Observation status applied to AS "Grindeks"
Nasdaq Riga decided on April 15, 2019 to apply observation status to AS "Grindeks" (GRD1R, ISIN LV0000100659).
Additionally Nasdaq Riga decided to flush the order book of AS “Grindeks” shares by canceling the orders entered before the April 15, 2019 trading session start.
Observation status will be applied according to Nasdaq Riga Listing and Disclosure rules Article 20.1.2, Subarticle 71, which stipulates that the Issuer shall be placed on observation status if the shares takeover has been announced or the public announcement about the intention to execute such offer has been made.
The Financial and Capital Market Commission (FCMC) informed on April 12, that FCMC has agreed with the shareholders Kirovs Lipmans and Filips Lipmans on making a mandatory share buyout offer of AS "Grindeks" by the end of August 2019. According to the administrative agreement the price of a share in the mandatory share buyout may not be lower than the price calculated on the basis of the data of the consolidated annual report for 2017 of AS “Grindeks” approved at the shareholders meeting, dividing net assets of the target company by the number of the shares issued. More information here.
The purpose of applying observation status is to alert the market participants.
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