Supreme Court did not accept AS Alta Foods appeal against

Supreme Court decided on 5th March 2009 with its ruling not to accept AS Alta
Foods appeal against court ruling, which purpose was to continue blocking
shares of AS Luterma (former company name AS Kalev) subsidiaries AS Kalev
Chocolate Factory and AS Kalev Paide Tootmine. Decision made yesterday entered
into force Harju County Court 09.12.2008 ruling, by which 15% of AS Kalev
Chocolate Factory shares remain seized to ensure AS Alta Foods alleged claim.
At the same time AS Alta Foods is obligated to meet courts deposit of 5 million
Estonian kroons to cover the loss that may occur to AS Kalev due to blocking
15% AS Kalev Chocolate Factory shares. The mentioned sum has to be paid within
20 days from the execution of Supreme Court ruling. 

AS Alta Foods appealed Harju County Court ruling last year in December to
Tallinn Circuit Court. Circuit Court dismissed AS Alta Foods appeal in
08.01.2009. AS Alta Foods made an appeal against Tallinn Circuit Court ruling
to the Supreme Court. Yesterday Supreme Court decided not to accept the
appeal. 

“The Supreme Courts decision shows that they did not accept groundless
statements and threats of AS Alta Foods. Now we can state that AS Alta Foods
tried to deliberately disturb the activity of Estonia's leading sweets
manufacturer, for which they did not find money for a year and a half to
purchase. Despite concluded contracts and repeated promises. It is worth
observing if AS Alta Foods financial status allows them to meet the deposit of
5 million kroons that is assumed by court ruling,” says Allan Viirma head of
legal services of AS Luterma (former company name AS Kalev) when commenting
Supreme Courts decision. 

(Look also AS Kalev Company Announcement 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 Servises
688 6600
Supreme Court did not accept AS Alta Foods appeal against court ruling
