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Estonian securities market in 2011

04.01.12 NASDAQ OMX Tallinn

Last year, the NASDAQ OMX Tallinn index OMXT fell by 23.9% to 531.17 points. Within the year, 83,697 transactions were made on the stock exchange, with turnover reaching EUR 187.4 million.

Kalle Viks, Head of Issuer Services of NASDAQ OMX Tallinn, said that although the number of transactions was at the expected level, the turnover of stock exchange transactions remained below EUR 200 million for the first time in the history of the stock exchange. According to Viks, the stock exchange increasingly contributes to educating investors and works towards increasing the number of foreign investors.

In the last year, the average daily turnover of the stock exchange was EUR 0.74 million (2010: EUR 0.97 million) and the average transaction volume was EUR 2239 (2010: EUR 2402). The biggest drop in share prices was experienced by Baltika (-73.7%) and Arco Vara (-62.6%). Noticeable growth in share prices was enjoyed only by Viisnurk (+12.6%) and Silvano Fashion Group (+11.9%). As at the turn of the year, the market value of listed companies was EUR 1.24 billion.

“For the purpose of ensuring development of an active and sound securities market, the stock exchange continues with the investor education programme, so that investors could also take advantage of the securities market’s weak moments. In 2012, we aim to involve new active institutional foreign investors in the Baltic securities market, and to closely cooperate with potential future listed companies from both the state and private sector. It is certainly not possible to introduce new companies to the stock exchange via a campaign. The wish to go public must originate from the ownership circle of a company,” said Kalle Viks.

All Estonian listed companies have converted their share capital into euros as at the end of Q3 2011.

During conversion, disbursements related to reduction of the nominal value of shares were made by three companies – Olympic Entertainment Group, Silvano Fashion Group and Viisnurk that paid to shareholders a total of approx. EUR 24.6 million. The listed companies decided to pay a total of approx. EUR 32.5 million as dividends.

Last year, Baltika organised an additional public offer of shares and raised new capital of approximately EUR 3 million. The Estonian branch of Nordea Bank Finland Plc became a member of the stock exchange.

As at the end of the year, it is possible to trade in the shares of 15 companies, and 29 stock exchange members have access to trading on NASDAQ OMX Tallinn.

The EPI index, which shows the average yield of funded pension units, fell by 4.5% to 137.9 points over the year. At the same time, the total volume of funded pension funds increased by 5.9%, growing to EUR 1.13 billion by the end of 2011.

During the year, the volume of additional funded pension funds fell by 6.1% to EUR 84.3 million. Nordea Pension Fund Interest Plus was added to the selection of additional funded pension funds. As at the end of 2011, there were a total of 13 additional funded pension funds in Estonia.

Compared to 2010, the number of applications for exchange of funded pension units increased almost by 2.5 times. While over 47,000 exchanges of funded pension units were made in 2010, then the number of exchange applications increased to 115,720 in 2011. It is worth mentioning that on the basis of over 20% applications, less than 100 units were transferred from one fund to another.

Since 2009, a total of 9800 people have submitted an application for receiving funded pension payments. Nearly 6500 persons who are entitled to receive funded pension have not yet submitted their applications and have deferred the receipt of payments. In 2012, 3000 persons will be added who are entitled to receive pension from the second pillar.

At the turn of the year, of the 6471 companies registered with the Estonian Central Securities Depository, 2579 or 40% had converted their capital into euros. As of 2012, it is not possible to make any entries in the commercial register concerning the increase or reduction of companies’ share capital and amendments to the articles of association if their capital is still in kroons.

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