The notification of SNAIGĖ AB Board about the intention to delist the shares of the Company from trading on the regulated market Nasdaq Vilnius AB and not to continue the public offering of shares
In accordance with the decision of SNAIGĖ AB Board, on 11 February 2021 the Extraordinary General Meeting of Shareholders of SNAIGĖ AB will be convened during which the shareholders of the Company will consider the issue of delisting of shares of the Company from trading on the regulated market Nasdaq Vilnius AB and non-execution of public offering of shares of the Company.
According to Mindaugas Sologubas, Managing Director of SNAIGĖ AB, the offer of the Board of the Company to consider the issue of delisting the shares of the Company from trading on the regulated market and the non-execution of the public offering of the Company's shares was a logical decision.
“I support this decision of the board, because the company's capital structure is such that trading its shares on the stock exchange is not very useful,” said Sologubas. “The majority of the shares (91%) belong to one shareholder, who does not intend to trade them publicly as I know. We do not take advantage of all the opportunities the stock exchange has to offer, but we pay a fairly high price each year for being listed. The costs include not only the membership fee, but also the preparation of appropriate financial statements, specialized audits, hiring of additional compliance specialists and additional management bodies. In the future, these costs will only increase due to the introduction of new requirements. For us, this is a significant amount that we could use better, for instance to invest in the development of new products.”
According to Sologubas, Managing Director of SNAIGĖ AB, the Company does not plan to change its legal status, will continue to regularly inform shareholders and the public about its activities on its website and in the media. The delisting will not have any impact on the Company's solvency or financial results.
As the Company leaves the stock exchange, a public offer for the redemption of shares will be announced in accordance with the applicable legal acts. As far as Sologubas is aware, the main shareholders of the Company do not yet plan the forced redemption of shares of minority shareholders.
The main shareholder of the Company is Sekenora Holdings Limited, which owns 91.10% of the shares. It is the sole shareholder holding more than 5% of the Company’s shares and votes. The other remaining shareholders hold 8.9% of the shares.
The ordinary registered shares of SNAIGĖ AB have been included in the Additional Trading List of the Nasdaq Vilnius AB Stock Exchange as of 1 June 2009.
The authorized capital of the company is EUR 6,735,807.15. It consists of 39,622,395 ordinary registered shares.
The nominal value of one share is EUR 0.17. One share of SNAIGĖ AB gives one vote at the General Meeting of Shareholders. Total number of shares giving the right to vote: 39,622,395 units.
During the three quarters of this year, despite a 14% decrease in turnover, the Company's unaudited consolidated EBITDA more than doubled compared to the same period last year and reached EUR 1.7 million.
The notification of SNAIGĖ AB Board about the intention to delist the shares of the Company from trading on the regulated market Nasdaq Vilnius AB and not to continue the public offering of shares is presented in the annex.
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