Published: 2019-08-13 15:55:44 CEST
Grigeo
Notification on material event

AB Grigeo has transferred the shares of UAB Grigeo Packaging to a subsidiary and has acquired 50 percent shares of UAB Grigeo Recycling from subsidiaries

On 13 August, 2019 AB Grigeo, legal entity code 110012450, address Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania (hereinafter – the Company) has transferred 100 percent owned shares of the subsidiary UAB Grigeo Packaging, legal entity code 302329061, address Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania (hereinafter – the Shares) to another 100 percent owned subsidiary of the Company - UAB Grigeo investicijų valdymas, legal entity code 302416687, address Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania.

The Shares of UAB Grigeo Packaging, as contribution other than cash, were transferred to UAB Grigeo investicijų valdymas on the basis of the Share Subscription Agreement signed on 13 August, 2019. The Company has paid for the new issue of UAB Grigeo investicijų valdymas shares by the Shares, as contribution other than in cash, thus acquiring all the new issue of UAB Grigeo investicijų valdymas shares. According to the business valuation report issued by an independent property valuer on the 8 August, 2019 the value of the transferred 100 percent shares of  UAB Grigeo Packaging is EUR 15,620,000.

On 13 August, 2019 the Company and UAB Grigeo investicijų valdymas concluded a Share Sale and Purchase Agreement under which the Company has purchased the shares of UAB Grigeo Recycling, legal entity code 302529158, address Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania, constituting 10.81 percent of the authorised capital of UAB Grigeo Recycling. The value of the transaction is EUR 230,400. The sales price of the shares is set in accordance to the business valuation report issued by an independent property valuer on 8  August, 2019.

On 13 August, 2019 the Company and the Company’s indirectly controlled subsidiary AB Grigeo Klaipėda, legal entity code 141011268, address Nemuno g. 2, Klaipėda, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania, concluded a Share Sale and Purchase Agreement under which the Company has purchased the shares of UAB Grigeo Recycling, constituting 39.19 percent of the authorised capital of UAB Grigeo Recycling. The value of the transaction is EUR 835,200. The sales price of the shares is set in accordance to the business valuation report issued by an independent property valuer on 8  August, 2019.

After concluding the aforementioned Share Sale and Purchase Agreements, 50% of the shares of UAB Grigeo Recycling belong to the Company and the rest of 50% of the shares of UAB Grigeo Recycling are owned by UAB Grigeo investicijų valdymas, a 100 percent owned subsidiary of the Company.

In the opinion of the Company’s Audit Committee given, the transactions of the Company with the related parties UAB Grigeo investicijų valdymas and AB Grigeo Klaipėda are fair and reasoned with respect to the Company and its shareholders who are not a party to the transactions.

Gintautas Pangonis
President of AB Grigeo
+370 5 243 5801