FCMC allows SIA "LNK (Latvijas Novitātes Komplekss)" to announce final takeover bid of AS ''LATVIJAS TILTI'' shares
Financial and Capital Market Commission on December 28, 2016 decided to allow SIA "LNK (Latvijas Novitātes Komplekss)" to announce final takeover bid of AS "LATVIJAS TILTI" shares. The price of one share in final takeover bid is set to be EUR 8.81.
According to the information provided, SIA “LNK (Latvijas Novitātes Komplekss)” owns 95.03% from AS “LATVIJAS TILTI” total shares with voting rights, it has announced it according to the Law on Financial Instruments Market and in extraordinary shareholders meeting (05.12.2016.) was the only shareholder voting for delisting of AS “LATVIJAS TILTI” shares from the regulated market. Thus, it has the obligation to announce final takeover bid which includes also mandatory takeover bid according to the Law on the Financial Instruments Market.
SIA "LNK (Latvijas Novitātes Komplekss)" is authorized to obtain from other shareholders of AS “LATVIJAS TILTI” 33 224 shares, which have been calculated by subtracting shares directly owned by the Offerer from the total number of shares with voting rights. SIA "LNK (Latvijas Novitātes Komplekss)" can not obtain 2013 employee shares since it is not part of the persons having right to obtain AS "LATVIJAS TILTI" employee shares. Thus, in order to perform AS “LATVIJAS TILTI” share buyback EUR 292 703.44 will be needed, which is calculated by multiplying the number of shares to be bought by the number of takeover bid price (33 224 *8.81).
30 calendar day period is given to announce the takeover bid.
After takeover bid and delisting of AS "LATVIJAS TILTI" shares from the regulated market company will continue its operations according to the approved strategy. Offer won’t affect future activities, employment policy, strategical plans, number of workplaces etc. of AS "LATVIJAS TILTI".
Information available here and here.
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