Former small shareholders may claim 28 mln kroons from Eesti Telekom
21.07.2010, 13:00Law firm Sorainen is offering former minority shareholders of Eesti Telekom to join until 30 July an action claiming additional compensation from TeliaSonera for squeezed out shares. The law firm says that, according to preliminary analysis, the value of Eesti Telekom was at least 29 kroons per share higher than the compensation paid by TeliaSonera and that the price paid by TeliaSonera was based on the decreased share price under conditions of market interruption and liquidity trap, which did not reflect the fair value of Eesti Telekom.
“It is vitally important that a sufficient number of investors take part in the action, otherwise this good initiative will not be pursued. Those investors who make monetary contributions at this stage will also receive bigger compensation in the event of a successful outcome,” comments Reimo Hammerberg, a partner with Sorainen.
The court gave the former shareholders of Eesti Telekom time until 30 July to pay 300,000 kroons as a retainer fee to the court deposit account. If the court orders TeliaSonera to pay additional compensation, then according to law in general TeliaSonera should also bear all related costs.
“Potential compensation according to preliminary analysis is in total close to 28 million kroons, an amount that should be sufficient to motivate minority shareholders to take further action,” comments Kristjan Hänni, a member of the management board of Kawe Kapital, at whose request the court appointed Sorainen to represent former minority shareholders claiming fair compensation for Eesti Telekom shares.
Sorainen and Nasdaq OMX will send former minority shareholders a detailed explanation and directions how to join the action.