PRFoods

M&A Activity • Dec 16, 2024

Disposal of shares in company AS TFTAK and changes to the Supervisory Board

AS PRFoods (hereinafter "PRFoods") hereby notifies that it has on 16.12.2024
entered into an agreement for the disposal of shares in the company AS TFTAK
(Toidu- ja Fermentatsioonitehnoloogia Arenduskeskus, registry code 11930972;
hereinafter the "Company").

The field of activity of the Company is research and experimental development in
biotechnology and the main business activity is the sale of research-development
projects and applied research to cooperation partners, with a focus on the
development and market introduction of innovative food and biotechnology
technologies and products.

PRFoods is transferring all of its shareholding in the Company, totalling
11,250 shares with a nominal value of EUR 0.70 per share (i.e. with total
nominal value of EUR 7,875), which constitutes 20% of the total share capital of
the Company. The value of the transaction is EUR 280,000.

The balance sheet value of the Company in the accounts of PRFoods is EUR
418,000. The amount payable under the transaction is EUR 280,000 which
corresponds to the valuation conducted by a third-party valuator. The outcome of
the transaction in PRFoods' consolidated and unconsolidated statements is one-
off loss in the amount of EUR 138,000. The amount of the outcome also
correspondingly reduces the balance sheet total of PRFoods.

In connection with the disposal of shares, the shareholder of PRFoods Amber
Trust II S.C.A. has also released the pledge established in its favour (PRFoods
has published a notification regarding the establishment of the pledge on
14.11.2024:
https://view.news.eu.nasdaq.com/view?id=bdc91ea5f348a35a131805647284334ca&lang=e
n).

The described transaction does not qualify as a transaction beyond the scope of
day-to-day operations, or as a transaction of significant importance, or as a
transaction with an associated person within the meaning of rules under
"Requirements for Issuers" of Nasdaq Tallinn Stock Exchange.

AS PRFoods announces that Kuldar Leis has submitted his resignation from the
position of a member of the Supervisory Board of AS PRFoods, effective from 16
December 2024.

The company would like to express its gratitude to Kuldar for his dedication and
contributions during his tenure.

Kristjan Kotkas
Member of the Management Board
[email protected]
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