compensation has been set in the take-over report prepared by Grindeks on the basis of the price of shares in Tallinn Stock Exchange10 days before sending the announcement of convening the general meeting of TPP shareholders. An independent auditing company (Deloitte&Touche) has prepared the conclusion regarding above-mentioned take-over of shares. According to this conclusion, the take-over report prepared by Grindeks has been recognized as compliant with the legislative requirements of the Republic of Estonia.

To decide on take-over of the shares of minority shareholders, the management of TPP following the application of Grindeks sent on 21 July 2004 convenes the general meeting of TPP shareholders to be held on 8 September 2004 at 2 pm.

Presently Grindeks owns 93.46% of TPP share capita