Notice of a Material Event
This report is given on the fact that the main shareholder, the Chairman of the Board and the CEO of AB “Vilkyškių Pieninė”, namely Mr. Gintaras Bertašius, with this spouse contributed a total of 6 067 206 units (50.8%) of the ordinary registered shares of AB Vilkyškių pieninė to their children’s, i.e. daughter’s Gabrielė Bertašiūtė and son’s Martynas Bertašius, joint insurance policy at Swisspartners Versicherung AG Zweigniederlassung Österreich.
The life assurance contract was concluded and the shares were transferred to the insurance company under the insurance policy due to plans of Gintaras and Romualda Bertašiai regarding the succession in the family. Unlike inheritance, such path of succession additionally ensures that the control provided by the majority stake will remain undivided in the future, the matter of the transfer of property to the heirs will be resolved by the insurance company in accordance with clearly regulated rules, thus avoiding any negative influence on the management of the issuer and other shareholders' interests. The transfer of the ordinary registered shares of the issuer to the insurance company does not affect the control and management of AB “Vilkyškių Pieninė”. The insurance contract does not regulate the questions related to the decision of the issuer and its management bodies: the transfer of shares to the insurance company does not affect neither the status of general director of the issuer, nor the status of the chairman of the board, as well as Gintaras Bertašius with his spouse will continue to exercise the 50.8% voting rights in the shareholders' meetings. To this end, the insurance company has, for the entire duration of the insurance policy, irrevocably granted Gintaras and Romualda Bertašiai permission to exercise all the non-property rights of the shareholder, including the right to vote at the issuer's shareholders' meetings.
In addition, Gintaras and Romualda Bertašiai together with their children retain the right to terminate the life insurance contract at any time and to recover ownership of all shares of the issuer. The insurance policy does not grant Gabrielė Bertašiūtė and Martynas Bertašius any rights related to the management of the issuer. Similarly, the insurance company has no right to dispose of the issuer's shares at its discretion, they do not fall within the total mass of the insurance company's assets and are kept in a separate bank account, thus ensuring maximum protection of both the shares, as the property of Bertašiai family, as well as the indivisibility of management control granted by the majority stake.
For more information:
CEO Gintaras Bertašius
Tel. +370 655 55 001.