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Proceedings of Gate Tallinn detail plan
21.02.2008 17.42,
February 21, 2008
AS Trigon Property Development (TPD) hereby announces that according to the agenda published today for the upcoming February 28, 2008 meeting of Saue municipality local council (volikogu), the local council will not take a decision in regards to approving the detail plan for the “Gate Tallinn” development area at the upcoming meeting. Instead, the detail plan related further steps will be discussed in order to decide on specific steps forward.
On the basis of the work carried out since initiation of the detail plan on development area on May 26, 2005, OÜ Chester Universal has been actively working with the municipality and the Estonian Road Administration in coming up with the best possible solution for the construction and development of the public and private road networks around the development area. Saue municipality has currently not signed the initially planned co-operation agreement for the development and construction of the road network as the municipality representatives have asked for a more detailed preliminary technical project, which would show technical solutions for the cross-roads on the Tallinn-Pärnu high-way (the Via Baltica) nearby the development area.
Further information on the time-line in regards to the Gate Tallinn detail plan process will be announced by TPD once it is informed of the decisions concerning the Gate Tallinn project that will be taken at the municipal council meeting on February 28, 2008.
All TPD's corporate events (including an Extraordinary shareholders' meeting and a buy-out offer to the minority shareholders by AS Trigon Capital), which have been announced in previous stock exchange releases, are subject to approval of the Gate Tallinn detail plan (as has been mentioned in the respective releases) and will be therefore delayed accordingly.
Ülo Adamson
Chairman of the Supervisory Board
+372 6679 200