Information for the Extraordinary General Meeting of Shareholders of Snaige AB
AB "Snaigė" (the "Company") informs that, in order to implement the Company's restructuring according to the Company's draft restructuring plan, approved by the Company's extraordinary general meeting of shareholders on June 23, 2022, the Company has prepared a restructuring plan and presents it to its‘ shareholders for approval at the meeting, that will take place on January 2, 2023. According to AB SNAIGĖ General Director Mindaugas Sologubas, the Company's restructuring plan meets the interests of both the Company and its creditors. It gives optimism that the Company will be able to resolve temporary financial problems. "The main strategic goal of the Company during the restructuring period is to optimize and reorganize the company's operations so that it can fulfil its obligations to creditors as soon as possible," said M. Sologubas. During the restructuring plan, the Company will implement the planned measures, which will help to increase the production volume and sales of professional and medical refrigerating equipment with higher added value and the production and sales of more profitable exclusive domestic refrigerating appliances. "Over the past few years, we have consistently developed the segment of professional refrigeration equipment: we invested in production lines (1.2 million euros), created a dozen new products, received international quality certificates, participated in an international exhibition and secured the support of some large customers," said M. Sologub. "Already, professional products make up 48 percent of our turnover, when in 2019 accounted for 16 percent. We aim to have a radically changed product portfolio in 2025, in which professional refrigeration equipment will make up more than 70 percent. We are working on it at full capacity, we have the plan to do it, so I am sure we will succeed." During the implementation of the restructuring plan, part of the Company's long-term assets planned to be sold, without which the Company can continue to operate and earn income. Its sale would allow a significant reduction in liabilities. Taking into account the deadlines for the initiation, preparation and approval of the restructuring process provided by the law of the Republic of Lithuania, after the approval of the majority of creditors, the restructuring plan is expected to be approved and begin implemented at the beginning of 2023, and completed within four years. The Company's General Director will be responsible for the Company's restructuring process, and the restructuring administrator will carry out the supervision. Provided is the additional information for the Extraordinary General Meeting of Shareholders of Snaige AB, which is convened on January 2, 2023: 1. Restructuring plan of the Company; 2. The general voting ballot. Managing Director Mindaugas Sologubas +370 652 11997
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