OREANDA-NEWS. On 15 September 2015, the Supervisory Board of Arco Vara adopted a decision to extend the term of office of Tarmo Sild, the manager of Arco Vara, by three years as of 22 October 2015, i.e. until 21 October 2018. Arco Vara has continuously one-member Management Board. Management Board’s assignment for the next period is to increase company’s business volume and profit concentrating mainly on Bulgarian and Estonian markets.

With reference to the end of the first term of office Tarmo Sild has informed the company about his intention to use the right given to him with the first stock option program to subscribe for 390,000 shares for 0.7 EUR per share during year 2016. As a result of using the option the share capital of Arco Vara would increase by 273,000 EUR and the total amount of shares would increase to 6,507,012 shares.