I have been repeatedly asked the same questions in recent weeks by some shareholders, and quite rightly so. After all, Mait Schmidt, who is a major shareholder in the construction company Bauschmidt (which has recent been the subject of negatiive media attention) also owns of 42% of AS EGCC. Indeed, some EGCC members have even been wondering whether to pay the maintenance fee for this year for fear that their money might somehow move from one pocket to another and then disappear.
I want to use this opportunity to assure all shareholders of AS EGCC and all golf lovers that Bauschmidt has no connection with AS EGCC financially or materially. All EGCC assets (148,5Ha lands, golf courses, club and maintenance of the building, practice grounds and buildings) are represented on EGCC's balance sheet in the total amount of 6.7 million euros, and the club has a mortgage with LHV bank for a total of 1.5 M € for investment in the new land.
Mait Schmidt has not used EGCC shares as collateral in connection with Bauschmidt activities which do not in any way affect the everyday business of AS EGCC.